The number of weddings has significantly decreased since the beginning of the pandemic. Figures state that the number of people getting married has fallen from 2.13 million in 2019 to 1.11 million in 2020. But the number of weddings raised last year and it is forecasted to get down this year. Will the forecast come true? What is the connection between money and a wedding? Let’s figure it out.
However, the pandemic isn’t the sole reason responsible for this tendency. Among popular reasons why people tend to tie the knot not so often these days are:
- Women choose to evolve in their careers and other spheres of life without men;
- The number of open marriages has risen from 4% to 9%;
- The cost of a wedding.
The cost of a wedding is by far the biggest issue of people who plan engagement and marriage. The majority of people use loans similar to Opploans to finance this event. If you think you can’t put a price on love, look at these figures.
- The average cost of a wedding in 2020 was $28,000;
- The average money spent on an engagement ring is $5,900;
- The companies that offer honeymoon destinations and arrangements earn up to $12 billion a year;
- 68% of brides spend nearly $2000 on a wedding dress.
What Are the Biggest Expenditure Items in a Wedding Organisation
Every woman dreams of a perfect wedding, with gorgeous flowers hanging from the church benches as she walks down the aisle? She expects precious memories from the hired photographer and videographer, and, of course, those tiny people sitting on top of fabulously delicious cake. Little do the future newlyweds know of the cost of those wedding luxuries.
In order to have great music, you have to pay the band $3700 on average. The photographer charges at least $2400 and those flowers, you won’t have time to fully admire, cost $2000.
How to Buy an Engagement Ring with No Money
Money issues in relationships have to be dealt with from the very beginning. Future husband and wife should have a similar mindset on money. As stated above, the most expensive item here is surely the engagement ring.
Luckily, the average engagement period in the USA is somewhere around 15 months. And if you could ask a friend with a band to sing at your wedding and sew the dress yourself, you can never cut the price of the engagement ring as it’s the symbol of your successful married life.
The question of how much money should you spend on an engagement ring has many possible solutions.
- Planning the budget that fits. The price range for an engagement ring is from $1000 to $10,000. So, adjusting your budget and gradually saving up the sum of money you have in mind is possible. Under 1 Carat diamond ring may cost as low as $500.
- Find the ring that you can afford. Four aspects (the four C’s) to know about diamonds are: carat, clarity, cut and color. Consider what your future wife has her eye on and how much you can spend, and look for a ring in that area.
- Shop for the ring online. Online jewelry shops often provide their customers with great deals. Plus you can check out feedback for the shop online and this way is safe.
- Find a payment plan that matches your abilities. You don’t have to pay the whole sum for the ring upfront. If you want to spread the cost of a ring for a few months or even a year, it’s easy to find a lender with a good payment plan.
Great tip: Look for reviews. If you have chosen to finance a ring via an online wedding loan, always look for reviews of the lender. Google engagement loan reviews to compare lenders and the features they equip their customers with. Fit My Money blog, for instance, has great insights on how much money you give for an engagement party and how not to slide deep into the debt pit.
- Discover ways to save on the engagement ring. Diamonds can make the ring either cheaper or more expensive. Lab-grown diamonds, for example, look the same but cost much less. The jeweler and the diamond tester won’t be able to differentiate between a real diamond and the lab-grown one.
- Consider other stones on top of the engagement ring. Moissanite stones, Swarovski Pure Brilliance collection stones, and other precious stones could make your future spouse happy.
- Don’t try to purchase the perfect ring. The difference in clarity may be 4 points on paper, but it won’t be visible to the naked eye. Yet, the difference in a couple of thousands of dollars will make it easier or harder to repay an engagement loan, for instance.
- Propose with a cheaper ring and save more money for the actual ceremony. Many newlyweds make it their goal to surprise a spouse with a luxurious engagement ring on the day of the wedding, or on a special anniversary. Again, speaking loan-wise, it’s better to apply for and repay one loan for all wedding expenses, than having one loan for a ring and another for the event.
How to Cut the Maximum of Marriage Expenses?
Marriage and money issues are intimately related, but you are free to explore various financing options like cutting back on wedding essentials.
Here are some tips on how to score the best prices for a wedding to-do list and save money on aspects like venue or catering.
- Choose November or March for the wedding. These months have the lowest record of weddings. So, the vendors and wedding services might give a discount at that time.
- Choose flowers and foods that are in season. Picking the flowers and food that is in abundance that season might save a lot of cash.
- Look for an unconventional venue. Having your wedding at a park, museum or even a library is really creative and cheap.
- Rent the wedding dress. In reality, you will put on your wedding dress just once and it will collect dust in the wardrobe for the rest of your life. That’s why renting the dress might be a better idea.
- Hiring a DJ is cheaper than getting a band.
- Do research on wedding prices. You might even want to elope to another state where the wedding costs less. Comparing prices of catering services, finding a designer dress on sale, or going with all-inclusive packages helps to avoid future money problems in marriage.
Fake Marriage For Money
Fake marriage has become another disappointing reason for the decrease in the marriage number in the USA. According to the USCIS, nearly a hundred people were charged with large-scale marriage fraud schemes.
People look for partners in crime for various purposes: getting a Green Card, in order to avoid suspicion of homosexuality, etc. But the money matter remains the biggest reason of all. Some people marry in order to get half of their spouse’s assets or all of the wealth in case of the partner’s demise.
If you’re true at heart and your intention to marry your partner isn’t fake, you should think about the financial aspect of this matter.
There are parents who will be willing to help out a future family, but they can’t cover the whole price of the wedding. Some parents would take out loans to pay for the memorable day of their children.
The bride and the groom can choose to finance their event with a wedding loan as well, which is a popular option today. 69% of people prefer to use credit cards to pay for the wedding. This could easily backfire with high interest from the credit card company. 27% opt for a personal loan on a wedding with low interest.
Seeing huge numbers of wedding expenses one might not want to get married at all. The best thing to do though is not to forsake the idea of marriage but look for affordable ways to fund the happy event. Whether it is eloping and celebrating your wedding in Vegas, asking friends and family for help, or getting an engagement loan from online lenders. Lack of money shouldn’t stop people from celebrating their love.