You Could Buy A Nice Car For The Cost Of A South Dakota Wedding
Ahh spring is here and love is in the air, or could that be the smell of the money that will be spent on the average South Dakota wedding? One thing is for sure, couples who postponed tying the knot last year due to, well you know, are more than ready to get the deed done in 2021.
So much planning is involved in the typical wedding that it becomes like a part-time job. You need to find the venue, a photographer, a caterer, a DJ, maybe a limo, all the time and costs add up very quickly. Or you could hire an event planner at an average cost of $1,950 in South Dakota.
Wedding.com says there were 6,079 weddings in South Dakota in 2019, that's the latest available data. The average total cost of $17,750 ranks 40 out of 50 other states and D.C. In Sioux Falls, the cost was slightly higher averaging $25,746. For reference, The Knot says the average cost of a wedding in the U.S. in 2019 was $33,900.
After taking a year off, some couples will be looking to go big with their weddings and they will need a large venue to hold all those invited guests. In South Dakota, the venue is the biggest expense averaging $7,688 according to The Knot.
How do couples who don't have tens of thousands of dollars laying around pay for a wedding? They go into debt. Taking out a personal loan is a popular way to cover wedding expenses, but it can cause a "financial hangover" according to US News and World Report. Interest rates on personal loans are typically higher than a car loan or mortgage because they are unsecured. For example, the payment on a $33,900 unsecured wedding loan at 10% interest for a five-year term is around $720 per month.