Spring is wedding season, and many of your clients’ adult children will be facing a bumper-crop of ceremonies as their friends get hitched.
This year, four in 10 Canadians expect to attend at least one wedding, and one in seven will attend as a member of the wedding party, which can put added stress on the wallet and leave many navigating awkward social pressures to go ‘all out,’ finds a TD survey.
Guests have requisite wedding showers, stag nights, rehearsal parties, wedding gifts, outfits, potentially travel and accommodations if it’s a destination wedding, to budget for.
Almost half of those attending a wedding this year expect to spend between $100 and $500, but one in eight 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.
Read: Advising modern families
Help your clients’ children keep a lid on expenses by passing along these planning tips.
1) Review your budget as soon as the wedding invitation arrives. Think about how much it will cost to attend, especially if it involves travel. If the journey itself maxes out the budget, then send your regrets. Send flowers or a small gift within your budget to show your love.
2) Set a budget for other costs like gifts, parties, travel and attire.
3) Consider using reward points to offset the costs of travel and gifts.
4) Put together a savings plan. If the wedding is six months away, start setting cash aside every week to pay for expenses.