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5 Shocking Financial Truths About The Wedding Industry - YouTube
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hey guys it's chelsea from the financial
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diet and this week's video is sponsored
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by skillshare
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and today we are here to talk about
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joining together in
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holy matrimony weddings weddings are
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amazing they're fun
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they're romantic they're beautiful
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they're also really expensive
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both to throw and to attend if you've
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been anywhere near wedding planning in
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your life you've probably heard phrases
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like
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it's your special day and who could put
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a price tag on happiness and when it
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comes to things like the venue your
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dress bridal parties
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basically every choice you make is an
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opportunity to spend way too much money
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or at least way more than you planned on
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spending
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and as the expensive choices start to
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compound it becomes harder and harder to
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start to rein it in
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but the reality is this feeling that you
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enter into wedding planning with one
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specific plan
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and then leave with a completely
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different budget than you had intended
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is intentional the wedding industry is
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not exactly fair or
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practical and has in many ways been
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designed to separate people
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in the throes of love from their
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hard-earned money and there is a lot
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about weddings that you should frankly
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be willing to reconsider
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from the cost to the waste to the
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pressure you may be inadvertently
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putting on your guests
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so without further ado let's get into
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them number one is that you will always
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pay more for a wedding than for
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any other comparable event according to
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the knot prior to covid the average
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wedding cost more than 33 000
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and while many couples now report that
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they're planning on spending less
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postcovid there are still certain sneaky
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costs to watch out for
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for example many vendors and industry
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representatives have been quoted saying
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that they anticipate having to raise
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their prices in the coming years to
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offset what was lost due to covid
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and keep in mind that that's on top of
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the very real wedding markup a 2016
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consumer reports study found that 28
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offenders mark up their services
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specifically for weddings
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and in canada one cvc marketplace
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investigation found that some of the
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exact same vendors charged more for the
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same services
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when it was labeled a wedding this is
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commonly for things like a caterer a
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florist a dj a photographer etc
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however it is also worth noting that in
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almost all of these cases these prices
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are
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to some extent open to negotiation and
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are often haggled down
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but one of the best pieces of advice
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that i could ever give for any
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bride-to-be
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is to go out of your way at every
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opportunity to not
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advertise the fact that it's a wedding
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keep those quotes down
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they don't need to know it's a wedding
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they just need to know what they need to
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give you
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number two is that your wedding guests
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are bearing a bigger burden than ever
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do you guys remember in bridesmaids how
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probably the most central plot point of
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the first half
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of the movie was that annie could not
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afford these increasingly ridiculous
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expenses being put onto all of the
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bridesmaids
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their ridiculous designer dresses the
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trips across the country etc
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now annie in that movie was obviously
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passive-aggressive and didn't really go
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about saying no it's not in my budget in
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the best or most adult way
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but the fact that she was put under such
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immense pressure to pay for things she
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couldn't afford in order to be part of
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her friend's
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special day is very far from the
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exception
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while you and your immediate family are
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probably spending the most on the
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wedding there's also a huge cost burden
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on your guests
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especially those in the wedding party
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according to the balance it costs
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individual members of a bridal party an
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average of 728
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to be part of a wedding more than half
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of that 435
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is for the wedding itself which can
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include travel accommodations gift and
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clothing
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an additional 157 goes toward the
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bachelor of bachelorette party
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while 148 goes towards the shower for
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close friends and family members the
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bachelor party and shower costs are
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almost identical although they tend to
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spend less on the day itself
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an average of 325 dollars but even a
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distant friend or family member will
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spend an average of 372
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between all of the parties and the
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wedding this is a time when i must give
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a shout out
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to uh i have several good girlfriends
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getting married this year
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um and because your girl knows how to
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curate
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uh two out of the three are not doing a
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bridal party at all and i don't even
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think they're doing a shower like
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they're doing none of the extra foofy
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but the one who
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is having a bridal party is doing the
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classiest thing i've ever heard which is
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that every bride's made
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first of all you get to pick your own
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dress uh just has to be in a certain
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color
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or it doesn't even have to be a dress
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could be a pantsuit or whatever um you
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know mama loves a pantsuit
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um but you also get a stipend the bride
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gives a stipend
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because she knows she doesn't want to
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impose on people to buy a dress
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independently that they wouldn't buy and
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are probably never going to wear again
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we stan but unfortunately my friend's
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wedding plans
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are more the exception than the norm and
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these costs are only increasingly
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spiraling out of control
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in a social media age where every single
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step of your wedding
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is on full public display american
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express found that even just attending a
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wedding is an
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increasingly high expense especially for
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millennials who reportedly spend an
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average of 893
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to attend a wedding more still if
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they're in the bridal party
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gifts alone are a whole can of worms
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where according to the knot nearly half
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or 47
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of americans struggle with gift
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etiquette there's an old-fashioned
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notion that you should spend whatever
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the value of your meal is but many
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experts have pointed that out as
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outdated especially because most couples
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don't say what the value per plate is
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lifehacker estimates that the average
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cost of a gift from a close friend or
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family member is about 179 dollars while
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one from a co-worker is 66
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if you're getting married and want to be
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conscious of how much people are
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spending be
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transparent about your own costs and
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your own desires because you can always
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say no gifts
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we said no gifts because we have taste
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but also
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and this is something maybe i'm in the
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minority here but i feel like people who
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are traveling a great distance to go to
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your wedding should not be expected to
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give you a wedding gift
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their presence is the gift it's really
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expensive for people to go to weddings
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stop shaking every branch of your family
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tree down for like a
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500 plane ticket plus a hotel night
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plus them also having to get you a
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cutlery set
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get your boot off of grandma's neck
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number three is that while wedding
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insurance exists it will not help you in
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a pandemic
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you might be wondering now after a year
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of weddings being postponed or canceled
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outright if you should get wedding
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insurance
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because wet insurance itself is
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relatively inexpensive
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forbes found that rates for a one
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million dollar wedding insurance policy
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were between 125 and 184
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this type of insurance tends to cover
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liabilities for things like liquor or
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on-site injury as well as bad weather
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venues going out of business or vendors
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not showing up but most don't cover
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pandemics and keep in mind that once you
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sign a contract for your venue or
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vendors
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there's a very real chance that you
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could never see that money again
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in fact as of october 2020 over 200 000
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couples owed a collective 3.7
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billion with a b dollars on weddings
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cancelled due to the covet 19 pandemic
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according to a study from
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lonery an online personal lender and you
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also need to make sure that you're not
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getting the wedding insurance to cover
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costs that you've already covered
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for example your wedding venue may
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already come with its own built-in
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insurance for things like
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alcohol or injury and you might also be
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offered insurance for things like your
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wedding or engagement ring but they may
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actually already be covered under things
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like your homeowners or renters
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insurance which is why you should always
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double check for insurance redundancies
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number four is that weddings are crazy
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wasteful i'm gonna start this off with
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an anecdote in which i will blur
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all identifying details several years
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ago i was at a wedding
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in america
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[Music]
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and it was one of those classic weddings
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at a big old wedding hall was like 200
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people
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there were like 75 dessert stations and
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when i tell you that probably not even
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two percent of the amount of the
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desserts that were on
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on display because there was like a
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churro station an ice cream station
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like a candy station a cotton candy
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maker like
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there was all of this on top of the cake
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which people actually ate they ate the
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wedding cake
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when i say that probably not two percent
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of that stuff was being touched
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i actually think that's probably
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literally true and my husband and i were
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talking to one of the catering people
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and we were like
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um what happens with all of this food
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that's not being eaten because that was
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just the dessert in the actual
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like pre-dinner and dinner there was
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probably just as much waste
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and the guy was like oh we actually um
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after every wedding we donate all of the
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uneaten food to
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a local homeless shelter and we actually
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transported ourselves over there
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um uh before the wedding was even fully
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done and we were like that's amazing he
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was like
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i'm messing with you we throw it out and
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we were like oh my god
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but in all seriousness you do not have
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to be a devoted environmentalist to care
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about your wedding not being an enormous
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source of waste
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because there is a truly obscene amount
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of single-use items in any given wedding
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everything from table settings to
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napkins to flowers to
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all of the uneaten food and according to
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greenbride weddings and receptions
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produce between
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400 and 600 pounds of waste in a single
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night
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and that's wasting money too of course
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because just think about how much
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wedding food gets paid for but never
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eaten
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and wastefulness is about more than
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what's in a trash bag think bigger
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because rings and diamonds have a major
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environmental impact
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diamond mining is associated with
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deforestation soil erosion and major
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human exploitation
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i somewhat offset my guilt by the fact
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that i did get a vintage ring
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the diamond is from like the 1930s but
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one can only imagine that the diamond
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mining practices in the 1930s were not
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great according to the u.s geological
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survey
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a stone in an engagement ring has
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usually had 200 to 400
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million times its volume in earth
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extracted and wedding dresses despite
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how expensive they are are usually made
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with materials that are terrible for the
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earth
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the average wedding dress emits 14.5
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tons of co2
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and of course there's also the issue of
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air travel if you have wedding guests
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flying in your wedding isn't exactly
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green
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so even if you don't identify as an
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environmentalist it's probably a good
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idea to do an inventory of your wedding
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and decide how much of it
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you really need to justify wasting an
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easy solution to this which i will
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always advocate for is simply trimming
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your guest list down
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not everyone's going to go to chelsea
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fagan route and have a 30 person wedding
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but i do think it's worth considering
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whether every tom dick and harry your
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parents ever worked with 10 years ago
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really need to be coming to your wedding
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because
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each additional person just drastically
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increases the amount of waste being
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produced
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lastly is that even the little things
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can cost big money
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all the little things that you never
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tend to think about in planning a
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wedding are
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often the things that will most quickly
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add up things like centerpieces name
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cards thank you cards all the little
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gifts and trinkets
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the party favors you leave in people's
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rooms they all add up
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and as this whole process becomes even
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more commercialized
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all of the unnecessary expenses only
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compile for example
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20 years ago if you wanted to ask
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someone to be your maid of honor you
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could just ask them over a glass of wine
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these days it's much trendier to put
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together a diy be my maid box or even to
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buy one
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these can range from a simple five
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dollar box with a card on etsy to luxury
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gift packs of bath bombs champagne and
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travel mugs for fifty dollars each
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centerpieces alone can cost close to a
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thousand dollars to have them
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professionally done according to wedding
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stats
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and while stationery might seem
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negligible a 2020 survey of 27
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000 newlyweds found that the average
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cost of stationery and postage was 590
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per wedding and while an open bar is
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generally the best way to thank your
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guests for coming to your wedding
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remember that in some places open bars
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can come with extra costs
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you might be required to take out extra
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insurance or to have a number of cabs on
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retainer for the night
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and if they're not required it is still
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a responsible idea
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but let me tell you right here if you're
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having a wedding
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and where you opt to save money is by
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having a cash bar where your guests are
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required to pay for their drinks which
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happened at one wedding i went to
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and i'm not saying this is why but that
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couple is now divorced you honestly
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shouldn't be having a wedding and that's
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just my take
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now you might listen to all of this and
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say i still want my dream wedding with
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my
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diy mac and cheese bar and listen you
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should have everything your little heart
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desires
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but i think it's a great exercise to
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really take the time
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to weigh the cost of each one of these
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decisions and truly decide line by line
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what
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is and isn't worth the money and beyond
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that if you do want a bigger wedding
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that's something you should start a
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sinking fund for years in advance
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and if you're looking to spend your
[726]
money on something a little more
[727]
practical then
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as always guys thank you for tuning in
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