There aren’t “wedding party loan officers” yet, but 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, with 45 per cent saying they spent more than expected on wedding-related costs.
TD has tips to help prospective bridesmaids and groomsmen prepare for the costs of being in a bridal party:
1) Choose a gift early from the bridal registry: The less expensive ones are often selected early, so don’t wait to choose your gift or you may be left with a more costly one.
2) Set a realistic budget: Include wedding attire, grooming, gifts (including a shower gift), the bachelor/bachelorette party and travel.
3) Establish a savings plan: Figure out how much time there is until the wedding and set up a regularly scheduled deposit to a TFSA so you’ll be able to save to help cover the expenses.
4) Redeem credit card reward points: Depending on your credit card and where you shop, you could use your reward points to cover the cost of a gift and your wedding attire as well as hotel and travel.