Your best friend is engaged! After you pop the bubbly and celebrate their happiness, you may quickly start to realize just how expensive it is when someone close to you gets married. If you are in your 20s or 30s, you may be involved in or invited to several weddings in any given year, and all of that wedded bliss can take a serious toll on your bank account.
We worked with Jacqueline of J.Q. Louise, a luxury travel and lifestyle brand, to uncover three tips to help you financially survive the nuptials of a friend:
Stick to a number
Before all else, it’s important to keep a number in mind. How much can you spend per wedding while still staying on track with your monthly bills? Consider the various expenses of attending a wedding, or being part of the wedding party. Some wedding-adjacent expenses you may want to budget for include:
If you need to travel for any events, Jacqueline suggests booking your hotel as soon as you can. Hotel rates rarely go down the closer you get to your travel dates, so if you want to stay in the same hotel as the rest of the guests, book ASAP.
Regardless of the situation, it’s important to stick to your budget and not put yourself in a tough financial position.
PRO TIP: “We all will attend lots of weddings in our 20s and 30s and they can definitely have a negative effect on your wallet if you aren’t careful,” said Jacqueline. “One way to keep costs down is to get creative with your outfit planning. Instead of buying a new dress for each wedding you attend, try a service like Rent the Runway, where you can rent a designer dress for a fraction of the retail price without sacrificing style!”
Need Budgeting Tips and Tricks? Check out Our Learning Center Resources
For some of the bigger wedding expenses you may incur when someone close to you ties the knot, you may consider setting up a separate savings account to help ensure you have enough cash for the big day and its associated activities. If you use direct deposit, you can even ask your employer to automatically deposit a set amount into this account. Saving a little over time can help take the sting out of spending so much money all at once.
Talk to Your Friend
Good relationships - with friends, family or significant others - all start with honest and open communication. If wedding festivities and responsibilities are adding up too quickly, sit down with your friend and talk about ways you can help celebrate this special time in their life without going broke in the process. While these conversations can be difficult, it’s better to be up front so you can find a solution rather than waiting for it to be an issue.
Your friend wants what is best for you now and in the future too. Don’t feel obligated to risk your financial well-being. Our bankers at Rockland Trust have helped many people just like you navigate financial milestones from saving to buy a first house to planning for retirement. Check out our Learning Center for other helpful budgeting tips and tricks.
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