Like the Netflix series, Marriage or Mortgage, in which a real estate agent and a wedding planner vie for a $30,000 budget to either spend on a dream home or a fairytale wedding, we’re looking at the financial implications of splurging for a lavish celebration versus a more budget-friendly approach to your big day.
According to WeddingWire, the average wedding in Canada costs about $30,000, but if you live in a major city like Toronto, you can expect to pay about $10,000 more than that. Keep in mind these figures are calculated for 120 guests. Some couples spend upwards of six figures on their wedding day, and these numbers may not include things like the ring, dress, suit, bridal party gifts, and the honeymoon.
Ultimately, it’s not worth it. The night is over fast, and you’re so busy you don’t have time to enjoy or remember it. Think about future planning and expenses that you will incur for what is essentially a one-day party. Instead, consider something more intimate and cost-effective and redirect the funds into a more lasting investment. Skip the extravagant wedding and buy a house.
Often, brides and grooms have a lot of pressure from family, but ultimately, the day is yours. It doesn’t mean you can’t have an unforgettable wedding. It could mean eloping to a romantic location or cutting back on the guest list to include only a few close friends and family members. A simpler dress, a smaller ring, and a cash bar are other ways to slash costs.
When you consider that 40% to 50% of first marriage end up in divorce in Canada and that money is the leading reason for a couple getting divorced, you can see why your money is probably better spent elsewhere, especially when just starting out. If you owe tons of money from having a big party and can’t afford to buy a house, you’re stressed out because you’ve got this debt and are paying high rent for a place you don’t even like.
Is the cost of the wedding contributing to the high statistical rate that you’ll be divorced? According to this survey, the more money spent on the wedding, the more likely the couple will divorce.
Further, couples who spent more than $20,000 are 3.5 times more likely to end up divorced than those who spent less than half that. The stress incurred from having a huge amount of debt from a big party means starting your relationship off with that strain rather than directing those funds into a home and building equity that will last a lifetime.
On the one hand, you can have a very expensive day that wows your friends but sets you up for a lot of stress and debt, or you could buy a house and get out of your parents’ basement. The choice is yours.