These costs greatly depend on where the wedding is and how much you like the couple. If you’re fortunate (unfortunate?) enough to have a lot of friends who invite you to their wedding, this can really add up.
So, what do you do if you’re too popular and feel like it’s jeopardizing your financial future? Find ways to make it cheaper. You don’t have to wear a new dress to every wedding. It’s ok to be an outfit repeater. And you don’t have to attend every wedding that you get invited to. Send a thoughtful gift instead – maybe even a nicer one than you normally would have gotten them.
Are we saying to stop attending your friends’ weddings and invest that money instead so that you can retire early?! Of course not! (But leave a comment if you want to see that calculation) Just make sure you’re attending because you want to be there, not out of obligation.
This example is focused on weddings, but this applies to birthday parties, bachelor parties, and vacations too. It’s important to focus on the TOTAL cost, not just the couple obvious ones that come into your mind. Once you do that, you can make the best decision for you if it’s worth spending the money.
All numbers came from The Knot, CNBC, and WeddingWire.
P.S. If you want to learn about all things related to money, from budgeting to investing to estate planning, we are having a massive sale on our courses starting next Tuesday!
As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often.
-Vivi & Shane
