The price of weddings has jumped to a new all-time high, reaching an average $31,213 in 2014, new research says. Surveying around 16,000 American couples, the Knot 2014 Real Weddings Study also found that 45% of weddings exceed a couple’s budgets and, more worryingly, 23% lack a budget altogether. Most brides spent an average of $1,357 alone on their wedding dress. At the same time, guest lists are shrinking even as costs rise. “The average wedding now has 136 guests, down from 149 in 2009,” says the Knot’s Rebecca Dolgin. The cheapest place to tie the knot was Utah, where couples spent only $15,000 on the big day in 2014. The most expensive place for nuptials was Manhattan at $76,328.