Couples are opting for micro weddings with an average cost now exceeding $30,000

Planning a wedding can be a dream come true for many couples, but it can also be a financial nightmare. As the average cost of weddings continues to rise, many couples are finding creative ways to cut costs without sacrificing the beauty and magic of their special day.

Take Vanessa Acosta and Sam Roberts, for example. Instead of hosting a lavish black-tie affair with 150 guests and spending over $75,000, they opted for a “micro wedding” with just 54 of their closest family and friends in their backyard. By DIY’ing and thrift shopping for everything from the dress to the decor, they were able to have a beautiful and meaningful wedding on a budget of just $3,000.

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So, why are micro weddings becoming increasingly appealing to couples? According to The Knot 2023 Real Weddings Study, the average cost of a wedding ceremony and reception in 2023 was $35,000, a $5,000 increase from 2022. With rising inflation and the overall expense of weddings, more couples are choosing to downsize their guest lists and expenses.

As wedding expert Allison Cullman points out, cutting down the guest list is the number one way to save on wedding costs. In fact, weddings with 25 to 50 guests made up about 15% of the market in 2023, and weddings with less than 25 guests were roughly 2% of the market. By reducing the number of guests, couples can save on expenses like meals, invitations, and favors.

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To save money on your wedding, it’s important to set a clear and realistic budget from the beginning. Make a list of your priorities and allocate your budget accordingly. Discuss what is most important to you as a couple and where you can save without compromising the essence of your special day.

Consider being flexible with your ceremony date, as off-peak dates can be less expensive. Explore thrifted or upcycled attire options to save on clothing costs. And don’t overlook the power of “something borrowed” – renting a wedding dress or decorations can save you hundreds of dollars.

At Extreme Investor Network, we understand the importance of smart financial planning, even when it comes to special occasions like weddings. By taking a thoughtful and creative approach to your wedding budget, you can have a beautiful celebration without breaking the bank. Stay tuned for more tips and insights on personal finance and budgeting on our website.

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