Weddings are often described as one of the most magical days in a couple’s life, but they can also be one of the most expensive. With the average cost of a wedding in the United States hovering around $30,000, many couples find themselves struggling with financial decisions that could impact their future together.
Here are seven things to know about weddings and debt in America.
The average cost of a wedding in the U.S. is just under $30,000, according to a 2021 study from The Knot. This includes expenses like venue rental, catering, attire, decor, and more. The pressure to have a lavish celebration often leads many couples to spend beyond their means.
More and more millennial couples are opting for lavish and pricey destination weddings.
“We noticed a big uptick in people doing destination weddings in the last six months. We’re getting a lot of requests for 2025,” New York-based event planner Cameron Forbes told The New York Post.
“A lot of people do not think about what it all entails when planning a wedding. The tedious details of it,” Northwestern Mutual Financial Representative Sonia Sykes told Essence. “For example, someone was planning a destination wedding. You would think that outside of the flight, you would have to pay for something like a hairstylist. But with a destination [event], you still have to pay for their travel expenses, hotel accommodations, and the services. This person even had to budget in the type of lighting she needed for her wedding.”
Nearly half of American couples go into debt to finance their weddings, with 45 percent of newlyweds reporting that they took on debt for their nuptials, according to a 2019 study by LendingTree.
Many couples underestimate the true cost of weddings and start their planning with unrealistic budgets. Despite initial intentions to stay within budget, 49 percent of couples end up spending more than they originally planned, according to data from The Knot.
Loans are occasionally utilized to cover the entire expense of the wedding, with loan amounts often reaching five figures and carrying interest rates as high as 30 percent, Lend EDU reported.
Financial experts emphasize the importance of budgeting and saving for wedding expenses well in advance. Setting aside money specifically for the wedding and sticking to a budget can help couples avoid unnecessary debt and financial stress.
“So many relationships fail because of arguments over money. Why perpetuate the problem by going into debt together? If you aren’t in a position to afford the wedding you want, then have the wedding you can afford,” Greg Wilson, a chartered financial analyst and co-founder of the lifestyle blog ChaChingQueen, told MoneyWise. “You can always have a much larger anniversary party later.”
“Financially preparing for wedding costs means budgeting, saving money for it, and not overspending,” Anthony Martin, CEO and founder of Choice Mutual, told MoneyWise.
Some couples opt for alternative approaches to weddings to minimize costs. For example, one couple saved for a year to pay for their entire wedding in cash, avoiding the need for debt.
In 2022, newlywed Black couple, Kiara and Joel Brokenbrough, went viral after revealing they spent only $500 on their wedding. The couple’s decision to have an outdoor wedding on a picturesque hillside overlooking the city was the first of many smart choices. Despite the average wedding dress costing between $2,000 and $4,000, Kiara managed to find her perfect dress for just $47,.
“I didn’t want to spend hella money on a dress I would wear one time for a few hours, and that would get dirty,” she told Black Wall Street Times. Kiara bought her dress from the online retailer Shein and documented the entire shopping and gown fitting experience on social media. More than a million people have seen her TikTok dress fitting video. The couple also documented their wedding journey on YouTube.
“A lot of people gifted us things. My God mom gifted us flowers. My sister gifted as a runner. My Godsister and my auntie gifted us with the cake,” Kiara shared. The couple’s wedding guests also contributed by paying for their own food and drinks.
For couples who do take on wedding debt, there are strategies to minimize its impact. This includes making a detailed budget, prioritizing essential expenses, and exploring options like low-interest loans or balance transfer credit cards to minimize interest payments, CNBC reported.
Taking on debt for a wedding can have long-term consequences for couples’ financial futures. Repaying wedding debt can take years, with the average respondent indicating it will take five years to repay debt accumulated from their wedding, according to a survey by The Knot.
Photo by Junior Karrick DJIKOUNOU : https://www.pexels.com/photo/wedding-black-couple-kissing-and-showing-ring-on-ring-finger-5206714/