Planning your dream wedding can be stressful under normal circumstances. In the blur of picking floral arrangements and finding the perfect music, many couples don’t account for unforeseen events that can impact their plans. Those who planned to get married in 2020 have to navigate the added stress of the coronavirus. As large gatherings contribute to the spread of COVID-19, the Centers for Disease Control and Prevention (CDC) has recommended that gatherings of more than 10 people should be canceled.
Postponing a Wedding Due to COVID-19
For those who don’t want to host a virtual wedding or exclude guests, postponing the wedding is a likely outcome. Unfortunately, rescheduling a wedding means that months of planning are uprooted, family members must cancel travel plans and money is lost. Postponing a wedding is a big deal. Use this article as a starting point to take charge of your finances and make the best of an unexpected situation.
Financial Implications of Postponing
In 2019, the average wedding cost $33,900, with the ceremony and reception costing, on average, $28,000 and the ring averaging $5,900. These expenses are one of the most significant costs incurred in one’s lifetime outside of getting a mortgage. Unfortunately, postponing a wedding will most likely add to what you originally paid. Depending on how close you were to your original date, you might lose money on things like retainers, non-refundable goods and services. If you didn’t budget for unexpected roadblocks along the way, you may find yourself in a bit of a bind.