It's common knowledge that weddings are tough on the bank account — what you may not know, however, is just how much of a hit your/your parents' funds will take. Value Penguin outlines the average cost of tying the knot in America, and let's just say it isn't as pretty as the fancy white dress.
The average cost of an American wedding in 2016 is $29,858.
. . . But it varies from state to state. In Southern Florida or Chicago, for example, the typical price of a wedding runs about $50,000. In Manhattan, specifically, you might be forking over $88,176 (yikes!). There's a silver lining: if you plan to say "I do," in Mississippi, it'll only cost you a little over $12,500. Iowa's another comparatively low figure at $13,637. In west Texas, the average cost is capped at $13,904. All (your money) is not lost.
So why is a wedding valued in the tens of thousands of dollars, anyway? Well, there's a lot to cover. The Knot breaks it down:
- Parking/transportation: 2-3 percent
- Stationary: 2-3 percent
- Attire: 8-10 percent
- Flowers: 8-10 percent
- Reception: 48-50 percent
- Ceremony: 2-3 percent
- Photography/videography: 10-12 percent
- Entertainment/music: 8-10 percent
- Gifts: 2-3 percent
- Wedding rings: 2-3 percent
- Miscellaneous: 8 percent
The Knot recommends saving 20 percent of your monthly income in the time leading up to your wedding. If you want to go all-out with your ceremony, embrace a longer engagement period! YOU make the rules, and a year is really give or take. The longer you stash away cash, the bigger the affair. And check out our tips for spending less — every little thing counts!