Are You Going Broke from Other People's Weddings? You're Not Alone
Weddings are one of the biggest expenses in a person's life, costing couples an average of about $35,000, according to wedding registry website The Knot.
And weddings aren't just a splurge for the bride and groom. It can cost an arm and a leg to attend a wedding, especially if you're a bridesmaid or groomsman.
According to a survey by Priceline.com, Millennials spend about $600 on average for each wedding-related event they attend—not just the wedding but also the bachelor/bachelorette parties, showers and engagement parties.
Accommodations and travel are your biggest expense
Destination weddings are probably the most expensive type of event for attendees. When it comes the actual wedding, 38% of those surveyed in the Priceline.com poll think the biggest expense is the accommodations. This makes sense, given the cost of lodging in big cities or at popular wedding destinations like Hawaii.
- Nearly 70% traveled for the occasion, and
- Nearly 50% traveled to spend time with the bride and groom, and
- Nearly 50% of those who traveled for a wedding wanted an excuse to travel anyway.
You'll spend more if you're attending a wedding in the Northeast
According to a 2018 survey reported by USA Today, wedding party members of a wedding that takes place in the Northeast spend more—an average of $1,070, compared to $728 for all regions.
You're probably spending less on gifts
Millennials between the ages of 18 and 37 spend much less on gifts than the average across all ages:
- Millennials in the wedding party spend $57 (compared to an overall average across all ages of $158)
- Close family members spend $47 (compared to $116), and
- Distant friends or family members spend $48 (compared to $68).
But you'd still go into debt to attend a friend's wedding
CNBC reported last month that, all things considered, Millennials are willing to go into debt to attend a friend's wedding. That's according to data from TD Ameritrade's 2018 Millennials & Money survey, in which 53% of Millennials said it was "worth it" to go into credit card debt to see a close friend or family member say "I do."
About 30% said it was definitely not worth it, however. Being resourceful adults, 44% of Millennials in the survey would borrow money from family to attend.
Student loans getting in the way of saving for a friend's upcoming wedding, or your own? Not to worry. We've got you covered with four ways to lower your monthly payments.