Is spending a fortune on a wedding really worth it?
There is a lot of financial pressure on young couples these days, especially if they are trying to enter the property market. You don't get much change from $1,000,000 to buy an average house in Sydney, so saving $200,000 for the 20% deposit while paying rent, can be out of the reach of many people. So this begs the question, why do so many couples spend so much money on creating a fairytale wedding?
In a recent survey study done by Australian bridal website, Wedded Wonderland more than 500 newly wed couples were asked what they spent on their wedding and basically, it was bucket loads more than the previous generation.
"In comparison to last year, we've seen a rise in costs across all fronts, with the most significant increases being the wedding dress, venue, videographers and photographers," the wedding experts said of their findings. "Overall, couples are spending $51,245 on weddings – a jump from 2017's average of $48,624."
According to Wedded Wonderland Founder, Wendy El Khoury, the added costs are all in the personal details.
"There is a particular focus on style, personalisation and experience," says Wendy. "Brides and Grooms today are using their wedding as a platform to express their relationship personality; wanting to impress, indulge, and create unforgettable memories."
The biggest things couples splurge on? Well, wedding dresses are sitting at an average of $5,180 (compared to $4,000 in 2017), venues are costing $5,750 more than last year and the median spend on video and photography has risen by just over $1,000. I guess our obsession with creating a certain image on Instagram and Facebook has a lot to answer for here.
10 years into marriage, many people look at their wedding and wish they hadn't spent so much. The main reasons include:
- They only ever wore their wedding dress once and it now sits in a box at the back of a wardrobe
- Half the people they invited, they don't see anymore
- They can barely remember all of the expensive details they spent months planning and agonising over
- The day was over in a blink of an eye
Most weddings are a magical memory, but they can be just as special at a fraction of the cost. You just need to focus on a couple of elements that reflect your personal values. And definitely don't try to outspend your friends. That is a recipe for disaster.
Marriage isn’t about weddings; it’s what comes afterwards that counts. It's important to think about the security this money can bring when families really need it.
We think it is important for society to stop encouraging brides (and grooms) to try and create a one day fantasy. Better to focus on your marriage to be a lifelong fairytale.