Being asked to be in someone’s wedding is a huge honour, but it is also a big responsibility. The financial aspects alone can be daunting for many wedding party members.
A recent TD 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. Half of those surveyed said that they can spend anywhere between $200 and $599 to be in the wedding party, and a quarter of those surveyed said they spent even more than that.
It isn’t surprising to learn that bridesmaids typically spend more than groomsmen, with the cost of dresses, alterations, hair stylists, manicures, pedicures and shoes.
Raymond Chun, Senior Vice President, Everyday Banking and Personal and Indirect Lending at TD, is able to discuss the below top five tips to help prospective bridesmaids and groomsmen prepare for the costs of being in a wedding party, as well as other interesting survey findings.
1) Choose a gift early from the bridal registry: There can be a wide range of gifts (and prices) in a bridal registry, with the less expensive ones often selected early, so don’t wait to choose your gift or you may be left with one that costs more than you budgeted for.
2) Shop around: You don’t have to buy the first bridesmaid’s dress, shoes or other accessories you find. Do your research online and in-store before making a purchase.
3) Establish a savings plan: Figure out how much time there is until the wedding and set up a regularly scheduled deposit to a Tax-Free Savings Account so you’ll be able to save to help cover the expenses.
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 and your wedding attire as well as any hotel and travel costs.
5) Set a realistic budget: Include all of the possible costs, including wedding attire, grooming, gifts (including a shower gift), the bachelor/bachelorette party and travel.
Having been a Maid of Honour myself, I can say it is important to be aware of what your responsibilities are, and to follow the steps above to make it as affordable as possible.
About the TD Canada Trust Bridal Party Wars Poll
TD Canada Trust commissioned by Environics Research Group to conduct a custom survey of 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 for this release. Responses were collected between January 20 and February 8, 2015.