Weddings & financial stress
Becky and I got married last Saturday, celebrating the occasion with a small group of family and friends with a relatively modest reception in our garden.
With plenty of help to arrange flowers, cook a delicious BBQ and create various puddings, we were able to keep the cost of our wedding significantly below the average.
We hope the same was true of the financial experience of our guests.
Experian’s latest survey suggests that the rising cost of weddings is rocking the boat for many couples, and not just for the bride and groom.
In fact, almost a quarter of Britons have argued with their partner about the cost of witnessing others tie the knot.
The findings also reveal that one in six people who are in a relationship are missing the nuptials of loved ones because they cannot afford to attend.
This equates to more than one guest at each table, which is double the number of single people, who have declined invitations.
More than one in ten people in relationships have spent over £800 each on attending weddings, compared to just 6% of single people.
Meanwhile, 4%, equating to almost a million Brits, report having spent more than £2,000 participating in other people’s weddings over the last year.
The survey also suggests that weddings can cause further financial friction when it comes to dividing the cost.
While 77% of couples always choose to split the cost, almost one in five, foot the entire bill for both to attend the wedding of their own friends and family, while their partner does the same for their nearest and dearest.
The cost of attending weddings is something you should factor into your Financial Plan as an expenditure item in the entertainment category.
Including an area of spending within your Financial Plan is a good way to remove financial stress as the cost is already budgeting and allocated, rather than being considered on a case-by-case basis.