Meghan Markle and Prince Harry will tie the knot in Windsor Castle later this month. It’s estimated their wedding will cost about $44.5 million,1 much of which is for security. While most of us ‘commoners’ will never spend as much, weddings in the U.S. have become quite costly. In fact, according to The Knot, the leading experts on all wedding matters, the average cost of a wedding for high spenders has risen to more than $100,000.2
Why do weddings cost so much?
The bride and groom want a special day that’s fun for guests, opting for extravagances such as a photo booth, expensive DJ, chocolate fountain, unique invitations, over the top wedding cakes and designer gowns. On average, an upscale bride spends over $3,000 on a gown (compared to Meghan Markle’s $417,000 gown) and more than $1,000 for a cake (compared with Harry and Meghan’s $69,500 Elderberry cake).
Although the royal family is footing the bill for Harry and Meghan, it’s still typical for the bride’s parents to pay more – but the groom’s parents are not totally off the hook.
The bride’s parents 56%
The bride and groom 28%
The groom’s parents 15%
How can you save (or at least not overspend)?
The majority of those surveyed by The Knot report spending more than planned, with 51% of high spenders saying they went over their budget by more than $20,000. If you have a child (or children) approaching the marriage years (an average of 29 years old for a bride and 30 years old for a groom) it may be time to think about how you’re going to save for and pay for your child’s royal wedding. Click below for 5 tips for managing wedding costs.
Before wedding bells start ringing, turn to Luma Wealth to help you plan a wedding budget that keeps your wealth plan on track.
1 Source for Royal Wedding expenses: Bridebook.co.uk; https://bridebook.co.uk/article/harry-and-meghan-royal-wedding-cost
2 Source for U.S. wedding expenses: The Knot 2017 Real Wedding Study (Note: the average U.S. high spender spends more than $60,000 on their wedding day)