TD survey shows being in a wedding party
may cost more than you expect
- @TDNews_Canada offers #BridalPartyTips on how not to spend more
than you can afford this #WeddingSeason http://bit.ly/1xKEVNK
(Tweet this)
- Saying 'I do' to being a bridesmaid or groomsmen?
@RaymondChun_TD offers these 5 #BridalPartyTips to set up a budget
http://bit.ly/1xKEVNK (Tweet this)
- #BridalPartyTips: pressured to spend more than you can afford?
@TDNews_Canada has advice on how to cut costs:
http://bit.ly/1xKEVNK (Tweet this)
TORONTO, April 28, 2015 /CNW/ - Celebrating a friend or
relative's wedding as a bridesmaid or groomsman is an honour, but
it can also be quite a hit on your finances. 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.
The amounts can be significant: half (50 per cent) of those
surveyed said on average they spent – or plan to spend – between
$200 and $599 to be in wedding party;
and a quarter (25 per cent) said they actually spend $600 or more for the average wedding.
"Most people can expect to participate in quite a few weddings
throughout their lifetime, particularly when they're younger and
their friends or family members are getting married, so including
the related costs in your annual budget is a smart thing to do,"
said Raymond Chun, Senior Vice
President, Everyday Banking and Personal and Indirect Lending at
TD. "Having a realistic amount in your budget also helps you stay
within a spending range that you're comfortable with and know you
can afford."
Chun notes that while the TD survey found that only 18 per cent
of Millennial and Gen-X wedding party members think it's
appropriate to spend $600 or more on
a single wedding, 25 per cent of them say they actually have spent,
or plan to spend, that much. So it's no surprise that being in a
wedding party may cost more than what is expected. In fact, when
looking back on their experiences being a bridesmaid or groomsman,
45 per cent said that they, on average, spend more than expected on
wedding-related costs.
The TD survey found some interesting gender differences in these
expenses, with bridesmaids more likely than groomsmen to consider
attire as the most expensive part of being in a wedding party,
while groomsmen are more likely to say it's the bachelor party or
the gift that's the priciest. Bridesmaids are also more likely than
groomsmen to consider it appropriate to spend less than
$200 on a wedding gift.
"One of the best ways to cope with the costs of being in a
wedding party is to start saving money as soon as the engagement is
announced so you don't have to scramble to find the money when
asked to take part in the festivities," said Chun. "By setting up a
separate tax-free savings account and depositing a regular amount
into it each month or pay day, you'll be able to build a savings
fund for things like wedding attire, the gift and any related
travel costs."
Chun offers these tips to help prospective bridesmaids and
groomsmen prepare for the costs of participating in a friend or
relative's wedding:
1)
|
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. For out-of-town weddings,
remember that booking travel and a hotel room as soon as possible
can often help to keep those costs down, and make sure to check if
the bride and groom have volume discounts at the hotel.
|
2)
|
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.
|
3)
|
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. For
more expensive items, consider teaming up with another bridal party
member to split the costs.
|
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. Whatever
money you're able to save by using points can stay in your Tax-Free
Savings Account to help cover the costs of future weddings.
Additionally, charging the costs to your rewards card will allow
you to earn rewards faster.
|
5)
|
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 as many stores could carry the same designers at
different price points.
|
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.
About TD Canada Trust
TD Canada Trust offers personal
and business banking to more than 11.5 million customers. We
provide a wide range of products and services from chequing and
savings accounts, to credit cards, mortgages and business banking,
to credit protection and travel medical insurance, as well as
advice on managing everyday finances. TD Canada Trust makes banking
comfortable with award-winning service and convenience through 24/7
mobile, internet, telephone and ATM banking, as well as in over
1,100 branches, with convenient hours to serve customers better.
For more information, please visit: www.tdcanadatrust.com. TD
Canada Trust is the Canadian retail bank of TD Bank Group, the
sixth largest bank in North
America.
SOURCE TD Canada Trust