The Hidden Costs of Postponing a Wedding, and How to Avoid Them
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Here's your Money Briefing for Tuesday, April 20th. I'm Charlie Turner filling in for J.R. Whalen for The Wall Street Journal. The pandemic upended a lot of couples' wedding plans in 2020, and canceling or postponing the big day can come with a big price tag.
One couple who I spoke to, they decided to have a smaller wedding because they canceled their original event. And they lost about $6,000 in the process.
As we head into this year's wedding season, our reporter Allison Poley talks about the costs that engaged couples could be hit with if they postpone again and what they can do to save a bit on the big event's price tag. She joins us after the break.
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In addition to being a major life event, a wedding can also be a big financial commitment. That hasn't changed during the pandemic, but what has changed is the number of weddings that have been postponed.
What pandemic-related wedding disruptions does the episode introduce?
Nearly half of all planned weddings in the U.S. last year were delayed in whole or in part, according to The Knot. But there can be costs to postponing a wedding, too. Here to talk about it is our reporter, Allison Pohle. Allison, thanks for joining us.
Thanks for having me.
So, Allison, can you walk us through the decision-making process here? What are the financial considerations that go into deciding whether to postpone or cancel a wedding?
Sure. So couples who are contemplating whether to postpone or cancel are looking at state and local guidelines to see what types of events they'll be able to have and how many guests will be able to attend their wedding. And if they don't feel as though it'll be worth it because they have to downsize the number of guests, they might consider postponing. So in this case, they need to consider whether the venue will allow them to reschedule, which can... mean that they'll be faced with some additional fees or they also need to contact all of their vendors such as photographers, caterers, and florists to see if they'll be able to move to a new date which can come with added fees as well.
You mentioned fees. Can you go a bit more into those and how they work?
So a lot of times when you book a wedding, you sign a contract for the venue as well as for the vendors such as photographers, caterers, florists, DJs, all of that. You guarantee that you'll pay a certain amount. So you often put a deposit down when you sign the contract and then you're on the hook. for the rest of the amount. And the vendors are counting on that. So if you're not going to follow through or you're not able to because of the guidelines that are in place, the money is still out there. So it can be costly to reschedule. If the vendor isn't available on the new date, then you might still be on the hook for the deposit and then booking additional services as well.
I imagine those fees can add up.
Yeah, absolutely. The couples that I talked to often had thousands of dollars outstanding in deposits that they're not able to get back. So one couple who I spoke to, they decided to have a smaller wedding because they canceled their original event.
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