Weddings are expensive, and not just for the bride and groom. In fact, many people don’t realize the cost and commitment that comes with attending a wedding.
“It’s exciting to be asked to be in a wedding, but you also have to think realistically, 'is it doable?'” said Nicole Zukowski from Virginia Beach.
Zukowski said just last year, she had to turn down her stepbrother’s wedding in Mexico.
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It was originally planned for 2020, but was pushed several times because of the pandemic and ultimately backed up to an already planned 10-year anniversary trip with her husband.
“I said, 'You know, I can't do it. I can't really use all that PTO for your wedding and then back-to-back PTO on my own trip.' Also, financially, I couldn't do two foreign travel trips,” she said.
Matt Schulz from LendingTree says this isn't unusual.
“What we found [after completing our survey] is that many, many people are taking on debt when it comes to attending other people's weddings,” he said.
Looking at the numbers, just under half of the people surveyed, who went to a wedding in the past five years, went into some type of debt. Those numbers were even higher for those in a bridal party.
30% of people said they spent between $100 and $499, 19% said they spent between $500 and $999, 10% said they spent between $1,000 and $4,999 and 3% said they spent $5,000 or more.
If you have several weddings a year, this can add up.
Financially, Schulz says you should start budgeting and saving as soon as you can.
“Having that money stashed away in that high-yield savings account, earning 4% or whatever, can really make a difference,” he said.
Zukowski said if you can, choose what events you are able to attend.
“[Maybe you can say] Yes, I want to be a bridesmaid, but maybe I can't go to the bachelorette, or yes, I want to be a bridesmaid, but I can't help with the bridal shower, or vice versa.”
However, if it does not fit your budget this year, she said to plan ahead.
“Tell [the bride or groom] as soon as you realize there's an issue so it's not so last minute [and they don’t feel smacked in the face with the information,” she said.
Keep in mind, if you are a guest, you need to factor in airfare or fuel, your stay, PTO from work, and more.
Again, when the survey was released, LendingTree found that on average, people spend more than $800 per wedding.
Let this be a warning to know what you may be signing up for when you say yes and make a game plan for the year ahead.
