Parents, if your kids’ college or university expenses didn’t deliver you into a economical tailspin, far better watch out for the marriage ceremony budget. In some of the priciest markets, the charge is as negative as spending for an additional yr of college or university — or even worse.
Partners married in 2016 shelled out an ordinary $35,329 to go over marriage ceremony expenses, in accordance to The Knot’s once-a-year survey. That’s a document significant in the survey’s ten-yr record, and up from an ordinary $32,641 in 2015.
(The survey polled much more than thirteen,000 couples during 2016 who were married that yr.)
If that is not negative enough, approximately half of couples copped to shelling out much more than they initially prepared.
Financial repercussions could influence the entire relatives. Parents nonetheless foot much more than half of marriage ceremony expenses, the survey observed, with the bride’s relatives contributing forty four percent on ordinary and the groom’s, thirteen percent. In 8 percent of weddings, the few didn’t contribute any of their possess dollars.
The pleased couple’s possess contribution averages 42 percent. Only ten percent of couples paid out for the whole marriage ceremony by themselves.