A recent TD survey found 40% of Canadians expect to attend at least one wedding this year with one-in-five of them admitting they haven’t budgeted for the associated costs including gifts, attire, transportation and in some cases accommodations.
Nearly half of those attending a wedding this year expect to spend between $100 and $500. One-in-eight however said they plan to spend more than $1,000, a figure that jumps to one-in-four if someone is a member of the wedding party.
“Rest assured, with some advance planning and smart strategies, it’s possible to navigate the pressures of wedding season without blowing the budget,” said TD’s Raymond Chun in a press release. “Weddings are one of life’s biggest milestones, and celebrating with family and friends is important, but that doesn’t mean good financial habits have to fly out the window once an invite is accepted.”
Chun suggests setting a budget as soon as the wedding invitation arrives then creating a work-back savings plan. “If the wedding takes place in six months, setting aside $16 a week can be easier than trying to come up with $400 overnight.”
Sometimes, an honest assessment of the costs involved in attending a wedding may mean declining the invitation, the bank said. The poll found 17% have made up an excuse to decline a wedding invitation because they couldn’t afford to attend. That figure jumped to 24% among those who had been asked to be in a wedding party this year.
“It’s not impolite to decline a wedding invitation as long as you don’t wait until the last minute,” said etiquette expert Louise Fox in the same press release. “If you are going to celebrate the new couple’s life together, you can do so in ways other than attending the wedding. If you wish to still acknowledge the big day, sending flowers to the wedding venue or a congratulatory card is always appreciated.”