Warm weather means backyard barbecues, summer vacations, and lots of weddings. If any of your friends are getting hitched this year, you may want to think twice before agreeing to serve as a bridesmaid or a groomsman. A recent survey from TD Bank revealed that being a member of the wedding party is more expensive than people think.
The TD Canada Trust Bridal Party Wars poll included responses from 6,150 Canadians ages 18 and up. A subset of 1,350 Millennials and Generation X respondents who participated in weddings as bridesmaids or groomsmen was also included. Forty-five percent of respondents said they spent more than they expected to be in a wedding.
Among Millennials and Generation X-ers, pressure to shell out in order to be in a wedding is high: 40% report feeling compelled to spend beyond what they can afford. Fifty percent said they spent, or would spend, anywhere from $200 to $599 per wedding, and 25% said the amount is $600 and up. However, only 18% of those surveyed felt it was appropriate to spend $600 or more on a wedding.
Bridesmaids more generous?
For bridesmaids, the most expensive part of being in a wedding is the dress. Groomsmen reported spending the most on the bachelor party or the wedding gift. As for how much that gift costs, bridesmaids were more likely than groomsmen to spend more than $200 on their newlywed pals.
TD Bank’s Raymond Chun, a senior vice president with the company, offered some advice for young people navigating the wedding party cost terrain this season. "One of the best ways to cope with the costs of being in a wedding party is to start saving money as soon as the engagement is announced so you don't have to scramble to find the money when asked to take part in the festivities," he said.
Chun suggested setting up a savings account and depositing money into it on a regular basis to build a wedding-attendance nest egg.
Keeping costs under control
Chun’s tips for keeping wedding spending in check include:
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