Adjusting The Wedding Budget To Focus On The Marriage

Near the age of thirty, you may have the option to finance the cost of a wedding. The Knott reported in March of 2014, that the average cost of a wedding in America last year was $30,000 (excluding the honeymoon). In the US, the average marrying age for women is 26.9 and for men it’s 29.8, per a 2011 report by the Pew Research Center.

The $30,000 spent on a wedding is equal to $36,000 before taxes. The average Grad will make $40,000 annual salary. Having two 30-year-old people manage $30,000 financing a wedding, is a first time experience. The wedding can take months to plan and takes place in eight-hours. Then marriage begins with the endless expenses of living life as a married couple.

Each Financial Decision Affects Your Marriage

Looking at the quality of daily life, the journey begins with one financial decision and cost after another. To begin with housing. Locally in San Francisco, the median price for a one bedroom apartment is $2,800 with a 2 bedroom near $4,000. With the first months rent and security deposit, move in cost for a 1 bedroom apartment is $5,600 plus moving costs, furniture, renter’s insurance and starter supplies easily another $1,400. Totalling $7,000.

Considering a $30,000 wedding budget? Take into account no other financial guideline would suggest spending $30,000 on an eight-hour event, with an annual income of $40,000. For example, when qualifying for a home loan, 33% percent of monthly income is suggested as a monthly housing expense. So the guideline is ‘when you make this you spend that.’

If the decision was to cut the wedding budget to $15,000 and have a smaller more intimate event, the couple would have $15,000 to start their marriage. Perhaps $5,000 for the honeymoon and $10,000 to make a start. Something to consider.

You Wedding Is Your Doorway Into Married Life 

Once the money is spent, it is long gone. The foundation for a strong marriage is financial stability. Start marriage by making sound financial decisions.

There are countless ways to invest rather than spend the remaining $15,000. Make a list for yourself. Where would you invest that money to enrich your married life? More cash than you’ve ever managed, is sitting in front of you. Plan a wedding and enrich your marriage! It’s a wise step in the right direction for long-term happiness.