Weddings are not only expensive for the bride and groom, but guests are also breaking the bank to see their friends jump the broom.
According to the American Express Spending & Saving Tracker, the average wedding guest will be spend $703 per wedding this year. However, millennials will spend more with an average $893 per wedding.
Just imagine what members of the bridal party are spending!
The average amount expected to be spent by bridesmaids and groomsmen jumps to an average $743 for the general population and $928 among millennials.
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Now that millennials are receiving an influx of wedding invitations in the mail, this group will have to choose between friendship or pinching pennies.
“People are conflating friendship and personal finance, when they need to divide the two,” said Manisha Thakor, a certified financial planner and the director of wealth strategies for women at The BAM Alliance.
According to Bureau of Labor Statistics data, if millennials attend three weddings this year they are taking on an expense that amounts to roughly 5 percent of their mean income for those age 25 to 34.
The best way to combat the wedding dilemma is to limit the number of weddings you attend or find ways to cut costs like sharing lodging expenses.
As much as you want to be there, making sure your finances are in order is most important.
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