Planning on getting hitched soon? Start saving.
The average cost of a wedding is now a hefty $31,213 (honeymoon not included), according to the 2014 Real Wedding Study from TheKnot.com.
That’s up from $29,858 in 2013.
As a guy — and finance writer — who just got married last year, I find that number pretty outrageous. That’s a down payment on a home.
Thanks to our frugality, and the incredibly hard work of our friends and family, we didn’t even spend a fourth of that on our big day and an entire weekend getaway for our guest list (more on that later).
The study from The Knot surveyed nearly 16,000 brides and grooms married in 2014 to figure out the financial spending habits and trends of couples in America. It includes both national and regional stats on the average costs of tying the knot.
The venue was the priciest part of couples’ budget last year, hitting an average of $14,006. Next was the engagement ring at an average of $5,855 and then the wedding band for music at $3,587.
Couples are also spending more on each guest – an average of $68 last year, up from $66 in 2013, according to the study.
Here’s the wedding budget breakdown from The Knot:
(Click to continue reading…)