Marriage is a major life event. For those immigrating to the United States and settling there, wedding expenses represent a significant portion of living costs. While it is an exciting time for the couple and their families, a grand wedding can also cause a significant "drain on your finances". According to a recent survey, the average cost of a wedding in the United States in 2015 was approximately $30,000, with 86% of Americans considering this too expensive; in addition, 77% of couples believe that going into debt for a wedding is unacceptable.
Spending Starts with the Proposal
Before you start planning the wedding, you must first propose, and proposing requires buying a ring, which is also a significant expense. Although there are a wide variety of options for engagement rings ranging from high to low prices, Americans generally do not believe it is worth overspending on an engagement ring.
It is worth noting that 73% of American women say they are willing to "accept a pre-owned engagement ring", but only 55% of American men say they would consider buying a pre-owned ring if the price were more than half off. More men prefer to start saving after planning to propose in order to purchase a new ring.
On the question of "how much is reasonable to spend on a ring", 28% of respondents believe that spending one month's salary on a ring is "reasonable", and only 4% of respondents believe that spending three months' salary on an engagement ring is acceptable.
Although tradition is still respected, more and more Americans feel that wedding expenses should be shared by both parties getting married (Western tradition is for the bride's family to bear the wedding costs). 51% of Americans believe that the couple and their respective parents should pay for the wedding, and only 11% believe that the majority of the wedding costs should be borne by the bride's family.
Wedding expenses can easily exceed the budget, but for couples planning a wedding, going into debt as a result is a major issue. A "dream wedding" should not be an excuse for heavy debt. In fact, nearly 3 out of every 4 Americans (77%) believe that going into debt because of marriage is unacceptable.
Troy Frerichs, Director of Wealth Management at the American company COUNTRY Financial, which released this survey, offers this advice: "Once you have a marriage plan, start saving immediately. Setting up a 'wedding fund' can help you budget effectively, avoid heavy debt, and ensure that your other expenses do not go off track."
"After the wedding is over and the honeymoon is finished, it is very important for the couple to develop a long-term plan to ensure financial health." Frerichs stated, "Setting common goals and starting to save early can help you prepare for the future and safeguard your future life and wealth."
Marriage brings with it more responsibilities and new financial obligations, and married couples generally perform better in this regard than single individuals.
—Married people are more concerned about debt: 52% of married people know their total debt amount, while only 41% of single people are clear about their debt situation;
—Married people perform better at budgeting: 45% of married people execute their budget plans, while only 39% of single people create and follow a budget;
—77% of married people use employer-sponsored retirement accounts or individual retirement accounts to save for the future, while only 42% of single people do so;
—54% of married individuals evaluate their investments at least every quarter, while only 39% of single individuals do so;
—65% of married individuals state that finances are a source of tension in their marriage.