TORONTO (CP) - A wedding is supposed to be an event a couple will remember for the rest of their lives, but with increasing hype around the big day some are finding that after the confetti's been swept up and thank-you cards mailed, the most lasting reminder is an oppressive amount of debt.
"I would say for sure people are spending more - just look at how elaborate we've become on weddings," said Crystal Adair, wedding co-ordinator and owner of Distinct Occasions in Toronto.
"People are turning it from 'an' event, to 'the' event."
The average wedding in Canada now costs between $20,000 and $30,000, although in certain areas, such as Toronto, they can cost twice as much.
Bride-to-be Andrea England, 28, and her fiance are covering many of the costs of their upcoming wedding, which she expects will cost around $30,000. Their families are chipping in for some of the major expenses, but the couple will pay the rest - including things like flowers and photographers, by themselves representing thousands of dollars.
"Depending on how much it is, we may just have to stick it on a credit card and ride it out," she said. "But if we get the sense that it's going to be a lot of money, then I think we would look into a line of credit, just so that we don't get hit with really crazy interest charges."
And while they're trying to save for the 175-guest wedding, which is six months away, unexpected costs keep creeping in.
"I knew the dress would be a major expense, but I didn't consider all the things that went along with it - the veil, the shoes, the jewelry - that stuff could easily be another $600 or $700, depending on what you get," England said.
Working within a budget that is planned well ahead is key to staying away from paralyzing wedding debt, says Debbie Ammeter, vice-president of advanced financial planning at Investors Group.
Couples, she says, must try to keep the wedding day in perspective and remember they do have other financial obligations.
Some people, she said, may still be paying off student loans and may have already racked up substantial credit card debts or may even have mortgages in place.
If debt can't be avoided, couples should do a reality check - figure out what is a reasonable amount to incur and avoid using high-interest credit cards or taking money out of investments or retirement funds to pay for the nuptials.
"Taking money out of your RRSPs, for example, may be tempting but it's a double-whammy because the full amount of the withdrawal is taxable in the year that you withdraw it, plus you don't get that RRSP (contribution) room back," she said.
If the debt has already piled on, Ammeter suggests consolidating the debts into a bank loan that's at a lower rate of interest.
"You may be able to get a bank loan that will consolidate your credit card debts and have you making a payment that's carrying a lower rate of interest than what you would have on your credit cards," she said.
In planning the wedding, Distinct Occasions' Adair suggests watching out for the small expenditures that can add up, such as a wedding perfume, wedding shoes, ceremony rental fees, clergy fees and gifts for the attendants.
"A lot of times, a last minute purchase for a lot of my brides tends to be transportation - whether it be for themselves, or for the bridal party or for an elderly guest - transportation tends to creep up on you and a lot of brides tend to book it last minute rather than think about it up front," she said.
It's also important to determine what parts of the wedding are most important to each partner and to budget accordingly - perhaps a larger amount of money should go towards an open bar instead of spending that money on bows to adorn chairs.
And while hiring a wedding planner is an additional expense, it's an investment that can actually save brides and grooms money because planners tend to get discounts from the various suppliers they routinely work with, she said.
"The biggest thing is flexibility," added Melissa Samborski, owner of One Fine Day Event Planning and Design Inc.
"If you're stuck on a Saturday in September, which is now one of the peak seasons, you're going to pay more than if you waited, say, six weeks for your wedding. Those that are being flexible are saving $5,000 to $10,000."
Another trick that helps temper the fantasy with a dose of reality is to consider the expenses that almost inevitably follow getting hitched - such as buying a home or having children.
"If you are meeting with a financial planner and looking at goals beyond the wedding, it does really put your mind into the frame of not just looking at the wedding as the end, but looking at the goals that you want further down the road and helping you do some longer-term planning," Ammeter said.
That "puts the wedding costs more in context with everything else that you're going to have going on in your life."
Above all, she says, couples must realize that as important as the wedding day is, it is, in the end, "just one day."
