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This is the stuff you millionaires in the making need to know to kick start or propel you on your financial fitness journey. Tracey Bissett, Founder of Bissett Financial Fitness and award winning Financial Literacy Champion, gives you the straight goods each week to set yourself up for financial success. As a former executive at TD Bank, one of Canada's Big 5 Banks, Tracey has worked with and in support of thousands of individuals and entrepreneurs to secure the financing they needed.  This hands on experience combined with her formal financial education, Masters of Business Administration and Chartered Financial Analyst designation, position Tracey uniquely to coach all things money. Tracey goes behind-the-scenes of all the money matters with need-to-know tips, money-making demystified, and special power-player interviews. Join us weekly for Financial Fitness Training that will turn even a Cash Couch Potato into a Marathon Money Maker.

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  2. EP031 True Cost of Being a Wedding Guest

EP031 True Cost of Being a Wedding Guest

May 8, 2018

Spring is in the air - and that means wedding season is quickly approaching. While weddings are a joyful celebration of two people sharing nuptials and promising to love each other forever, attending a wedding can often leave you feeling surprised by the financial expense. Being a guest at a wedding can often be more expensive than you think! This cost is magnified if you are invited to several weddings in a year.

On today’s episode, I discuss the true cost of being a wedding guest and how close your relationship is to the people getting married can directly impact the amount of money you might be willing or feel the need to spend. I explain how these expenses can quickly add up, what to consider when RSVPing to attend a wedding, and tips on how you can be a financially fit wedding guest - without breaking the bank.

 

“The cost of attending a wedding rises directly in proportion with how close you are to the people getting married.” - Tracey Bissett

 

This Week on Young Money:

  • Average spending to attend a distant versus close family member's or friend's wedding.
  • The average amount spent by wedding party members.
  • Why nearly 40% of wedding invitees opt-out of attending a wedding.
  • Total average wedding expenses.
  • How much is considered an average acceptable wedding gift?
  • Average expenses associated with secondary parties like engagement parties, bachelor and bachelorette parties.
  • Why at times your presence at the wedding may be more important than any wedding presents.

 

Young Money’s Top 5 Tips for Being a Financially Fit Wedding Guest:

  1. Make a budget and start saving when news of the engagement comes out.
  2. Reuse, rewear, rent, or borrow your attire.
  3. Investigate for lower travel costs. Set up price alerts.
  4. Be creative with wedding gifts.
  5. When in doubt - opt out.

 

 

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