When “save the dates” start hitting your mailbox and wedding bells begin to ring, the excitement of love in the air abounds. But when you get down to planning to attend these weddings and all of the miscellaneous related events, like bachelorette/bachelor parties, bridal showers and rehearsal dinners, you may start to think about something else: your bank account. And while these moments are worth celebrating, they should still fit within your broader financial plan — not derail it.
Just like you track all your expenses, wedding costs (even if they’re not for your own wedding) should be included in planning for expenses as well. And if there’s only ONE thing you take away here: Prioritize. Prioritizing doesn’t mean spending the most, it means spending on what you find valuable. There are ways to cut corners or save even if you say yes to everything. So, let’s dive in.
Budget: Set your wedding season game plan
The first thing you’re going to do is create an overall wedding season budget. And guess what? You’re going to stick to it. Cover that budget with your “fun savings,” not credit cards or emergency fund money, because just like you wouldn’t go into debt for your own wedding, you’re not going into debt for somebody else’s wedding, either. Keeping these expenses in check helps ensure you’re still on track with bigger goals like saving, investing or building your emergency fund — areas a CFP® professional can help you balance alongside life’s celebrations.
All the costs: Outfit strategy 101
Multiple weddings can feel like you need multiple outfits, so how do you address this? Re-wearing a dress or suit that you already have from another occasion, re-wearing the same dress to multiple weddings, borrowing a dress from a friend or renting instead of buying can be a huge wallet saver. Different jackets, shoes or accessories can also go a long way.
RSVPs: Be selective with your yes
If you were to say yes to every wedding, it would take away your spending priorities for weddings that might actually mean more to you. Let’s face it. Not every wedding is created equal (like a family member’s wedding versus your co-worker’s wedding). Also consider attending just some parts of a wedding. If you’re invited to a bachelor party that is out of your budget and you want to prioritize going to the actual wedding instead of going into debt for the weekend party, there’s nothing wrong with that.
Gift giving and traveling: Smarter ways to give and go
One part where wedding attendees overspend is gift giving. I’ll be honest, one of the most thoughtful gifts that I received during my own wedding was a group gift from my bachelorette attendees. They all pitched in for a beautiful, high-quality purse that I could use during my wedding. It was 100% better than receiving a lot of tiny things that I would never use. If you are planning a gift and know others who are attending, consider coordinating on a group gift that’s thoughtful and memorable for the recipient — while also helping everyone save.
Also consider splitting accommodations, or if you’re driving, hitch a ride with someone else you know that’s attending the wedding. That’s an easy save in my book.
Your bottom line: Spend on what actually matters to you
Everyone is going to have a different answer and opinion when it comes to weddings, but the only opinion that matters is your own. Your personal and financial priorities are your own, but communication goes a long way with these types of things. So if you’re ever in a pickle trying to figure out what you should do for anyone’s wedding, write down what your priorities are and then discuss what your best options are with those around you — or with a CFP® professional who can help you align those decisions with your bigger financial picture. Happy wedding planning (for not your own wedding)!
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