Rachel Cruze's Advice for How Much To Spend on a Wedding
Weddings are a very exciting time in people's lives, but they're also expensive. In fact, according to The Knot, the average wedding costs $34,200. However, financial expert Rachel Cruze says that just because the average wedding cost falls in that range doesn't mean people have to spend that much.
In a recent YouTube video where Cruze answered listener questions, someone asked her how much people should spend on a wedding. Cruze gave helpful advice, discussed the wedding-planning process, and explained the many variables to consider when deciding how much to pay for one.
Here is the advice Cruze gave to her 600,000+ followers about paying for a wedding.
Read More: Rachel Cruze: 3 Ways I Live Frugally
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Don't Go Into Debt for Your Wedding
Cruze says to never pay for a wedding with debt. In fact, she says, people don't have to spend the average price of a wedding at all.
Spending much less is perfectly fine, she says, as it's more important to avoid debt than anything else when starting a new life with a spouse. Plus, people can have a beautiful wedding without spending a fortune.
Don't Drain Your Savings Account
At the same time, Cruze also cautions against draining a savings account to pay for your wedding. So even if someone has $30,000 in cash, Cruze says not to liquidate it to pay for one day.
She explains that people need to consider other expenses that come with marriage, such as saving up for a down payment on a house or having savings on hand for day-to-day life. Being reasonable when planning a wedding, avoiding debt, and not using all savings can help couples start a marriage in good financial shape.
Smart Ways To Save on Wedding Costs
For those looking for tips on saving money on a wedding, here are several ways to do it.
Have a Small Wedding
There's been a trend toward micro weddings since the pandemic. Micro weddings usually have 20 people or fewer and can significantly lower the cost by inviting only the people a couple truly loves and cares about.
Choose an Alternate Day
The most common days of the week to have a wedding are weekend days, but if a couple gets married on a weekday, they can often save money on the venue, photographers and more.
Choose Different Beverage Options
While some people want to provide an open bar to their guests, that can get extremely expensive. Instead, choose to have an alcohol-free wedding or offer only beer, wine, and a signature drink. This strategy can help cut down on beverage costs.
Choose Silk Flowers
Fresh flowers can be one of the most expensive parts of a wedding, aside from food and drinks. However, couples can save money by ordering silk flower arrangements. Silk flowers have come a long way, and many companies offer silk flowers that look incredibly real.
Final Thoughts: A Marriage Matters More Than the Wedding
Cruze ends her advice by reminding her followers that a wedding is just one day. And while it is a special day, it's not worth sacrificing your financial stability for only one party on that day. Instead, she says to focus on what really matters, which is starting off a marriage with a strong financial foundation.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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