Being part of a wedding party can come with an unexpected price tag. Outside of the dress and gift, there are numerous extras that come out of nowhere and can hurt your bottom line, financially speaking.
A recent TD survey found that almost 40 per cent of Millennial and Gen X Canadians who have been in a wedding party say they felt pressured to spend more than they could afford. And, when looking back on their experiences being a bridesmaid or groomsman, many (45 per cent) say they spend more than expected on wedding-related costs.
Choose a gift early from the bridal registry
There can be a wide range of gifts (and prices) in a bridal registry, with the less expensive ones often selected early, so don’t wait to choose your gift or you may be left with one that costs more than you budgeted for.
You don’t have to buy the first bridesmaid’s dress, shoes or other accessories you find. Do your research online and in-store before making a purchase. Look online to see if the same style is available anywhere else for a better price.
Establish a savings plan
Figure out how much time there is until the wedding and set up a regularly scheduled deposit to a Tax-Free Savings Account so you’ll be able to save to help cover the expenses.
Redeem credit card reward points when possible
Depending on the type of credit card you have and where you shop, you may be able to use your reward points to cover the cost of a gift and your wedding attire as well as any hotel and travel costs.
Set a realistic budget
Include all of the possible costs, including wedding attire, grooming, gifts (including a shower gift), the bachelor/bachelorette party and travel (hotel stay, cab fare, etc).
Have you been in a wedding party? What are your experiences with this? What tips do you have for saving money for bridal party expenses?
Disclosure: this is a sponsored post.