Big weddings are all the rage, but don’t get so swept up in the movement that you end up wasting hard-earned money on a single-day event. As special as weddings are, there may be better ways to spend this money.
The Average Cost of a Wedding
News Flash: Weddings are expensive. Like really expensive.
According to The Knot’s 2019 Real Weddings Study, the average cost of a wedding in 2019 was a whopping $33,900. Some of the most expensive items include:
- Reception Venue: $15,439
- Reception Band: $4,247
- Photographer: $2,679
- Flowers and Decor: $2,411
- Ceremony Site: $2,382
If you have the money to throw a wedding like this, then by all means, go ahead. But if you’re like the average couple, you have to scrape together every last dime to make it happen.
Why put yourself through this?
What would happen if you stripped the budget in half and used the difference in another capacity? Or what if you simply invited a few friends and family members for a casual gathering and eliminated all of the costs? Plenty of people are deciding to do this.
6 Smarter Ways to Spend Your Wedding Fund
Whether you’re saving $10,000, $30,000, or more, here are some alternative ways you can spend your wedding fund:
- Nicer Honeymoon
If most people are being honest, the honeymoon is much more meaningful and memorable than the wedding. Imagine if you had an extra $10,000 to spend on your honeymoon. What would you do?
Would you upgrade to a luxury suite? Would you stay three extra nights? Would you go on that once-in-a-lifetime excursion that’s a little on the pricey side? The options are endless.
- Nicer Engagement Ring
An engagement ring is something that will be with you a lot longer than a wedding day. It’s something you’ll wear every day of your life for the next few decades. By taking some of the money that otherwise would have gone to the wedding and putting it towards your ring, you can instantly increase your budget and get something that you’ll love for years to come.
Increasing your budget could allow you to think outside the box and go with a ring that you didn’t previously see as a realistic option. An aquamarine engagement ring is one unique option. On the other hand, perhaps you just want to supersize your diamond. You can do whatever you want with the extra money!
- House Down Payment
Home ownership is something that many newly married couples start taking seriously. And while you don’t need anything outrageous for your first starter home, every penny counts. Imagine what you could do with a few thousand dollars to go towards a larger down payment.
- Student Loan Debt
If you have student loan debt, using this money to pay down your balance is a smart use of the funds. This will speed up your repayment schedule and help you get out of debt sooner – which makes it easier to begin saving and investing.
- Income Producing Business Idea
They say it takes money to make money! Is there a way you can use the cash to start a business or fund an investment that earns you money? This is an awesome way to supplement your income and get ahead financially.
- Cash Savings
Who says you have to spend the money? We live in a world where money burns holes in pockets, but there’s something to be said for having cash on hand. In fact, most personal finance experts recommend people have between three and six months of monthly expenses in a dedicated savings account. (They call this an emergency fund.) If it costs you $5,000 to pay your monthly bills, this means you need between $15,000 and $30,000 on hand.
What’s Meaningful to You?
When it’s all said and done, you have to decide what’s right for you. If you’ve spent your whole life dreaming of your wedding day and believe a ceremony and celebration are worth every dime you have, then by all means, throw the party of a lifetime. But if you’re someone who would rather spend the money on something that lasts a bit longer, consider one of the aforementioned alternatives.
It’s your call. What will you choose to do?