Finance : Wedding Favours

By NextHome Staff
June 12, 2017
We’re well into the wedding season, and along with it comes some hefty expenses. Whether you’re getting married, are a parent of the bride or groom, are in the wedding party or are attending as a guest, the cost to take part can be exorbitant.Wedding Bells magazine says that the average wedding in Canada costs $30,717. Being a guest can be pricey, so think about your budget before you reply. According to a recent survey by American Express, many people attend approximately three weddings per year and spend, on average, $965 for each one. Millennial guests admit to being bigger spenders, forking out approximately $1,222.HIGH EXPECTATIONSIn addition to the big day, the recent trend is to host more pre-wedding events. There are often several bridal showers, possibly a stag and doe, and the bachelor party might be an out-of-town brew haha. Engagement parties and photos are becoming the norm. All of these expectations can put an unnecessary financial strain on the couple, as well as their guests who feel obligated to participate. If you’re a guest, pick one or two events. If you’re part of the couple, try to keep the extra events to a minimum so as not to put a strain on everyone.CUT OUT THE EXTRAS To help keep costs down, keep the guest list small and trim certain elements. Is a full wedding party necessary? There are lots of extras for those involved, including a special outfit, as well as hair and make-up. Feelings of those who may feel left out would be spared if the wedding party was eliminated. Instead of a plated meal, consider a buffet. Look at the cost of a DJ over a band.BE UNIQUE Save money with a different approach. Choose a day other than a Saturday. Rather than a ballroom, consider another type of venue. Host a wedding at a five-star restaurant (as an example) on a weekday, and save big. Vendors also offer discounted rates during the week, like cake makers, hairdressers, wedding planners, etc. The Hollywood trend is to host weekday weddings, so get on board with the celebrities and don’t listen to the critics.WEDDING GUEST If you’re a guest at a few weddings, try to find one outfit that will work for all of them, or borrow a dress or a suit from a friend. Drive (if possible), rather than fly. Stay in an Airbnb, instead of an expensive hotel. If you’re invited to a wedding where you don’t know the couple very well, don’t feel obligated to attend. Instead, send your regrets with a small congratulatory gift.THE GIFT The one area that you shouldn’t cut back on is the gift. Even if you had to travel to attend the nuptials, your presence is not the present. You are honouring the celebration of the couple’s union as a positive participant in one of the most important days of their lives – the gift should reflect that.Personal finance expert and journalist, Rubina Ahmed-Haq holds a CSC designation, appears in Condo Life, on CBC Radio, CBC News Network, CTV Your Morning, Global Toronto ratesupermarket.ca and debt.ca. Follow her on twitter @alwayssavemoney. AlwaysSaveMoney.ca

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