The average cost of a wedding in America is $27,000.
Financial expert Mellody Hobson called in to the TJMS this AM to give listeners advice on the best ways to save and keep costs low.
What advice can you give about wedding costs?
Weddings are astronomical these days! I think a lot of people fall into the trap of thinking “anything goes” in pursuit of that “perfect” day and end up spending way more than they can actually afford. The average wedding costs nearly $27,000. Compare that to the median household income–$52,000, and you find a lot of couples borrowing money to pay for their weddings and paying it off years later. A marriage that begins in debt is starting off on the wrong foot: You don’t want to be celebrating your 20th wedding anniversary by celebrating that you’ve finally paid off your debt.
So what cost cutting measures do you suggest?
We’re becoming what I call a “rental nation,” moving from being more of a ownership-based society to a rental one. We’re all familiar with the more traditional rental aspects of a wedding, from the groom’s tuxedo to a classic getaway car for a stylish exit, but one new trend we’re seeing a lot is renting the bride’s dress. The dress is one of the highest ticket items of a wedding, and if you think about it, we’ve had it backwards. Men should be buying their tuxedos and women should be renting their dresses. Renting is a fantastic option for women who want to wear their dream dress but don’t want to spend tens of thousands of dollars. There are many online options: onenightaffair.com andrenttherunway.com are just a couple.
In addition, the bride can rent her jewelry, handbag, shoes…even her veil.HappilyeverborroWED.com has all sorts of bridal accessories for rent. And let’s say a bride doesn’t want to wear costume jewelry—she wants to wear REAL diamonds on her wedding day. Well, she can truly feel like a princess by renting the “Kate Middleton” earrings (modeled on the ones she wore at the royal wedding) from adorn.com. They retail for $10,875 and rent for $160. The savings are staggering.
Read more on what she had to say here
Listen to it here
(Source: Black America Web)
Photo Credit: Essence.com
