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A stay at a wedding party costs an average of $ 825. How to avoid debt and regret

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Being a bridesmaid or best man can be expensive, especially against the backdrop of the wedding boom.

Americans spend an average of $ 825 to be at a wedding party, including pre-wedding events, clothing and the wedding itself, according to a recent poll LendingTree found.

Meanwhile, about 2.6 million adults in the United States will be married in 2022, compared to the typical 2.2 million weddings a year, due to pandemic-related delays, according to the wedding website Knot.

This means you can buy a few dresses for the bridesmaids or rent a few tuxedos in less time. You will too fighting inflation and supply chain problems.

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“Demand is high,” said Esther Lee, deputy editor of The Knot. “We have a very mature appetite to hold personal events again.”

Although you’ve been asked to be at a wedding party – it’s an honor, make sure you handle your financial obligations, Lee said.

As a result of the LendingTree poll, 56 percent of Americans who attended weddings took out debt, and 56 percent felt pressured to spend more than they could afford.

Nearly 40% of wedding party members regret spending some of the money.

Travel is a big reason why people dig deep into their wallets. What used to be a one-day event, such as a bachelorette party or a bachelorette party, can now become a three-day extravaganza that involves buying a plane ticket. More than half of LendingTree respondents said they flew on a plane to attend a pre-wedding event or wedding.

Meanwhile, the ticket is getting more expensive. According to the U.S. Bureau of Labor Statistics, the airline fare index rose 33.3% in April from a year earlier.

According to experts, there are ways to manage costs. Here’s what to keep in mind.

Communicate

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Talk to the bride and groom and be transparent about expectations, Lee said.

“It’s really important to understand the health of your wallet, the health of your relationship and find out if those expectations match what you want for yourself when you’re at a wedding party,” she said.

Save money

Even if you haven’t been asked to become a bridesmaid or groom yet, if you think it might be in your future, start saving now, advised Matt Schultz, chief credit analyst at LendingTree.

“As a rule, most people have a lot of time to save before big weddings,” he said. “It’s really important to allocate a little money from the budget every month to hide it a bit.”

At the same time, determine what valuables you may have to pay for, and set a budget for your expected expenses.

If you don’t have the money saved, you can accumulate credit card debt – and that debt is expected to become more expensive as interest rates continue to grow in the coming months.

If you need to apply for a credit card, use one that is available zero interestsaid Schultz.

“This deferral of interest on what you spend on attending this wedding party can be a very, very big deal,” he said.

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