DON’T LET FINANCES GET BETWEEN YOU AND YOUR BFFS ON YOUR BIG DAY. THESE SIMPLE BUDGET TIPS WILL KEEP YOUR WEDDING, AND FRIENDSHIPS, BLISSFUL.
MOST BRIDES KNOW their own budget for their wedding, but what about the financial constraints of their bridal party? That’s often when friendships can get tense, as the dresses, shoes, hair, makeup, travel and gifts can become unaffordable. According to a recent poll from TD Canada Trust, 50 per cent of Millennial and Gen X Canadians said on average they have spent – or plan to spend – between $200 and $5 wedding party; and a quarter said they actually spend $600 or more for the average wedding. The good news is that you can have the wedding you want, and keep your relationships intact, with these tips from Ray Chun, Senior Vice President, Everyday Banking and Personal and Indirect Lending at TD. Set a realistic budget. Sure, everyone is responsible for their wedding attire, grooming, gifts, pre-wedding events and travel, but you can help by working with price points that are accessible for everyone. Ask your friends about their budgets so you can find dresses and accommodations, for instance, that are affordable.
Push for purchasing power. Getting a group rate for a hotel can help your guests save money, so negotiate lodging as far in advance as possible.
Help your bridal party plan for expenses. Let your friends and family know ahead of time what they can expect to pay for (such as ordering a bridesmaid dress and paying a deposit for hair and makeup). You could even go the extra mile and encourage your girls to open a Tax-Free Savings account so they can start saving their money early.
Have a well-thought-out registry. Choose a wide range of items at different price points so everyone’s budget is accommodated. If you do choose larger-ticket items, you could suggest that the item be purchased as a group gift.
Reward yourself: Depending on the type of credit card you have and where you shop, you and your bridesmaids could use some points to save money.
Shop around: Ask people you know for recommendations and do your research—you don’t have to buy the first dress you see or book the first photographer you meet.