How To Save Money As A Wedding Guest

Summer is here, and what does that mean?

Weddings! Lots of weddings.

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June, July, and August are the most popular months for couples to tie the knot. When it comes to summer plans, you might be working around wedding dates, Jack n’ Jills, Bachelor and Bachelorette parties, bridal showers, and the list goes on.

And with wedding activities, comes a significant cost – not only to the bride and groom, but to you! The wedding guest. While you might think you can squeeze by without spending much, a survey from The Knot says the average wedding guest spends $888 per wedding! And if you’re in the wedding, you will spend even more:  close to $1,000.

While you might spend less depending on where and how far the wedding is, the costs associated with attending can add up pretty quickly. Think of the travel costs, hotel expense, gifts, wedding clothes, etc.

So if you are trying to save money this summer, here are some tips to cut down on wedding expenses!

The Average Cost of Wedding Attire Is $81 

Tip:  Wear the same outfit to multiple weddings, but use different accessories. Or, use sites like Rent The Runway, Le Tote, or Menguin to rent an outfit inexpensively. Another great way to save is to borrow an outfit from a friend!

The Average Cost of Wedding Travel Is $321 for Travel, $322 for Accommodation

Tip:  Carpool with others, or book your flights early to make sure you have time to shop for the best rates. Splitting your hotel room with another couple or friends is a great way to cut down on the cost, too.

The Average Cost of a Wedding Gift Is $118

Tip:  The best gifts are those with meaning, not necessarily those that are most expensive. If you know the couple well, get them something meaningful. If you want to get a big gift, split it between friends or other couples.

Thanks for reading & have a great summer!

Mallory

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Are You Spending Too Much Money?

 

 

Money is a complicated issue. It can be a source of happiness when used to do things we love. It can be a source of stress when we don’t have enough. In today’s world, it’s necessary to our survival.

So when it comes to spending it, at what point do you know:  have you spent too much money? Spending money (on things that aren’t necessary) can be a problem when it starts to interfere with other aspects of your life. If you’re struggling to pay bills, feeling guilty, or trying to hide your spending habits from others – especially your loved ones, you may need to stop and take a look at the bigger picture.

Like with everything, there is a balance. If you’re feeling like the scales are tipping too far in one direction, there are some steps you can take to help rebalance your finances.

STEP 1:  RECOGNIZE THE PROBLEM.

You have to recognize the problem in order to fix it. If you spend more than you make, struggle to afford bills, and don’t have financial priorities, these are red flags.

STEP 2: FIGURE OUT WHERE YOUR MONEY IS GOING.

If you’re not sure what your spending habits are, keep track. Keep receipts, check online banking statements, or carry a notebook for the next two to four weeks.

Then ask:  Do you spend more than you make? Does the majority of your paycheck go to non-essentials, i.e. dinners out, entertainment, subscriptions/memberships, junk foods, etc.?

Over-spending on non-essentials may be hurting your financial health.

STEP 3:  MAKE ADJUSTMENTS

THE EXPERTS RECOMMEND THE 50/20/30 BREAKDOWN.

Can you account for your spending in these three categories? I recommend writing this out to help visualize where all of your spending fits in. If your budget is in the positive, GREAT! If you need to make adjustments so that everything fits, try trimming some of the “extras.” Tip:  The best places to cut are in fixed costs or flexible spending. Cutting in the financial goals category will hurt you in the long run.

50% Fixed Costs – The expenses that don’t change much from month to month, like rent, mortgage, utilities, car payment, gym memberships, Netflix, other subscriptions.

20% Financial Goals – This part of your budget helps you secure a solid financial foundation, for example, paying down credit card debt, or other debt, saving for retirement and building an emergency fund.

30% Flexible Spending – These are day-to-day expenses that can vary from month to month, like eating out, groceries, shopping, hobbies, entertainment, or gas. You can add any miscellaneous expenses in this part of your budget, just be aware that it must account for only 30% of your budget.

STEP 4:  ACCOUNT FOR ALL SPENDING IN YOUR BUDGET

Make sure all of your spending is accounted for in your budget! Doing this will ensure that you don’t dip into other important parts of your budget.

If you want further help with your budget and feeling balanced in your spending, call Casco Federal Credit Union! We’d love to help you! 207-839-5588.

Take care,

Mallory