How to Avoid Needing Debt Help After Wedding Season is OverAug 30, 2017
Debt is on the mind of many millennials, with more and more Canadians in this age group seeking help with the debt they carry. High student debt and a lack of full-time employment may be the main reasons for seeking debt counselling, but debt issues can also result from surprising sources — consider how much millennials are spending to be bridesmaids and groomsmen.
From expensive bachelorette parties to multiple pre-wedding parties, the cost of being a member of the wedding party can quickly add up. On average, bridesmaids report spending $336 dollars on a wedding in 2017. One in five who were surveyed said that the actual cost is actually quite a bit higher. Even more intimidating…it’s not unusual for 20-somethings to be part of more than one wedding during wedding season.
Here’s how to tackle your post-wedding season debt:
Add your wedding expenses to your personal budget
A personal budget is a must — especially if you’re participating in (or simply attending) multiple weddings. Chances are you’ll know months in advance about any upcoming weddings. Use your budget to plan ahead for these expenses, putting money aside whenever possible.
Learn to say no if it means adding to your debt
Although it’s an honour to be part of someone’s special day, it’s also important to avoid the emotional stress and financial strain of additional debt. A lavish bachelorette party or destination wedding may be simply unaffordable for you. Have an honest conversation about your financial limitations with the bride or groom to help ensure that you’re both on the same page. Personal finance blogger Rubina Ahmed-Haq talks more about how to navigate the costs of being a wedding guest on her website Always Save Money.
Don’t wait to seek help for your wedding-related debt
If you already have a lot of debt and you worry that being in multiple weddings put you in the red, now is the time to seek debt help. Online debt help resources are a good place to start. Or you can opt to attend debt counselling, where a counsellor will help you create a debt reduction plan tailored to your needs. Finally, you can check out articles written by personal finance bloggers — like these debt reduction tips from Jordann Brown’s site My Alternate Life.