Budgeting tips for wedding season
Wedding guests spent an average of $611 in 2023
(InvestigateTV) — The average wedding cost in 2023 was $29,000, according to Fidelity, meaning many couples start their new life together with a large expense.
Leslie Tayne, a debt relief attorney with 25 years of experience, recommended couples to think about how much they really want to spend and understand that they will likely go over budget.
Tyane said the key is to figure out how to pay off the wedding over the course of time.
“Perhaps extending your engagement longer so that you can pay off your vendors and or put your money into a savings account,” Tayne suggested. “Now’s a great time to put money away because savings accounts carry high interest rates and it’s a great opportunity to help your money grow during the season while you’re waiting to be married.”
Tayne said couples can negotiate with vendors and be flexible on wedding dates. For instance, they could choose off days to save money.
Tayne mentioned that guests have wedding expenses also, such as attire and gifts, and potentially travel costs and lost income from being away from work.
She said guests should be selective about which weddings they choose to attend.
“You can swap with friends, different dresses and outfits from weddings that they’ve attended. This way you don’t have to break the bank and buy new clothes every single time you go,” Tayne proposed. “There are also ways to rent clothes, and that’s a great way to save money. And this way you don’t buy something that’s kind of a one and done, that other people may have seen.”
For those guests with a tight budget, she recommended speaking to the wedding host. It’s okay for guests to say they want to attend and would like to provide a gift that doesn’t break the bank.
She said people can find creative ways to show congratulations towards the bride and groom and added that it’s also okay to say no and turn down a wedding invitation.
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