How to Help Your Wedding Party Stay Debt Free this SummerAug 29, 2017
For many brides and grooms planning their nuptials, it’s common to try and stay debt free. It’s not as common for brides and grooms to consider how they can help their wedding party avoid debt. It’s an honour to be part of the happy couples’ big day, but it can be an expensive.
A recent poll shows that the average bridesmaid spends $366 on wedding wedding-related costs, however, 20 per cent of bridesmaids indicate that they actually spend more than this amount, with estimated spending falling somewhere between $500 and $999.
For young Canadians who may already be struggling with debt repayment, mostly due to student loans, being part of someone’s big day could actually be financially problematic.
Here are a few ways that a soon-to-be-married couple can help their wedding party avoid any wedding-related debt:
Try to cut back on the number of pre-wedding events.
Engagement parties, stag and doe events, bachelorette and bachelor parties, bridal showers – there’s an increasing trend these days towards having a larger amount of pre-wedding events and parties. The problem is that these events can become costly for your wedding party, who may bring a gift to each event and may need to travel in order to attend. Sticking with fewer pre-wedding events will help your wedding party reduce their costs and avoid adding to their debt in order to attend.
Plan a more frugal bachelorette or bachelor party.
Bachelorette and bachelor parties have become increasingly more lavish – and more expensive. In fact, many couples are choosing to hold destination bachelorette/bachelor parties that definitely carry higher costs. In theory, this sounds great. However, the extra expenses associated with airfare and accommodations may prove to be too steep for your wedding party. It may be a better idea to keep the party at home in order to make it more affordable.
Offer to help your bridal party with costs if necessary.
What if you simply don’t want to cut back on expenses? If you can afford it (and your bridesmaids or groomsmen agree), offer to split some of their wedding expenses. You could pay for half of the amount required for suits or bridesmaids dresses. Or offer out-of-town members of the wedding party less-expensive or free accommodations with family or friends.
Bottom line: much of what makes your wedding day special is having your chosen family and friends stand by your side. Try to balance your wedding plans with the financial means of your wedding party. The added bonus is that all of you may just end up debt free when the wedding is over.
How will you help your wedding party stay wedding-debt free? Join the conversation and share your thoughts using the hashtags #DebtSolutions and #weddings.