The average cost of a wedding in 2014 was just over $31,000. There are many expenses to a wedding including venues, officiant, attire and much more. For a complete list, see our wedding budget calculator. The money going out adds up quick. So, say you do set your wedding budget to the average cost of $31,000, you have the wedding and you spend the full $31,000. The money is spent. In return, you have lots of memories with family and friends that will last a lifetime. The stories and pictures can be passed on to future generations.
Many brides and grooms planning their weddings may be blinded by love and forget just how much $31,000 buys today. Let’s say you are making minimum wage of $8.25 per hour (in the state of Nevada). Your ANNUAL salary is $17,160. So, we want to give you 7 optional ways to spend $31,000 than your wedding.
Ways To Spend $31,000
1. Down payment on house. Let’s say you want to purchase a $200,000 home. Without any money down, your monthly payment would be $1336. With a down payment of $31,000, your monthly payment would be $1095.
2. Long-term investment. Lets say you decide to have a very intimate wedding with just your parents and then go out for a nice dinner. You decide to put your $31,000 into a long-term investment at the age of 30 (the average age to get married in 2014). You wait 30 years to take out the money when you are the age of 60. If you were so inclined to do so, you would have about $134,000.
3. Pay off loans and debt. What kind of dent could you make towards your college loans or school loans? Do you have credit card debt, car payments, back taxes, or medical bills? $31,000 could go a long way to prevent newlyweds from living paycheck to paycheck from the start.
4. Donate your money to a local charity. – The old saying is that it is better to give than receive. There is also another saying that someone is always worst off. This is your chance to to give back to your local community. Local charities could utilize your donation such as Boys and Girls Clubs, Catholic Charities, Women’s Shelters, Homeless Shelters and so many more.
5. Start your own business. Many people want to live the American dream. The dream of being your own boss and not have anyone telling you what to do. Confucius, “Choose a job you love, and you will never have to work a day in your life.”
6. Make upgrades to existing home. Making upgrades to your home is a great long-term investment. When you make home improvements to your kitchen and bathrooms can return most bang for your buck. $31,000 can not only up the value of your home but also your living quality in your new renovations.
7. Have a wedding AND buy a new car. Yes, have a wedding. However, think smaller. Have one-person on each side of the wedding party. Skip the honeymoon for a later anniversary. With the savings, you coule purchase a reliable new car, such as a Ford Focus. You can find one online for less than $18,0000.
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