Help with Debt: How to Save Money as a Wedding GuestAug 29, 2017
Shelling out a lot of cash as a wedding guest this summer? Sharing the love with the happy couple doesn’t have to come with a hefty price tag. There are steps you can take that will help you avoid debt and stay committed to your finances.
The average Canadian wedding costs over $30,000, including honeymoon. But the happy couple aren’t the only ones worried about debt reduction after the big day. Guests can expect to pay up to $400 between outfits, parties and gift-giving. If you’re part of the wedding party, the wedding may set you back a couple thousand dollars.
So, in the midst of the celebration, how can you save money and avoid going into debt? These tips should help:
- Make a budget and follow it. Suits, dresses, hair, makeup and accessories can all add up. Add the cost of a wedding gift and you might be tempted to throw it on a credit card and pay it later. Instead, make a budget so you can save for upcoming expenses and remain within your financial parameters. Ideally, you’ll want to begin planning and saving months ahead of the wedding date. The best part? No nasty credit card bills in the fall. Use this gift budget work sheet to start planning.
- Collaborate and save. If you’ve been invited to multiple weddings over the summer, get creative. Contact other attendees and go together on gifts, transportation and accommodations during the wedding, especially if you must travel. This will let you stick to your budget and still get the happy couple what they really want.
- Politely decline when necessary. The FOMO struggle is real, but sometimes it’s better to skip the celebrations in order to keep your financial goals front and center. If debt reduction is your main goal, use this debt repayment calculator to see which options will work for you. If you are looking to save more, you may want to consolidate debt to free up more monthly cash. And remember, if you choose not to attend a wedding, you’re not required to send a gift in your place.
Which money-saving strategies have helped you avoid debt during wedding season? Share your suggestions using the hashtags, #DebtSolutions #weddings #summerofweddings