Pay the party
A wedding is an expensive event. This is certainly true for the couple getting hitched, but it’s also true for the men and women being asked to join the wedding. Between bachelor parties, tuxedo rentals and related trips, groomsmen and bridesmaids are opening their wallets.
A recent survey by LendingTree found that the average spending of bridal party members is $825. Affirm ( AFRM ) released a consumer spending report that found 36% of consumers were forced to say no to attending a wedding because of the high cost. With prices rising amid inflation, affordability is unlikely to improve anytime soon.
Ideally, you will have some time to plan your expenses when you are asked to join the wedding. Once the wedding date is set, you can determine the amount of time you have left to save, as well as estimate the total costs. The budget should be comprehensive and include travel expenses, clothes, bachelor or bachelorette party and any gift you may want to give.
From there, stick to the plan. Determine how much you need to save each week and where you need to compromise or cut back. Budgeting is a good financial practice at any time, but especially when planning a specific event. Depending on how long you have to save, a certificate of deposit (CD) or high-yield savings account may make sense.
Many weddings are very structured, including what is expected of people at the wedding. This may limit your financial flexibility, but it’s important to know what alternatives are available. For example, if there is an option to rent a dress, tuxedo or suit, it is better than buying if you are short on money.
The same can be said about hair and makeup. If you can do it yourself, it saves money. Another option is to use credit card rewards points instead of cash if you’re traveling to a destination wedding. Weddings are beautiful and often a lot of fun, but they are also very expensive, so plan ahead of the party.
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