When invited to a wedding, remember that your primary responsibility is still to maintain your own household budget. Weddings are delightfully fun, so plan ahead by remembering the following:
(1) Once you know the date, ask yourself how much will your total cost be to participate. Add up travel, clothing, lodging, meals, and gifts. Include other expenses at home while you’re away like caring for your pets.
(2) Make a plan to set aside a specific amount of money per month. Track your spending as the wedding date approaches.
(3) Don’t go into debt or tap your emergency fund. I promise you will enjoy the wedding a lot more knowing you have the money set aside.
Why is it important to know how expensive it is to attend a friend’s wedding?
Travel site Priceline.com conducted a survey in February 2017 called the Bridal Season Travel Survey. They found that millennials spend around $600 on each wedding-related event. Add up all the bachelor or bachelorette celebrations in expensive destinations, and your cost goes up.
LendEDU polled 1,000 Americans about their wedding attendance costs in 2017 and found “the average price per wedding for a guest is $1,386.22 when all expenses are considered.” Thanks to this survey, you can plan your budget knowing the following average costs: travel = $529.38, gifts = $329.55, clothing = $223.67, and miscellaneous expenses = $303.62.
What can you do to save money?
(1) Clothes – limit your purchases to new shoes or ties to go with a dress or suit you already own. Or even better, borrow clothes or accessories from a family member.
(2) Travel – share expenses with several friends like hotel rooms, gas, and rental car. Use an extra day or two before the wedding as part of your annual vacation. You will be relaxed when festivities begin.
(3) Gifts – impact your friends for many years by gifting financial coaching. If you want to give pots and pans, give one big gift for the entire occasion.
What if you can’t afford to attend the wedding?
(1) Call or decline the invitation in person.
(2) Give a wedding gift to celebrate the occasion.
(3) Host the new bride and groom for a meal in your home after they return from their honeymoon.