Those fancy-schmancy wallet-busting weddings

5 thoughts on “Those fancy-schmancy wallet-busting weddings”

  1. I know this number is absolutely nuts. And when my wife and I were getting married, I couldn’t believe that we were spending that much money. We spent about the average of $30K, maybe a little less. Don’t get me wrong it was a fun night and everyone had a blast. Almost 3-years later we still have people coming up to us saying how great it was and that it was one of the best weddings they had ever been to. Once you factor in the rings and the honeymoon then we probably spent more like $45K.

    And we paid for it all ourselves. A lot of our friends had parents that paid for it.

    But at the time I couldn’t really say anything as my wife had dreamed of this day and it was really important to her. She now thinks back at what we could had done with the money elsewhere. But what is done is done. The good news is we had the money and paid cash for everything.

    We have since made much better use of our money and are making progress on our way to financial independence. We should have our house paid off in 7 years or less (before we are 35). And have a net worth that is well over $1 Million.

    Imagine if the average person spent as much time and money planning their financial future. The saddest part about these stats is that the average person continues to make really dumb decisions with their money. The spend more time and effort on things that don’t matter. Instead of investing that time in their future by learning new skills, making investments, and playing the long game.

    Luckily for the masses you and I are bucking the trend and sharing the message that financial freedom is possible and its not as hard as most people think no matter where you start in life.

    Here is to sharing and reaching our own financial independence.

    Cheers!

    1. Good point, Gen Y Finance Guy – if people spent the same amount of time on their finances as they do on these expensive celebrations, maybe the retirement age would finally stop creeping further up. I think the Census Bureau puts the average retirement age at something like 62. Geez.

      On the bright side, it definitely sounds like you are well on your way to securing your future without any financial worries – and good for you! You’re doing it right. You are making wise choices that your future self will definitely thank your current self for.

      And the Snowball strategy to pay off your mortgage in 5 to 7 years? That’s something that my wife and I are paying close attention to, now. We have some real estate and moving plans in the future that’ll depend heavily on mortgage costs (or the lack thereof!).

      Thanks for stopping by, Gen Y. Happy 2015 my friend.

  2. We spent 15K on the wedding, 5K on the honeymoon, and 2 K on the rings. Still a staggering amount of money. This was before we really became frugal with our money. This was all in a cheap area though, so I’m sure we might have spent more if we had lived in a more expensive area.

    I could do it cheaper now that I’ve been through it. At the time I was overwhelmed with planning a huge, huge party full of lots of societal expectations from those I loved most. I’d never put together an event before I planned my wedding. I don’t feel too bad about the money spent.

  3. My sister spent $5k back in 2000. We had about 3 hundreds guests. It’s just a really big day for us girl. My technician’s daughter spent $60k for a new year wedding. It’s kind of crazy, but he’s a big shot VP on in Manhattan, and she’s pretty high up in a start-up also. The affluent do what the affluent do. It’s the lifestyle inflation. Back in the day, who would have thought having 10 bridesmaid, the fool is full of rose pestles, oh please! Now, everything is hot pink and white! 🙂 and 50% end in divorce. 🙂

  4. This makes me so happy that the wife and I just did a very small (10 immediate family) JoP ceremony down by Lady Bird Lake in Austin. My cousin generously hosted a dinner at his house, we only had our close family, and we just hit the bars downtown after the dinner.

    The only thing our wedding cost us was a hotel room, the JoP’s time, and the wife’s wedding dress. I wore my uniform and didn’t have to spend a dime. The cost of the average wedding is absolutely insane and I am glad we were able to avoid it. It helped tremendously when it came time to buy a house shortly thereafter. I guess it ultimately comes down to priorities, but we really don’t regret having a small, intimate wedding that didn’t cost us anywhere close to 1k, let alone 30!

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