Entrepreneurs

Kevin O'Leary had pizza and beer at his wedding—here's why he says you should too

Weddings are known to leave a dent in your finances.

In some cities, the average price tag for a wedding is higher than the cost of a year in college. And, parents of the lucky couple still tend to be on the hook for a portion of the bill.

Instead of spending thousands of dollars on a wedding, Kevin O'Leary, an investor on ABC's "Shark Tank" and a personal finance author, suggests you save your money and skip hosting an elaborate affair.

In fact, he chose to celebrate his wedding with a simple, cost effective event: a pizza party.

"I said to my wife, 'Why go in debt?' Let's invite our friends over, let's buy a few cases of beer and I'll order some pizza," O'Leary tells CNBC Make It.

O'Leary and his wife Linda used the money to support his entrepreneurial aspirations instead.

"We saved a fortune," O'Leary says. "I was able to put it in my business to start growing it."

Kevin O'Leary and his wife, Linda, on their wedding day more than 25 years ago.
Courtesy of Kevin O'Leary
Kevin O'Leary and his wife, Linda, on their wedding day more than 25 years ago.

And he suggests you do the same.

"When ... you're starting out, the worst thing you can do is put yourself in debt for your wedding," O'Leary says. "I know it sounds romantic to spend a lot of money — it's crazy to do that."

An average wedding will cost you $35,329, according to a 2016 survey of nearly 13,000 couples by industry site The Knot. The most costly expenses were reserving a venue, hiring a photographer and an event planner, and booking a band.

To put it in perspective, that same $35,329 could also buy a Model 3 Tesla, a tiny home or even four tickets on the 50-yard line at the Super Bowl in 2017, according to The Washington Post.

Even better, says O'Leary, take what you save and invest it for the long term.

"Forget about spending a fortune, you don't need a white dress for $22,000," O'Leary says. "Save your money, invest it and later you can take everybody out for a great time on the interest you're making off your bonds and the dividends your stocks are paying."

Unlike buying champagne, using money to harness the power of compounding returns will help grow your wealth for years to come.

"The whole idea is to remember you're building for your future. Don't get into debt, save, save save and invest," he suggests. "It's a fantastic way to protect yourself down the road."

—Video by Luqman Adeniyi

Don't miss: Here's how much 'Shark Tank's' Kevin O'Leary says you should spend on an engagement ring