Chicago Wedding & Party Resource 2017 Spring / Summer

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C H I C A G O W E D D I N G & P A R T Y R E S O U R C E

The State of Wedding Finances

Weddings come with a big price tag. Here’s how couples today feel about wedding costs

By Carley Lintz, CTW Features

Wedding are a big celebration, and rightfully so, but they

also cost a pretty penny.

In fact, 86 percent of Americans feel that the average wed-

ding ($30,000 in 2015) is too expensive.

The engagement itself can also prove to be a big expense

and while diamonds are forever, couples don’t want to break

the bank on a ring. Almost 3 out of 4 women surveyed (73

percent) said that they would be willing to accept a used

engagement ring. Men were a little less willing to propose

with a used ring. Just over half (54 percent) would pop the

question with a used ring, but only if it costs half as much

as an identical new ring.

And don’t believe that three-months salary rule. Twen-

ty-eight percent said that one month’s take home pay was

acceptable while only four percent said spending more than

three month’s take home pay was acceptable.

With the costs of weddings so high, many Americans feel

that wedding costs should be a shared burden. Fifty-one

percent of respondents believe that the cost should be split

between the couple and their parents. Only 11 percent went

the traditional route stating that the bride’s parents are

responsible for funding the nuptials.

Nearly six in 10 Americans surveyed also said that a dream

wedding isn’t worth racking up serious debt, no matter

who is paying.

Though it’s easy to get caught up in the excitement and

fervor of an engagement, one of the best ways to avoid

runaway wedding costs is by planning ahead.

Start saving as soon as you know a wedding is in the future.

Establishing a wedding fund will allow you to effectively

budget, avoid taking on significant debts and could ensure

your other financial obligations don’t get off track.