(Closed) The Knot Real Weddings Study $35k

posted 5 years ago in Money
Post # 2
Member
3076 posts
Sugar bee
  • Wedding: October 2017

 Groover808 :  Gahh!! Those numbers are horrifying indeed! $40k for Cali and nearly $80k for NYC?!?! The average where we live is only a little over $30k which is low compared to some other states. But I still think it’s a ridiculousy large amount of money for any young couple to spend on a few hours when they need to build a solid financial foundation for their future. Fiance and I decided early on that we wanted everything we spent to be half of that $30k average. Including engagement / wedding rings and our honeymoon. For us, we wanted to celebrate our marriage but keep in mind that we also need to save for home ownership and children in the next few years. Right now, I’m happy to report that our budget is under budget by about $2k for rings, wedding, and a fabulous honeymoon, and when everything is finished this fall, we will have done it all 100% debt free!! Yipeee!!

Post # 3
Member
1253 posts
Bumble bee

Do remember that people who live in these areas- NYC, Cali, etc- also tend to earn a lot more than those in lower cost of living areas, so spend-to-income may not be that different.

Post # 4
Member
745 posts
Busy bee

I came in 70% lower than the average in my state. I didn’t sacrifice a thing either… just did tons of research on every vendor & negotiated prices. 

Post # 5
Member
641 posts
Busy bee

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Groover808 :  I saw these numbers and got too overwhelmed. We are eloping just us two in Maui. Its not for everyone I realize. I think we will spend $2k on the photographer and then $300 on the officiant. Then its some of the hotel and the airfare we can pay with points. My gowns alterations will be $500 or so. Hair/makeup I am not sure what that will run. Then spending money for sightseeing, snorkeling tours. I will pick out a nice ring so maybe that will cost $10-15K or so. Probably a lot cheaper than a blow out wedding in Chicago. We are older and need to start on a baby if we will wind up having one so we can’t go insane on the wedding. We are paying for everything ourselves.

Post # 6
Member
521 posts
Busy bee
  • Wedding: December 2017 - Lake Louise Canada

I think it massively depends on what you include in the budget. Are we just talking reception and ceremony or do you include engagement rings, honeymoon, paying for relatives flights, hotel rooms, welcome dinner, rehearsal dinner, driving 5 hours to the venue, tipping your vendors, because those things are way over half the cost if I include them. They arent happening DURING the wedding but you can’t say they aren’t wedding costs because I wouldnt do them if I wasn’t getting married. Pretty tough to determine what a true “wedding budget” covers.

Post # 8
Member
521 posts
Busy bee
  • Wedding: December 2017 - Lake Louise Canada

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Groover808 :  44 seems reeaaaaal high to me. Maybe most of the responders were pretty young?

Post # 10
Member
3527 posts
Sugar bee
  • Wedding: January 2017

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Groover808 :  i wish there was an article like that for Canada :/

But what ever the stats may be here.. i know we are way below average out budget it 10k.

Post # 11
Member
125 posts
Blushing bee
  • Wedding: June 2018

So the numbers seem really high to me too, but that is only because it is based on the141 person average.

I am hoping to be a bit below my states average (which is ridiculously high- one of the most expensive), but will likely come out over budget at around the average. However, we are expecting ~220 people which is 80 more than the average which means our cost per person is significantly lower than our state average and we would spend significantly less if we had 141 people. Both of our parents are paying for most if not all of our wedding because they are able to, we are fairly young (expecially for our area), and the vast majority of the guest list is family. I know we are luckier than most in this respect, but that seems to be the norm in my neck of the woods.

It is pretty shocking when you see the numbers though. My wedding will cost close to 2 years of my college education (and one year of my FI’s private college education. I went to state school)!!!! Crazy!!

(And before people tell us to take the money and run, we can’t- the money is for a wedding specifically and not we can have it to choose what to do with lol )

Post # 12
Member
8674 posts
Bumble Beekeeper
  • Wedding: July 2016

its demographic, and its not accounting for the fact the distribution has a heavy positive skew.

The distribution of wedding costs generally looks something like this:

With most people spending roughly the same-ish in a region, but then there are always a few couples that just go over the top spending millions even.  That skews the mean upward quite heavily.

Economists prefer to think about the median in such distributions–what the average is doing (or at least, what the person who is spending more than 50% of her peers, and spending less than the other 50%, is doing.)

Another option is using what’s called a geometric mean, which is more resistant to a single outlier that’s orders of magnitude too high (i.e. the one million dollar bride).

Anywho, just sayin.. an average wedding cost of $35k does not mean the average couple spends 35k, despite what the knot seems to think.

Post # 13
Member
1030 posts
Bumble bee

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Groover808 :  I live in nyc and spent $10k. The truth is this stuff is all avoidable, like most financial decisions most people cave to instant gratification and keeping up with the joneses instead of looking realistically at what makes sense. People lose their minds around weddings. Most people have practically no savings or net worth (average household income is $50k, average cc debt is $15k, not including mortgages and school loans) but then these same people think it makes sense to spend thousands of dollars on a wedding and diamond rings and all that. It’s simply terrible money management. I just get really passionate about this subject because I’m so sick of reading about the “decline of the middle class” and how impossible it is to get ahead when the majority of the problem is people’s spending behavior. 

Post # 14
Member
521 posts
Busy bee
  • Wedding: December 2017 - Lake Louise Canada

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marmar13 :  good point actually keeping this in mind, 35k for 140 people seems like a steal to me. 

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