When you hear that Prince William and Kate’s wedding might cost between $30 million to $50 million, it really puts things into perspective, doesn’t it? But, if we’re being honest, that might be more reasonable than it sounds, especially compared to typical wedding costs relative to income.
Let’s talk numbers. The average American wedding runs anywhere from $20,000 to $30,000. That’s about 40% to 60% of the median U.S. household income. When you compare those percentages to the royal wedding expenses against the royal family’s income, William and Kate’s nuptials might actually seem like a bargain.
Now, weddings are a favorite event for many, including myself. I’ve enjoyed every wedding I’ve attended, whether it was on a rainy day on the East Coast or a sunny one elsewhere. There’s just something magical about celebrating love with family and friends, and who knows? If you’re single, you might just meet someone special.
However, the spending on weddings in the U.S. can sometimes get out of hand. An average of $33,000 on a wedding, when the typical household earns $68,000 a year, seems a bit much. It raises questions about the pressure to spend big and the influence of the wedding industry.
Reflecting on the weddings I’ve attended, the costs varied wildly—from $2,050 to $95,000. But interestingly, the less expensive wedding was just as fun, if not more, than the extravagant one. It seems to challenge the notion that higher spending equals more memorable events.
There’s something called the 1/10th rule I often mention. It’s about not spending more than 1/10th of your annual income on a car, and maybe we should apply this to weddings too. A $5,000 wedding budget for a $50,000 income makes sense, doesn’t it?
Looking back at the royals, with their massive incomes and net worth, a multi-million dollar wedding isn’t as outrageous as it sounds. They’re only spending a small fraction of their income, much like how most people would want to manage their finances.
So, if you’re planning your wedding, think about this: you don’t need to break the bank to celebrate. Start your marriage without debt and with financial freedom. It’s not about the flash; it’s about starting your life together on the right foot. After all, a royal budget isn’t necessary to have a royal good time.
