By Tiffany McAdams
Contributing Writer
InvestmentZen
A wedding is one of the biggest events in a couple's life. From photography to food, venue to flowers, starting a household from scratch or combining two existing ones, the elements to track are extensive.
Creating a wedding registry allows others to participate in your event, not just purchase gifts.
In 2016, it cost more than $30,000 for the special event. If you live in the Northeast (New York, New Jersey) or Chicago, plan on doubling that number.
Couples are using around 13 vendors for everything from photography to hair/makeup to flowers to music. Finding a photographer and a reception venue top the vendor list, with the reception taking the bulk of the budget. On average, receptions cost over $20,000 after venue, food and music are included.
If time allows, consider using your registry to help pay for some of these services. Friends and family often like the idea of giving money toward something you want/need rather than buying a physical item you return later.
Got the wedding covered but the honeymoon is still a dream? Honeymoons are averaging $4,000 with accommodations requiring up to 28% of the travel budget. Many couples use their gift registry to pay for specific items like tours, dining or airfare. Of course, there's the risk that the honeymoon won't be fully funded so put aside some cash to cover the shortfall.
Friends and family may also be interested in helping with other expenses related to starting life together:
-Purchasing your first home -- Once you know how much home you can afford, consider adding "fund our down payment" to your registry list.
-A life insurance policy -- Not glamorous but important when thinking of your future. Add a registry item such as "one-year's insurance premiums."
Weddings and starting life together are expensive! Be realistic, flexible and open to alternatives to save money. Most of all, have fun, enjoying the fruits of your labors on that special day and beyond.