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Canada’s Peter Pig’s Money Counter

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Heading to a wedding? How to manage your wedding guest expenses

Heading to a wedding? How to manage your wedding guest expenses

By Carla Hindman, Director of Financial Education, Visa Canada

From wedding showers to engagement parties to wedding ceremonies, the cost of celebrating the couple-to-be can put a strain on your budget during the summer wedding season. According to a recent survey from retailmenot.ca, Canadians plan to spend an average of $776 on wedding costs this year.

Are weddings a financial burden for guests? For a few years in my late, late twenties, it seemed like as soon as summer hit, I was spending every weekend at a wedding, and spending all of my extra dollars while I was at it! Though I wanted to celebrate with my friends, between travel and gifts, the pressure of all the partying was putting a strain on my bank account. So if you're heading to a few weddings this summer, here are some tips to get you through the season without paying the high cost of love:

Build a budget: Before wedding season, take inventory of upcoming weddings and build a budget based on your current financial situation. Do you have extra wiggle room for the extra dollars you may need to fork out on expenses beyond the main event? If not, consider making adjustments to your spending habits leading up to wedding season.

Wedding Attire: Want to look your best on someone else's big day? It'll cost you. RetailMeNot says that Wedding guests spend an average of $325 for wedding attire, with men outspending women (men spend an average of $334). For men, simply changing a shirt and tie combo can make for a quick and less costly new look. Women can save by exploring dress rental stores with options that will keep them on trend. Another option is to stick with a classic little black dress, but switch up accessories for a different look.

Wedding Gifts: Wedding gifts can also take a big slice out of your budget. According to the RetailMeNot survey, 54 per cent of Canadians prefer to give cash. But cash is not always king for your budget. Consider bringing together a group to pitch in for a big-ticket item and don't forget to look for sales while shopping on the gift registry. Giving the newlyweds an experience is also a great present, like a cooking class or a honeymoon excursion. Most of all, be thoughtful. If your friends have invited you to share their day, hopefully they'll be more thrilled with your presence than your present!

Travel expenses: Travelling to and from a wedding can be costly. If possible, travel with a group to cut down on fuel and parking costs. Heading to a destination wedding? Explore using your rewards or loyalty points on air fare and hotel costs.

Bottom Line: Weddings are expensive, even if you're not the one walking down the aisle. With planning and budgeting you can enjoy wedding season without breaking the bank.

Source: RetailMeNot





This article is intended to provide general information and should not be considered legal, tax or financial advice. It's always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.

References: Canada Revenue Agency

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