American weddings: Couples plan to spend 59 percent more on nuptials than in 2012, expert says

(CBS News) Can you put a price on love? You can if you're talking about the price of a wedding. Couples shell out a ton of money for the dress, the caterer and the photographer. The average wedding costs $28,000 and that's two-thirds of the average annual salary in the United States, which is just $42,000.

Stacy Francis, president and CEO of Francis Financial, told "CBS this Morning: Saturday" co-hosts Vinita Nair and Anthony Mason that Americans are planning on spending 59 percent more on weddings this year than they did last year. She said that brides and grooms are back to spending what they did in 2008 before the economy dipped.

Francis has a lot of tips to get the best wedding for your buck. If you live in New York City, she suggested looking outside the city or having a destination wedding. A wedding in the Big Apple, on average, will set a couple back $65,000, which is the most expensive place in the country.

One way to get around this price tag was to look at having a wedding in West Virginia. Francis said a big wedding with all the glamour is only $14,000 in the Mountain State.

Francis suggested making sure to take everything into consideration before adding a line item to your bill.

"A lot of us get caught up in the emotion of the day and spend much more than we had budgeted," said Francis. "Also, add some padding to your budget because most individuals forget the dreaded tax. You are going to be spending about $1,400 just on taxes if you have that $28,000 wedding, so don't forget about that too."

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It is not just the engaged couples and their parents who are shelling out the big bucks. Wedding guests also spend a lot of money to attend nuptials every year. According to Francis, the average wedding gift costs $108 per person, yet family members tend to spend $179 per present and co-workers give a give around $68. Then guests also have to factor in transportation and lodging costs. Members of a bridal party have to think about paying for dresses and tuxes as well.

For Stacy Francis' full interview, watch the video in the player above.

  • Shoshana Davis

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