Don't say "I Do" to more debt!

A recent survey done by Bride's Magazine, reports that couples spend $42.4 billion on weddings and another $8 billion on their honeymoon annually. It is expected that over 2.4 million couples will exchange vows this year at an average cost of around $19,000. With the rising cost associated with weddings, couples need to set realistic budgets in order not to go overboard and fall into debt. By knowing where your money is going is your best bet for a successful budget and not saying "I do" to more debt.

One of the best way to start planning your wedding is by sitting down with your fiancé and to Try our Wedding Planner calculator

Average Wedding Costs:
Bride's 2000 State of the Union Report
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Stationery (invitations, advertisement announcement, thank-you notes, etc.): $374
Bouquets and other flowers: $775
Photography, videography: $1,253
Wedding favors: $240
Music: $745
Clergy, church, chapel, synagogue fee: $248
Limo rental: $427
Attendants' gifts: $299
Wedding rings: $1,060
Engagement ring: $2,982
Rehearsal dinner: $762
Bride's wedding dress: $790
Bride's headpiece/veil: $150
Bridal attendants' apparel (average of five): $720
Mother of the bride's apparel: $198
Groom's formalwear (rented): $100
Formalwear for ushers (average of 5), best man (rented): $400
Reception (average of 186 guests): $7,246

Total: $18,874

The average cost of a wedding also varies by region:
New York Metro: $31,777
(NY, CT, NJ)
Southeast: $17,142
(NC, SC, GA, FL, TN, KY, AL, MS, VA, WV)
Midwest: $19,324
(IL, MN, WI, IN)
West Coast: $17, 517
(CA, AZ, TX, NV)

Remember that your wedding will impact your overall financial future so decide what's important and prioritiz your list.You should also set a budget based on the money that is available and most importantly, start saving toward your wedding now.

If you are already in debt and need financial counseling, contact a debt management professional for assistance.

Try our Wedding Planner calculator

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