Summer is here, and so is wedding season. Did you know that the average guest spends $592 per wedding? Here are a few tips to allow you to celebrate that special couple without breaking the bank.
Most engagements last 10 to 15 months. That leaves plenty of time to build a special pool of money earmarked for wedding attendance expenses. For example, if you put away $25 a week for the next year, you will have over $1,000 saved up by the time next year’s wedding season arrives.
A major factor that makes attending some weddings so expensive is travel. If you know you’ll have to travel, save money by using frequent flier miles to pay for plane tickets or using airfare alert apps to track flight deals months in advance. Whenever possible, stay with friends local to the area or buddy up with fellow wedding attendees to split hotel costs.
When it comes to the gift, begin planning early. Budget to spend about the cost of your meal on a gift for a co-worker or a friend and $100 on a gift for a family member. Planning your gift early will allow you to be more economical because chances are, the more economical items on your friend’s (or relative’s) registry will still be unclaimed.
With advance planning, you’ll be able to enjoy weddings instead of fretting about the expense.
This information in the Financial Tips section is provided for educational purposes only and is not tax, legal, financial planning or investment advice. Neither the information nor any opinion expressed in this section constitutes an offer to buy or sell any securities or advisory products. The information provided is general and is not information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular security. You should not regard this information as a substitute for the exercise of your own judgment. Investing involves risk.