Are You Getting Engaged? How Much Will The Party Cost?

Terry Herr, CFP®, CLU

Valentine's Day is here. Are you planning an engagement?  Weddings are all fun and games until the bill comes!  Here's what you should be prepared for:

In 2021, the national average cost of a wedding was about $28,000, a figure that includes the rehearsal dinner, ceremony, and a reception with 105 guests — but not the engagement ring (which averaged $6,000) or the honeymoon. Of course, the average price tag varied greatly by location, from $16,000 in Oklahoma to $47,000 in New Jersey. With inflation soaring, many couples are facing significantly higher costs, and greater competition for in-demand vendors, in 2022. Source: The Knot, 2022