A wedding cost tens of thousands of dollars.
“The bachelor/bachelorette parties, the wedding showers, the cost of attire, the cost of travel, as well as the gift,” said Bankrate.com senior fintech writer and analyst Robert Barba. Guests attending weddings for a close friend/family member, but not as part of the wedding party, spend an average of $628 on the wedding and associated pre-parties.Those attending the wedding, bachelor/bachelorette party and shower for a more distant friend/family member spend an average of $372.Members of the wedding party spend an average of $728
Barba said you tend to know if you're going to be in the wedding.
“Don’t wait to start saving at the save the date. Start saving as soon as you can. Start saving the minute you see the ring on Instagram or Facebook,” said Barba.
He says even distant friends and relatives spend almost $400 per wedding. What if you have more than one wedding a year to attend?
You still might need to set up a savings account months in advance of the big day.
Barba said give yourself time to save up.
“The important thing is to make sure you’re saving for this outside of your existing savings goals. Make sure this isn’t biting into the money that you’re setting aside for your own priorities,” said Barba.
He says put your wedding attendee money in a separate account.
You can always say no to traveling, or extravagant gift, or the whole thing.