Scenario: One of your best friends has popped the question. Not to their significant other – to you. They want you to be in their wedding.
While you may be ecstatic initially, by the time the euphoria wears off, you may be out some serious cash. That’s because a new Bankrate.com report says that members of wedding parties spend from $750 to $1,000 on average for the big day.
With wedding season about to bloom in earnest, it may be time for you to start saving up, especially if you’re in the orbit of two love birds.
Study: Walking down the aisle could cost you $1,000 — and you won’t even be getting married
Bankrate.com surveyed 2,228 Americans and found that the bridal parties are saddled with a litany of associated costs, forking over an average of $728 for items such a wedding garments, gifts and travel. Added to the mix were the expenses related to bridal shows and bachelor parties.
And don’t think it’s a money honeymoon for any of the wedding guests, either. That invite might as well be tethered to your wallet because you’re going to part with $628 on average, the findings show. And you wonder why people cry at weddings.
The Bankrate.com survey showed the costs broken down into three basic segments:
- Distant friend / family member — $371.60
- Close friend / family member — $627.72
- Wedding party member — $728.19
If you happen to live in the northeastern part of the country, bridal party members can expect to spend about $1,070, the report says.
So what can cost-conscious friends do to make sure the big day is a happy one all the way around? Budget! Here are three principles of saving money that many people take for granted.
3 steps you need to take to begin saving money
Learn the art of ledgering: If you’re serious about budgeting, you need to record your monetary transactions. You can do it the old-fashioned way or go digital. Here’s how to begin.
Set realistic financial goals: Once you’re tracking the money coming in and out of your pocket, you can make a realistic decision about what your financial short- and long-term goals look like. Here’s a guide.
Stick to it: It takes resolve to adhere to a budgeting plan that makes sense. There will be struggles, but you can do it. Need encouragement? Sign up today with the Ditch Your Debt Facebook group, where thousands of consumers share stories about how they’re overcoming their money woes.