Weddings are supposed to be a celebration of love, but between the attire, cake, table linens and four-course meals for hundreds of guests, they can quickly turn into an anchor of debt. That growing cost has more newlyweds opting for money-conscious matrimonies.
Driving the news: Canadian lovebirds are eschewing extravagant venues and 150-person guestlists for smaller, more intimate celebrations known as "micro-weddings."
- A micro-wedding is still a special occasion. It just involves fewer guests—typically less than 50—which slashes the budget for a venue, catering, drinks and decor.
- The average wedding in Canada costs almost $30,000—a big burden for a couple just starting out and a hefty price tag for a night of dinner and dancing.
Why it's happening: The trend took off during the pandemic when gatherings were limited, but with borrowing costs increasing and decades-high inflation, the micro-wedding industry continues to boom as people re-think how much they want to spend on a single day, per the Toronto Star.
- According to TD's Love and Money survey, more than 30% of Canadians prioritize buying a home together over hosting a lavish wedding.
Why it matters: One in three couples go into debt to pay for their wedding, adding unnecessary financial stress as they start their life together.
- Money problems are also cited as one of the leading causes of divorce, a painful and potentially expensive legal process.
Bottom line: You're signing up for a lifetime commitment with your partner—there will be plenty of time to throw a lavish party later in life when you're richer rather than poorer as a couple.