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How Much Should A Wedding Cost?



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bill is in Missouri he says my daughter

is getting married next year

we're completely debt-free with an

income of $65,000 how do we decide how

much to spend on the wedding well you

wouldn't number one you would not spend

more than you have in cash now let's say

you have $500,000 in cash so you don't

have a cash limitation I'll just make

that number up okay

so there's no cash limitation then the

next thing is you can look at it a lot

of different ways one way I have looked

at it is here's a maximum for you most

people overspend on their wedding

meaning they spend more than they should

in relation to their income not how nice

the wedding is some people say we should

never spend it with your wedding it

doesn't matter if you have ten billion

dollars if you spend a hundred grand on

a wedding okay it doesn't matter so

there's nothing wrong with a hundred

it's not illegal it's not immoral to

have $100,000 wedding that's not the

issue the issue is in relation to your

net worth and your income what you

should spend so here's your averages the

average wedding in America right now is

around $27,000 the average household

income in America is around 52 thousand

dollars so that says that the average

wedding is about half of the average

income okay and that's too much but I'll

give that as a cap you would never spend

ever ever more than half your annual

income ever that's a lot and that's

probably too much but that's the most

you would ever consider so you make

sixty-five thousand dollars less thirty

to five so you know what would I spend

if I was in that situation twenty

twenty-five thousand max and that's if

you have the cash if you don't have the

cash then you have a different

limitation and the limit you're limited

to the cash that you can put up you can

have

fine wedding for $10,000 a fine wedding

I've been to a lot of them that were in

the five to ten thousand range and you

can you can do all you want to do for

that and there is no correlation by the

way between the success of the marriage

and the size of the wedding there is no

correlation between the size of the ring

and the success of the marriage as a

matter of fact there may be a negative

correlation meaning that the more that's

spent on the ring than one spent on the

wedding the less chance you have staying

I mean that that I'm not positive on

that one I just made that one up but

there is no correlation

there's no all of us have good walking

around since say what you spend on your

wedding is not indicative of whether you

have a good marriage and what you spend

on the ring is not indicative of whether

you have a good marriage if the and if

it's that important to you then you

probably have other issues so is it okay

to have a nice wedding yes both of my

daughter's had very luxurious nice

weddings there were nowhere near half my

annual income not even close and when we

wrote the check we didn't even feel it

but they were nice and they were

expensive but we had the money so I'm

not against I'm not mad I'm not saying

that their little princesses or some

like that or not they was fine I offered

that and what I did in both of their

cases was I said here's what we're going

to spend on the wedding and I'm going to

give it to you in a check now the two of

you go open a checking account and I

want you to do a wedding budget and I

want you to figure out what you're going

to spend on the flowers and what you're

going to spend on the photographer and

what you can spit on the church what you

can give the preacher and what you can

spend on the dress and do a wedding

budget and here's a suggestion don't

spend all this money keep some of it

because there's not any more than this

period that's it and then we assisted

them in helping them make sure they

stayed within that budget to you know

that they didn't spend more than that

because there's no more money than that

don't don't spend more net and that was

a lot of money and in both cases they

enjoyed it they spent it all on the

wedding they did not save any of it and

I'm not mad about that now their

husbands to be wished that they hadn't

spent at all but it's okay they're okay

they're fine Rachel and Denise are doing

just fine it's okay they're fine

it's alright so that's your little

wedding speech let me tell you the

biggest problem of the wedding is here's

your biggest problem you don't do a

wedding budget and I know that sounds

like it's not romantic will whack call

the wambulance okay

you need to do a plan because let me

tell you how you bust up anything

financially is you just wander in with

pure emotion and no plan and you talk

about pure emotion and no plan a wedding

is it baby that's a definition of pure

emotion of no plan so lay it out this is

how much money we have okay we have

twenty two thousand dollars we have

seventeen thousand dollars we have

twelve thousand dollars whatever it is

with seventy eight thousand dollars I

don't care what it is how much you can

spend on the dress how much you going to

be on the reception the catering the

event how much you can spend on the

preacher the site the the church how

much you're going to spend on the

photographer and give every dollar a

name and make sure it's less than what

you have saved for it

otherwise you can have a problem and of

course you need a contingency fund you

need a little bit of a wiggle room in

there don't don't you know here's our

miscellaneous fund because there's going

to be stuff come up you forgot but but

you know get a basic wedding budget you

can think it through and for those of

you that I've never done it before if

you do a traditional wedding the

reception is half of your cost at least

if not more now if you don't do a

traditional wedding that's okay I had a

friend of mine got married the other day

at a very small wedding and I much

larger percentage was spent on the

reception the reception was a huge party

but hardly it was a private wedding very

few people went to the wedding we're

allowed to go the wedding we're invited

the wedding so there's a small wedding

big reception

some people do destination wedding which

is the which is the reception and

there's almost no reception cost thing

because I want to get married on a beach

and wherever Hawaii or whatever they

want to do so you just you just have to

plan it out that's all I care about just

be grown-ups that's the deal

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