3 Tips to Help You Enjoy a Debt Free Wedding SeasonAug 30, 2017
Are you working towards being debt free? Don’t let wedding season hamper your plans.
At this time of year, it’s not unusual to be invited to more than one wedding. And the costs of attending those weddings, such as accommodations, travel costs, gifts and pre-wedding celebrations, can certainly add up. One U.S. survey pegged the average cost of attending a wedding to be the equivalent of about $900 CAD. Multiply that number by the number of weddings you’re attending and you’re in for an expensive wedding season.
So how can you survive the season without adding to your debt? Here are 3 tips:
The good thing about budgeting to attending weddings is you often know about them months ahead of time, so you can plan ahead.
Start by estimating expenses for each wedding and include these in your overall money plan for the month. Keep in mind, you may need to set aside extra money in the months leading up to wedding season, or make cutbacks in order to be able to afford to attend the celebrations. A budget will help you determine the best way to manage these extra costs and will help to keep you on track.
If you’ve never used a budget, now is a great time to start. There’s a simple budget planning worksheet on our website.
Know your limits
This is when your budget comes in handy. You may want to accept all the wedding invitations (and attend the pre- and post-wedding celebrations), but it’s important to know your limits. Based on your budget numbers, what can you afford?
You might have to make some difficult decisions — like accepting one invitation and declining another, or attending the hometown celebration instead of the destination wedding. But, it also means that you’ll be sticking to your financial plans and avoiding debt.
Are you already dealing with post-wedding debt? Considering that we’re more than halfway through wedding season, that’s understandable. Our advice: know your debt options. Don’t let your wedding debt linger – the longer it takes to pay off, the more expensive it becomes. Use this debt calculator to help you estimate how much you could potentially pay in interest charges.
Don’t be tempted by FOMO
Part of knowing and setting financial limits involves avoiding FOMO (the famous Fear of Missing Out). It can be tempting to agree to travel to that exotic destination wedding or the bachelorette party in Las Vegas — even if you have to add to your credit card debt. Say no to FOMO and stick to your budget in order to stay wedding debt free.
Have you received multiple wedding invitations this season? How do you plan to stay wedding debt free? #DebtSolutions #summerofweddings