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Bridesmaids Wedding Planning and Budget costs

October 16, 2015 5:21 pmViews: 146

Budget cost tips for Bridesmaids wedding participation.

Bridesmaids Wedding Planning and Budget costs.

Groomsmens and Bridesmaids Wedding Parties enjoying the day!

Saying ‘I do’ to being a Bridesmaid or Groomsman? If so, the wedding budget is not just for the Bride and Groom.

Celebrating a friend or relative’s wedding as a bridesmaid or groomsman is an honor. But it can be quite a hit on your finances. A recent survey found that almost 40 per cent of Millennial and Gen X Canadians who have been in a wedding party say they felt pressured to spend more than they could afford.

The amounts can be significant. Half of those surveyed said on average, they spent or plan to spend, between $200 and $599 to be in wedding party. And 25 percent said they actually spend $600 or more for the average wedding.

Most people can expect to participate in quite a few weddings throughout their lifetime. Particularly when they are younger and friends or family members are getting married.

Having a realistic amount in your budget helps you stay within a spending range that you are comfortable with and know you can afford.

The survey found that only 18 per cent of Millennial and Gen-X wedding party members think it is appropriate to spend $600 or more on a single wedding. Twenty-five per cent of them say they actually have spent, or plan to spend, that much. It is no surprise that being in a wedding party may cost more than what is expected.

When looking back on their experiences being a bridesmaid or groomsman. Forty-five per cent said that they, on average, spend more than expected on wedding-related costs.

The survey found some interesting gender differences in these expenses. With bridesmaids more likely than groomsmen to consider attire as the most expensive part of being in a wedding party.

While groomsmen are more likely to say it is the bachelor party or the gift that is the priciest. Bridesmaids are more likely than groomsmen to consider it appropriate to spend less than $200 on a wedding gift.

One of the best ways to cope with the costs is to start saving money as soon as the engagement is announced. This way you will have the time to find the money if asked to take part in the festivities.

Bridesmaids Wedding Planning and Budget costs.

Bridesmaids wedding tradition – catching the bouquet.

Tips to help bridesmaids and groomsmen prepare for participating in a wedding.

1. Set a realistic budget. Include all of the possible costs. The bridesmaids wedding attire, beauty, wedding and shower gifts. The groomsmen attire, bachelor party and gifts.

For out-of-town weddings, booking travel and a hotel room as soon as possible can often help to keep costs down. Especially if the wedding is in peak season. Make sure to check if the bride and groom have volume discounts at a hotel. Add the amount to your budget.

2. Establish a savings plan. Figure out how much time there is until the wedding. Then set up a regularly scheduled deposit to a Tax-Free Savings Account* to help cover the expenses.

3. Choose a gift early from the bridal registry. There can be a wide range of gifts and prices in the Bride’s Gift Registry. The less expensive ones are often selected early. So choose your gift as early as you can. For more expensive items, consider teaming up with another bridal party member to split the costs.

4. Redeem credit card reward points for as many expenses as possible. Depending on the type of credit card you have and where you shop. You may be able to use your reward points to cover the cost of a gift or bridesmaids wedding attire. And any travel costs if needed. Whatever money you save by using points can stay in your savings account. Charging the costs to your rewards card will allow you to earn rewards faster.

5. Shop around. You do not have to buy the first bridesmaids wedding dress. Unless, the Bride has chosen theme dresses, shoes and accessories. Do your research online and in-store before making a purchase. Many stores carry the same designers at different price points.

About the survey
. The TD Canada Trust bank commissioned Environics Research Group to conduct a custom survey. It covered 6,149 Canadians aged 18 years and older. With a subgroup of 1,351 Millennials and Gen X respondents who have been a bridesmaid or groomsmen. Responses were collected between January 20 and February 8, 2015.

* Canadian Tax-Free Savings Account. Ask where you bank for a Tax-Free Saving Account.

Source www.tdcanadatrust.com.

Related articles to read.
Bridesmaids dress tips.
Best Man and Groomsmen.

W&H | Bridesmaids Wedding Planning and Budget costs.

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