Hello World! Welcome Friends! According to The Knot, the average wedding costs around $32,641. In a survey conducted by Harris Poll, however, the average amount of money Americans are actually willing to spend on their weddings is $7,500. There are many unforeseen costs and societal expectations associated with weddings couples are not prepared for, so here are some myths regarding nuptial finances you might have been unaware of.
1) The venue is the most expensive part
No one will blame you for assuming that the venue will cost you the most. Certainly renting out an entire building, ballroom, or other large space is going to be pricey, right? Not necessarily. If you can forgo getting married in a hotel ballroom that costs thousands of dollars, you can save a lot of money on the space your wedding will actually take place in.
Maybe ask your local church, synagogue, or other religious institution you best identify with to accommodate you. If the climate is suitable, you can even get married outdoors in a public park or open space. Websites like Here Comes the Guide are great resources to help you find affordable venues that still fit with what you’ve been imagining. Some people get married in hot air balloons or next to volcanoes and glaciers, so don’t be nervous to get creative!
2) Buffets are cheaper
It may seem like a frugal idea to have a buffet so that guests are not distributed dishes they don’t want, but buffets often have lots of leftover food that just goes to waste. By having x-number of course meals, you actually save more money by controlling the portions your guests are allowed to eat.
3) You need to give everyone gifts back
One of the best parts of weddings is all the gifts from everyone else. Some folks also consider it a tradition to give guests gift bags, or to give groomsmen and bridesmaids presents. TheSimpleDollar.com recommends, “Instead of buying gifts they may not even want or enjoy, consider writing them a special note of ‘thanks’… If your friends know that you’re trying to have a frugal wedding, they will understand.”
On a related note: you and your partner do not need to have the same number of bridesmaids or groomsmen. People like the symmetry for pictures, but the selection process can cause you undue stress. This is your day, and you get to pick however many close relationships you want to support you.
4) Vendors are not willing to negotiate
Hiring a DJ/musicians, a photographer, caterers, delivery drivers, and so on can get expensive. Instead of paying flat rates, TheSimpleDollar.com also suggests that you “offer to advertise for them in exchange for reduced rates.” Leave out their business cards during the ceremony and reception so that guests who may get married in the near future know who to call.
You also don’t even need professional vendors for some of these services. Your family and friends are excellent resources, so find out which of them have great photography, baking, or decorating skills.
5) Women are the ones lobbying for extravagance
Did you know that 91 percent of Americans would rather enter a new marriage debt free than have their dream wedding? Of the 9 percent who would rather have their dream wedding, more men would say this than women, according to Lexington Law. Women are not inherently in pursuit of Pinterest-worthy weddings; men enjoy them, too!
6) Outfits are automatically going to be expensive
Consider renting outfits (like tuxedos, suits, or dresses) if the cost of buying them is too much. Maybe even have your bridesmaids wear something they already own in the color you want. If you do want custom-made bridesmaids gowns or even the wedding dress for a reasonable price, you can check out Azazie’s awesome selection.
7) Your credit scores are joined upon marriage
Many people assume that once they have tied the knot legally and spiritually, it also automatically happens to their credit scores. This is incorrect: “Spouses maintain separate credit scores throughout their marriage, even if they share the same last name and have joint accounts,” according to DailyWorth.com. If your new partner has a bad credit score, your good one will still be safe.
However, this will still impact your ability to open joint accounts. You are a union now, and one person making poor financial decisions will still affect potential debt (if you decide that it’s necessary, you can also consider a balance transfer to help simplify your financial life).
Do you know of any wedding myths that you want to help debunk? Please share in the comments!
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