Budgeting Tips for the Wedding Party
With wedding season coming near, those that are in wedding parties might be hit with more expenses than imagined. A recent TD survey found that almost 40 per cent of Millennial and Gen X Canadians who have been in a wedding party say they felt pressured to spend more than they could afford.
The fact is, celebrating a friend or relative’s wedding as a bridesmaid or groomsman is a huge honour, but it can also be quite a hit on your finances. So much that it could directly effect your entire budgeting in place for everyday living.
In fact, the amounts spent to be in a wedding party can be significant: half of those surveyed said on average they spent – or plan to spend – between $200 and $599; and a quarter said they actually spend $600 or more for the average wedding.
It’s no surprise that being in a wedding party may cost more than what is expected. In fact, when looking back on their experiences being a bridesmaid or groomsman, 45 per cent said that they, on average, spend more than expected on wedding-related costs.
Plus, with the rise on destination bachelor/bachellorette parties – that is an additional cost that is much higher than before. While some still opt for local venues to celebrate before the day, many do choose to whoop in up in Vegas for example – adding the price of a vacation onto each bridal party persons total monies spent.
As a member of the bridal party, you might feel the pressure to get an extra-expensive gift and let’s not forget the cost of the wedding attire as well. Aside from clothing, there’s additional cost of hair & makeup and even a day at the spa for the ladies in the party.
Another dip in the wallet: perhaps you said ‘I do’ to being a bridesmaid and your spouse – a groomsman. If you have children, they could also very well be added to the party as well, as a flower girl or ring bearer. In this case, the financial hit might feel like a hurricane. After all, a family so dressed up is the perfect excuse to get professional family photos done, right? Turns out the pre-wedding jitters extends beyond the bride and groom themselves!
“Having a realistic amount in your budget also helps you stay within a spending range that you’re comfortable with and know you can afford.” says Raymond Chun, Senior Vice President, Everyday Banking and Personal and Indirect Lending at TD.
There’s no need to run from the alter, Chun has some more advise to help prepare for the cost!
Here are some great Budgeting Tips for the Wedding Party:
- Set a realistic budget: Include all of the possible costs, including wedding attire, grooming, gifts (including a shower gift), the bachelor/bachelorette party and travel. For out-of-town weddings, remember that booking travel and a hotel room as soon as possible can often help to keep those costs down, and make sure to check if the bride and groom have volume discounts at the hotel.
- Establish a savings plan: Figure out how much time there is until the wedding and set up a regularly scheduled deposit to a Tax-Free Savings Account so you’ll be able to save to help cover the expenses.
- Choose a gift early from the bridal registry: There can be a wide range of gifts (and prices) in a bridal registry, with the less expensive ones often selected early, so don’t wait to choose your gift or you may be left with one that costs more than you budgeted for. For more expensive items, consider teaming up with another bridal party member to split the costs.
- Redeem credit card reward points for as many expenses as possible: Depending on the type of credit card you have and where you shop, you may be able to use your reward points to cover the cost of a gift and your wedding attire as well as any hotel and travel costs. Whatever money you’re able to save by using points can stay in your Tax-Free Savings Account to help cover the costs of future weddings. Additionally, charging the costs to your rewards card will allow you to earn rewards faster.
- Shop around: You don’t have to buy the first bridesmaid’s dress, shoes or other accessories you find. Do your research online and in-store before making a purchase as many stores could carry the same designers at different price points.
“One of the best ways to cope with the costs of being in a wedding party is to start saving money as soon as the engagement is announced so you don’t have to scramble to find the money when asked to take part in the festivities,” said Chun.
“By setting up a separate tax-free savings account and depositing a regular amount into it each month or pay day, you’ll be able to build a savings fund for things like wedding attire, the gift and any related travel costs.”
Have you ever been in a wedding party and faced an unexpected expense?
I love the idea of using your credit card miles for gifts and travel. It’s easy to forget about those an an option to help pay for expenses- good tip!
These are great tips. I think if I could go back to our wedding in 1999 I might have just done a destination wedding. It was stressful!
I have never been in a wedding party. When putting mine together we kept things very simple, partially as we had no money and partially in consideration of guests.
I started saving for my wedding when I got my first job! My parents laughed at me, but my wedding was paid off in full at 21!
Great tips. Weddings can be so expensive. These are all great ways to save!
Great budgetting tips! Every time I have been in a wedding party it has cost more than I expected!
These are great tips!! The last time I was in a wedding, it cost a FORTUNE!
Thanks for sharing! I’m actually going to be a Maid of Honor next summer 🙂 This is helpful!
I LOVE the idea of using rewards point! I would have never thought of doing that! When we got married we decided not to have a formal rehearsal dinner we just has pizza and sat around and talked. I LOVED it!
I got married for about $100. I would do the same in a heartbeat!
Thanks for the tips,we just had a big family wedding last year,and the cost is scary
I can see why people would want to spend a lot of money on a wedding. It’s such a huge milestone and life event. And yet, why begin a marriage being in debt up to your eyeballs? It’s a tough balance. These are great tips. I love the idea of buying a gift early on. Sometimes spreading out those expenses can really help.
These are great tips. Weddings can be so expensive. You have to do everything you can to soften the blow.
These are all awesome tips. I’ve been in many wedding parties and have had to pay a fair amount, so I did my best to budget where I could. Being a bridesmaid can definitely add up.
It has been a long time since I was in a wedding so I’m kind of out of the loop! But I do know how costly weddings in general can be.
Between two hundred and six hundred seemed awfully high to me. Although once you figure in travel expenses and staying somewhere overnight I guess it might be somewhere around what we spent on the last wedding we attended.
AHHH, no more weddings. :p
Thanks for the tips. On second thought, maybe I should get married….
these are great tips–and I will certainly pass this on to my 21 year old daughter–she is a student and just got invited to be in the first of her friends’ wedding parties!
Fantastic tips on how to stay within budget! Great blog. 🙂
My bridesmaids bought their own dresses, and I like this idea 🙂
SO MUCH THIS.
while I was in university, and the typically super poor student, i was a bridesmaid, and the costs were extraordinary, like, far beyond what I could feasibly do.
It was a tremendous amount of stress, and our friendship suffered as a result 🙁
That said, I insisted on paying for some of the costs incurred for our wedding party, like make up on the day of.
I really do love the tip about using credit cards to accumulate or use point to help fund purchases!
great tips! i just bookmarked this to share with the rest of the wedding party that I am in. It is my first time being in a wedding party, so even though i am married myself, i have never been actually in one and involved in the planning and costs associated with it
Thanks for the tips. It certainly pays to shop around and do some research before buying.
Not me but my good friend is about to go threw this so I am going to share 🙂 Great tips and now I am ready just incase 🙂
Great tips!! 🙂
Yes always choose a gift early from the registry. I’ve left it to the last minute before and not only have they been super expensive, but I’ve had situations where there was hardly anything left to choose from and I then had to think of an alternative gift.