The cost of getting married tipped Canadian budgets to the tune of $31,685 in 2014, says the bridal authority, Weddingbells magazine. Compare that number to the average Canadian income in 2014, which, according to Statistics Canada, was a shade above $49,000. A beautiful ceremony and reception remain the dream of many a bride and groom, but expenses can get out of control quickly. There are no shortage of innovations and trends in the industry to entice a couple-to-be into spending more than half of their projected income for the year. Slate.com recommends an old fashioned solution: an elopement.
Take the Money and Elope
According to the online conversation, couples should take the money they would have spent on a lavish celebration and invest in their partnership. Weddingbells reports that the average age for a bride is 31, an age when many adults are thinking seriously about their financial futures. Slate’s nuptial expense calendar is a true eye-opener, even for dewy-eyed lovebirds. The calculator is designed to let readers know how much money they would have made if they had taken the money they spent on their party and invested it in the stock market instead. For example, if a couple eloped in 1995 and funneled the $5,000 festivity budget into the S&P 500, they would have $32,810 in the bank today. Of course, it is all theory, and it is questionable whether the recent global recession is accounted for, but the numbers are sobering.
Unrealistic Expectations
Part of the issue with exploding budgets is that people often have a skewed sense of exactly how much things cost. Weddingbells conducted a survey that showed that couples who anticipated spending around $23,000, actually emptied the bank account of more than $31,000 (although that bottom line included the honeymoon). The magazine offers an extremely handy guide to what couples can afford with budgets from $10,000 to $100,000. While there is virtually nothing you cannot do or have with $100k, couples can enjoy a lovely, if modest, celebration at the lower end. Still, they should plan on a limited guest list, and figure plate costs at about $100 per guest. The smallest budget will buy:
- A plated dinner for fewer than 35 guests
- Drinks, in moderation
- A modest cake, still photography and a pretty dress
The magazine advises that people who want to spend wisely should concentrate on the food, and forgo excessive frou frou. In other words, no couture, no string quartet and no midnight munchies.
It’s Not All About the Money
Not everyone who chooses to elope does so solely for financial reasons. For some couples, the pageantry of a big celebration is too much. Their dream day may involve just the two of them, plus an officiant. They may pop a bottle of champagne and enjoy a lovely dinner, with just each other for company.
Eloping suffers from a bit of a bad reputation. Many a bride or groom would not dream of disappointing family and friends by running off in the dead of night. However, the idea that your family will be devastated by your elopement may be overstated. It is true that in many cultures, it is considered rude to marry without inviting several hundred of your nearest and dearest to witness the event. If you are free of these cultural constraints, though, you might be surprised by how supportive your family can be. In addition, there is nothing preventing you from dropping some cash in a nice restaurant later on to celebrate your union.
Weddingbells reports that an estimated 162,000 Canadians will marry this year. It is unlikely that the booming wedding industry would suffer significantly if two of them decided to finance their upcoming adventure instead.
