Budgeting for Wedding Season
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings
Quote: “You know you’re in love when you can’t fall asleep because reality is finally better than your dreams.” Dr. Seuss
Start a plan when the ring hits Facebook. According to wedding planning website The Knot, the average engagement lasts 15 months. If you know you’re going to attend the wedding, take time upfront to establish a budget and map out where there are obvious expenses.
The average cost of the wedding by guest according to The Knot:
- Wedding Party Member: $730
- Close Friend Family Member: $630
- Distant Friend/Family Member: $370
This figure includes gifts, attire and travel, as well as associated events like bridal showers and bachelor parties. I would probably budget more depending on what attire you buy or how far you have to travel. Last year we went to Maui to watch our friends get married. It was certainly a lot more expensive than noted above.
How many weddings have you got planned this year?
If you’re at a certain stage of your life, you may have a lot of weddings to attend! Start planning ahead by figuring out how you can save ahead of time. I’d suggest opening a dedicated savings account for the expenses you plan to incur and save some of every paycheck there.
Be practical. Sometimes you may just have to say “no.” You may need to be focused on your other financial priorities.