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6/17/2014 - Americans broaden budgets for wedding expenses

A new study has found Americans are willing to spend higher amounts on their wedding day than in the past.

Being one of the more important and memorable days in the average couple's lives, newlyweds seem to be devoting more of their financial resources to their wedding and the celebration that's had in the aftermath, according to newly released statistics.

Based on 2013 figures, the average cost of a wedding in the U.S. was approximately $30,000, wedding information and services company found, which is owned by global media company XO Group.

Carley Roney, co-founder of the The Knot, indicated that newlyweds are not shy about spending top dollar for their loved ones who they invite to take part in their special day.

"Couples are more focused than ever on creating a unique, personalized and once-in-a-lifetime experience for their guests," said Roney. "Plus, they're doing so in a modern way, by planning from their smartphones, publicizing details on social media and more."

The average amount brides-to-be spent on their wedding dress last year was nearly $1,300, up from just over $1,200 in 2012. Grooms also spent more on their tuxedos, averaging approximately $250 to $230 in the previous year.

Additionally, the average wedding party in 2013 included about 140 guests. Combined with the rising cost of food, this may explain why the budget for catering increased. Couples spent $66 per person for catering versus $63 in the prior year.

With June here - one of the two most popular months in the year for weddings - now would be a great time to consider insuring certain purchases for weddings. For example, the average engagement ring in 2013 was nearly $5,600. A renters or homeowners insurance plan can help protect these tokens of love.

Newlyweds who are contemplating buying a home or renting an apartment should be sure to get in touch with a Selective agent, who can help determine which plan is best for their needs.

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