If you watch the reality show Rich Bride, Poor Bride, you know that most brides exceed their wedding budget without a second thought and then pay (literally and figuratively) for it later. Sadly, financial mismanagement isn't just for commoners any more. It doesn't take an Royal Rocket Scientist to come to the conclusion: "Kids, you're spending more than you earn!"
So we at Wave decided to give Kate and Wills the gift of financial insight about their wedding, using the Personal dashboard available in Wave Accounting. It may be too late to rein in the wedding expenses, but perhaps their future can be lived with less reliance on the pocketbooks of crown and country.
What the wedding cost Let's start the financial picture with Kate and William's expenses.
The Royal wedding is estimated to cost about $50 million. Now, it's not all lavish and luxury at the House of Windsor: The thrifty Prince recycled his mother's 16-carat sapphire engagement ring (estimated to be worth over $550,000) when he got engaged to Kate. Other expenses:
- Kate’s Dress: Although the designer is yet to be revealed, the dress will be replicated for years to come. It is estimated to cost up to $434,000.
- Fabulous Dresses for the Girls: British Designer Nicki Macfalane will design the bridesmaid dresses that start at over $1,200. Of course, Pippa Middleton, maid of honour and sister of the bride, will have a customized version. Total: $90,000
- Flowers: Floral and greenery will adorn Westminster Abbey and Buckingham palace. $800,000
- Security: $20,000,000
- Parties: Why have one reception when you can have two? The Queen will be hosting a reception for 650 guests and follows with an intimate sit down dinner for 300, hosted by Prince Charles. The cost of both receptions will easily go into the millions.
- And then there are the miscellaneous costs including: street cleaning ($64,000), hotel ($552/per night), wedding cake ($80,000), entertainment (the couple love Beyonce and JayZ)
Mercifully, the couple is said to be “mindful of the economic situation,” or the bills would have been even greater.
What about income?
[caption id="attachment_1686" align="alignleft" width="220" caption="Prince William is indeed a working man. See that teeny tiny sliver of orange?"][/caption]Crown and country forced Kate to give up her paying jobs (as a buyer at a clothing store, and in the family party-supply business.) Prince William is a working man earning a respectable $56,000. But by our count, that still leaves the couple a wee bit shy of self-sufficiency.
The blessed couple will be gratefully accepting some wedding help from:
- British taxpayers
- Mum and Papa Middleton
- Daddy Charles and stepmum Camilla
- Her Royal Grandmumsie and Prince Grandpa Phil
We hope the Personal dashboard in Wave Accounting helps set their royal highnesses on a path of fiscal self-reliance, and we wish them all the happiness they deserve. And if they ever need advice on managing finances for a small business, they should please contact us.