We’ve all heard that weddings are expensive. According to CBC News (2023), the average wedding is as much as $50,000 in Canada. Not only are weddings expensive, but their planning can also be time-consuming and stressful for the couple and their friends and family. All wedding expenses including the reception, clothing, flowers, DJ, photographer, wedding coordinator, etc., cost $29,800.  110 guests attended the wedding, meaning that the cost per guest was $271. Our household net income that year was $105,000, meaning that the 29,800 wedding took 28% of our income that year. Put another way, we worked full-time for 3-1/2 months to pay for a 10-hour event. And we spent less than the average today. Why do we spend so much money on weddings? Although I enjoyed my wedding, I don’t think it was wise of us to spend $30k for it, given our financial situation at 25 years old. Fortunately, we were able to pay for the wedding in cash without going into debt, but spending less on the wedding would have led us to attain our financial goals sooner.

Here are some general considerations when planning your wedding:

1. Avoid going into debt for the wedding. The friends and family you invite to the wedding are likely aware of your general financial situation, so you don’t need to try to impress them with the appearance of wealth.
2. Make decisions for yourself and question the norms or what your friends are doing. Don’t feel that you need to do something just because you feel it’s a social norm or what is expected of you.

References:

CBC News. (2023, January 14). The wedding business is booming. But higher prices mean smaller ceremonies, industry says | CBC News. CBC. https://www.cbc.ca/news/canada/toronto/canadas-bridal-show-wedding-1.6712013