3 Purchases Better Than an Extravagant Wedding 3 Purchases Better Than an Extravagant Wedding

3 Purchases Better Than an Extravagant Wedding

21282034462_3772f8931a_zWith spring just around the corner your calendar is likely filling up with wedding and reception dates at a rapid rate — maybe you’re even getting married this year. In this country weddings are rarely cheap affairs. From gowns to invitations to catering to venues, the costs of throwing a “proper” wedding can grow to be astronomically high very quickly.

According to CostofWedding.com, the average wedding in America costs $26,444. Some young couples even go into debt trying to cover all the coasts at a time then they should be focusing on saving money for their new lives together. With that in mind here are three things that couples could purchase instead of a having a big ceremony and reception:

A New (or Used) Car 

Buying a car in cash is great way to save money (on interest) and still get the vehicle you want. So what kind of cars can you get for $26,000? A Mini Cooper S Hardtop, a Honda Accord, or a Toyota Camry just to name a few.

It should also be noted that buying a new car is not exactly a great way to spend your money since vehicles depreciate rapidly. So in the pre-owned category, $26,000 could likely buy you an Audi A4, Toyota Prius, or even a Cadillac SRX. Better yet, if you go a little more compact you and your beau could probably both purchase vehicles with your would-be wedding budget.

A Down Payment on a Home

Although you may be able to find mortgages that will let you put little to no money down, the typical rule of thumb is to pony up 20% of the home’s cost as a down payment. Following that math $26,000 would be enough for a $130,000 home. While that sum will get little more than a shoebox in Los Angeles or bigger cities, $130,000 in the Midwest or South could go a long way. Additionally couples in larger markets can always use the $26k as a jumping off point to start saving up for their dream home.

A Honeymoon, a Second Honeymoon, a Third Honeymoon, etc.

It may surprise some to learn that Americans spend upwards of five times more on their wedding than on their honeymoon. That’s right — according to USA Today the average couple spends $4,000 to $5,000 on their honeymoon. While that number is also debatably ludicrous, it’s a lot better than $26,000. Instead of an extravagant ceremony what if you put the money towards years of vacations and adventures with your new spouse? Taking vacations is important for mental and physical health but they can also be expensive. That’s why having a dedicated fund for them can help relieve a lot of financial stress and allow you to relax on your journeys.

To be fair weddings should be a time for celebration and you should feel free to share it with all of your family and friends. However it may be worth considering some better ways the money that many couples put towards festivities could be spent. Instead of indulging in expensive dresses and drinks, perhaps a portion of that $26,000 average would better used to start you and your spouse off on the right financial foot.

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...
Summer app

Student Loan Benefit FinTech Summer Raises $6 Million

For years, student debt has been one of the most talked about financial topics. What's more, while the debt itself has become a major part of many Americans' lives, discussion of student loans has become political due to efforts to forgive certain loan repayments. However, while we wait for resolution on that front, a FinTech that brings student debt benefit solutions to employers and consumers has raised a new round...
Melissa Urban holding a Ness card

Health and Wellness Rewards Card Ness Partners with Whole30

In recent years, several unique rewards cards have come to market. These include offerings from FinTech startups as well as brands looking to do something special for their loyal fans. On that note, a recently-announced rewards credit card offering is now working with a popular brand to introduce new benefits for customers. This week, the Ness Card (which is issued by The Bank of Missouri) unveiled a new partnership with...
Choice Privileges Select Card

Choice Hotels, Wells Fargo Debut Choice Privileges Select Card

With spring well underway and the summer travel season now just around the corner, Choice Hotels and Wells Fargo have unveiled their latest co-branded credit card offering. Today, the two companies announced the Choice Privileges Select Mastercard. Carrying an annual fee of $95, this card will serve as the premium option in the hotel brand's new lineup. Looking at the Choice Privileges Select, it offers a mix of rewards categories....
H-E-B and Central Market  credit cards

Imprint Launches Credit Cards from H-E-B and Central Market 

The FinTech Imprint is partnering with the popular Texas-based grocery chain H-E-B for a pair of new rewards credit cards. This week saw the launch of the H-E-B Visa Signature Credit Card as well as the Central Market Visa Signature Credit Card. With these two (nearly identical) options, customers will be able to earn rewards on groceries and beyond. First, both versions of the card earn up to 5% back on select...