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Budget The Biggest Wedding Stress?
You're Not Alone!
Over 75% of couples getting married don't stay within budget when planning their wedding. A recent survey by American Express of 500 newlyweds found that to almost 58% of them, wedding expenses were the most challenging part of getting married.
Every couple has an idea about how and where they'd like to get married, yet few can really predict what it will actually cost. Seventy-five percent of the couples surveyed said they did not set up a budget or did not stay within their budgetary guidelines.
"Hidden costs were the killer for us," says newlywed Woo Raphael, "We overspent our budget by 100%". He and his bride wanted an unusual venue, so they opted for a symphony hall rather than a hotel or banquet facility. "The extras that came along with our reception site were outrageous." For example, it cost the Raphaels $1,800 to get the electricity turned on, $800 to divide a room, and they were required to use the exclusive caterer that came along with the symphony hall.
80% of the respondents to the American Express survey said dealing with the finances was stressful, 26% said it was 'very stressful'. Many found it harrowing to select the right vendor for the right price (39%) and especially stressful to decide who pays for what.
Today, more and more couples are helping fund their own weddings, rather than just the bride's parents as in the past. In fact, almost half the newlyweds deemed 'more cash' more necessary than 'more romance' when it comes to the marriage process.
This is the first in a series of articles on wedding finances watch for our next article:
Brides: How to Save Money From the Start.
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