Debt Advice: How to Avoid Debt During Wedding SeasonAug 30, 2017
Do you ever feel like you could use a little debt advice?
Picture this: you’ve been invited to three weddings over the next few months and you want to be there for each couple. However, the financial commitment of three gifts, travel, parties and clothing options has got you feeling less than joyful. Sound familiar?
The majority of weddings in Canada happen between May and October, with an average price tag of $30,000. This can make guests feel like they need to spend a lot of money to offset the cost for the couple. Traditionally, wedding etiquette dictates you should cover the cost of your plate at the wedding. And if you’re going as a couple, this doubles the price. This isn’t the case anymore. Just because the bride and groom decide to spend a bundle, doesn’t mean you need to as well.
Here are some ways to help you stay out of debt and save money while attending weddings:
It’s easy to get caught up in the excitement of a wedding, which can cause you to overspend. Set a budget beforehand so you know exactly what you’re comfortable spending and you won’t be tempted to pull out your credit card. Saving up a few months in advance can make this easier. Use a financial goal calculator and follow these steps to make a wedding guest budget.
Get out of debt
When you’re struggling to pay down student debt, credit card debt or personal loans, it’s hard to think about handing over money to someone else. This is why it’s important to stay true to your financial goals and seek help when necessary. Loan consolidation is one way to relieve debt, but not the only option. Review more options here.
Know when to say “no”
Our best debt advice: you don’t have to attend each wedding you’re invited to. Carefully weigh your relationship to the couple before accepting. Attending a wedding costs an average of $900. This figure is even higher for the Maid of Honour or Best Man. If you’re not prepared to part with that kind of cash, that’s ok. The same goes for destination wedding invitations that will inevitably cost you thousands in flights, lodging, parties and gifting.
Have you ever gone over budget to attend a wedding? To join the conversation, search the Twitter hashtags #DebtSolutions #SummerofWeddings