B.C. residents are starting to reconsider saying yes to wedding invites
With many people struggling with the cost of living, some are looking to cut back on how many weddings they go to.
Not only is it a costly endeavor to host a wedding, but many B.C. residents are also finding it expensive to attend a wedding, according to a recent survey from TD.
The survey found that 48 per cent of British Columbians who were invited to a wedding this summer said cost was a factor when they decided whether or not to attend.
Of this, 20 per cent said they declined at least one invitation due to cost, and 28 per cent said they were becoming more selective about the weddings they go to.
Leslie Logan, a senior financial planner with TD, said that it comes down to the “pressures of the cost of living,” noting that about a third of British Columbians are spending less this summer overall.
Further, she pointed out that a wedding invitation often involves more than just going to the wedding itself: it can involve a bachelorette or bachelor party, bridal shower, travelling, outfits, accommodations, gifts, and more.
“When people think of weddings, they often forget about all the additional costs,” she said. “Costs as a guest have really increased over time.”
She attributed some of this to people’s increased use of social media and “being inundated with the gram or the feed,” and the fact that weddings fell “more and more elaborate.”
“We are in the age of comparison, of FOMO, so it’s easy to get caught up in that,” Logan said.
But she added that it is important to stay on your own path and set boundaries for yourself.
How to financially plan for the wedding season
If someone is deciding whether or not they should attend a wedding, Logan said the decision should support their overall financial well-being, which she described as “being in a place where it’s not keeping you up at night.”
“Where you’re saving towards your goals, you’ve set a trajectory, you’re not waiting, drowning in debt, you’re comfortable with your course, your choices, you’ve set your boundaries, and perhaps planning as well. So a bit more intentional and purposeful in your spending, your saving, and everything to do with financials.”
She advised people to plan for the whole wedding season, rather than each wedding individually. She added that people in the 25 to 35 age range tend to get a lot of wedding invites.
Then, they can consider prioritizing invitations and choose only to go to the wedding that is most important to them and their relationships.
Logan said other options for reducing spending during wedding season are cutting down on attendance at the number of events leading up to the wedding (like a bachelorette party or a bridal shower). People can also consider options like renting or re-wearing an outfit to save the cost of buying something new.
“And be upfront early on so that you’re setting expectations and not creating last-minute disappointments,” Logan said.
She told people to set boundaries for themselves: “Don’t go in over your head, for debt, for perhaps an invitation that doesn’t feel as important to you. Your financial health is first, and you’ve got to take care of that.”