TD advises how to stay in love with your budget, even with wedding-related expenses
TORONTO, April 2, 2014 /CNW/ - Celebrating the union of a happy couple is a joyous occasion, but for guests, wedding-related expenses can quickly add up as the big day approaches. Guests have requisite wedding showers, stag nights, rehearsal parties, wedding gifts, outfits, potentially travel and accommodations if a destination wedding, to budget for. A recent TD survey found four in ten Canadians expect to attend at least one wedding this year, and one in seven will attend as a member of the wedding party, which can put added stress on the wallet and leave many navigating awkward social pressures to go 'all out'.
According to the TD survey, one in five people attending weddings this year say they are not well prepared for the associated costs and expect them to be a considerable drain on their household budget. Almost half of those attending a wedding this year expect to spend between $100 and $500, but one in eight said they plan to spend more than $1,000, a figure that jumps to one in four if someone is a member of the wedding party.
"Rest assured, with some advance planning and smart strategies, it's possible to navigate the pressures of wedding season without blowing the budget," said Raymond Chun, Senior Vice President of Everyday Banking at TD. "Weddings are one of life's biggest milestones, and celebrating with family and friends is important, but that doesn't mean good financial habits have to fly out the window once an invite is accepted."To keep costs manageable, Chun suggests reviewing your budget as soon as the wedding invitation arrives. Think about how much it will cost to attend, especially if the wedding involves travelling to a destination, and whether the spend fits within the budget before committing to attend. Then, identify what the comfortable spend is on the other associated costs like gifts, parties, travel and attire.