We all know that, when it comes to organising a wedding, it can be a costly business, leaving many couples significantly out of pocket. But have you ever considered how much it is costing you to be a part of your nearest and dearest’s big day?
The cost of being a wedding guest is more than ever before, especially during the summer months when your social calendar is highly likely to be consumed by more than one wedding. And, although they should be an exciting affair, these rising costs have found many couples forced to miss watching their loved ones tying the knot!
It’s easy to see why…from picking out the perfect attire through to covering overnight stays, travel costs and, of course, setting money aside to purchase the mandatory wedding present, costs can quickly mount up, leading to financial pressure and often, domestic strife…
And, if you’re at that age where all of your friends seem to be finding the perfect partner, settling down, and getting married, the thought of being part of your favourite people’s wedding day can often be over-shadowed by the rising costs and financial pressures that come hand in hand with weddings.
When, in fact, through careful financial planning and budgeting in the run up to wedding season, your wedding guest experience will be far happier, and far less of a financial burden.
Set ground rules
Setting out ground rules so that you and your partner understand how much disposable income you have to accommodate important events such as weddings, can instantly help to avoid arguments when it comes to wedding season.
It’s important that you both understand where you stand when it comes to distinguishing the difference between your regular expenses and personal spending. Many couples choose to have a joint account for everyday expenses such as utility bills, food and fuel, and a separate bank account for personal spending – this often saves a lot of arguments over who has spent what, and can also help you to budget your money more effectively.
However, there are lots of couples who choose to share everything and don’t find the need to separate their spending. Either way, it’s important that you understand how much spare cash you have to accommodate special occasions, especially if the amount of money you spend could potentially lead to arguments and financial difficulties in the future.
Save, save and save
With many people planning their wedding days years in advance, it’s highly likely that you will receive your save the date card with plenty of time to save for the occasion.
With this in mind, there really shouldn’t be any excuse when it comes to putting money aside to accommodate wedding season. A good idea is to open up a savings account and set achievable short term and long term saving goals. This is far better than having to resort to borrowing money at the last minute to cover those wedding guest expenses that leave so many of us out of pocket.
Always be honest about your financial past
When it comes to discussing and managing money as a couple, it’s vital that you are both honest and open with each other, especially when it comes to budgeting your money to cover special occasions.
If you are pushed for cash, many couples consider applying for a credit card so that you can pay for wedding guest costs gradually. If this is the case, then it’s worth doing a credit report check to see whether or not this is an option for you. Experian is great for checking your credit score.
Most importantly, you should always be honest about your financial past (let’s face it, we all have one…). This is important as, if you are re-paying money or you have a less-than perfect credit history, it can affect both of your chances of getting credit, especially if your credit reports become linked.
Have you ever considered missing a loved ones wedding due to financial reasons?
I’d love to hear any other tips you might have for overcoming these sorts of problems.
Twitter | Facebook | Bloglovin | Instagram | YouTube
*Sponsored Post
