The Big Cost of a Royal Wedding
We’re hearing wedding bells! The recent announcement of Prince Harry’s engagement is front page news on all the major media outlets
A large part of all those articles discusses how much this royal wedding will cost. Prince Harry, whose net worth is estimated to be $40 million, will have the royal wedding of the decade. But how does a royal wedding, which can cost about $30-50 million on average, compare to the budget of the average American wedding? And why is it important for those folks who can’t afford such lavish weddings to have a wedding budget?
Prince Harry and Meghan Markle’s wedding is currently set to cost around $670,000, not including the payouts to local law enforcement and other 3rd party vendors. The royal wedding of Prince William and Kate cost around $34 million by the time all was set and done. They too had a budget though. Why? Because budgeting is crucial to keeping track of where your money is going and if you are spending what you have effectively and efficiently, even if it is a royal wedding.
An Average American Wedding
So how does the cost average American wedding compare to the cost of a royal wedding? Recent statistics show the average wedding costs around $35,329. It seems pricey yet when considering all the elements which go into a wedding including the venue, catering, DJ, etc., it actually makes a lot of sense. Budgeting for your wedding will allow you to get the most out of it and make sure you cover all your bases. If you blindly spend and book vendors, you could end up going over budget and end up not getting all that you wanted for your special day.
Weddings tend to follow the 50-40-10 trend. 50 percent of the cost goes towards the ceremony and reception. 40 percent to essentials such as attire, entertainment, photography, flowers, etc. And the other 10 percent is usually for miscellaneous costs and smaller costs such as the rings and invitations. Royal weddings may follow a different trend because of the need for security and police presence, but they still have to budget for all of those expenses.
Having the happiest day of your life shouldn’t plunge you into debt. It is important to start saving early and make sure you stick to a budget as much as possible. It’s ok to get creative with your spending as long as it doesn’t break the bank. Some tips to avoid going over budget include budgeting in tips/ gratuity fees, find out about service fees, and factor in trial fees as well. Allocating about 5 percent of your wedding budget for these unforeseen costs tends to cover it and will help keep you from going over budget.
Royal weddings may come with a bigger price tag but they also still come with a budget. Do you have any tips on how to budget and save for a wedding? Want more ways to avoid going into debt from your wedding? Feel free to leave a comment below!