As much as weddings can be a joyous celebration of love, they can also drain the wallets of both the couple and the guests. A new survey by Bank of America shows that more than half Americans (56%) would say "no" to a close friend's wedding if they couldn't afford it.
It’s interesting to note that as you age, you grow more accustomed to turning down invitations. According to the report, Baby Boomers (61%) and Gen Xers (60%) are far more likely than Gen Z (45%) and Millennials (55%) to RSVP “no.” For the younger crowd, it seems there's more pressure to show up even if it means stretching their budget thin.
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With the cost of living rising and financial responsibilities piling up, it's no surprise that attending a wedding often feels like a huge financial burden for everyone involved. Many people will skip the whole ordeal simply because they can’t afford it at the moment, not because they don’t want to be there for their friends or even family.
According to some estimates, people will on average spend about $1,050 to attend a domestic wedding and around $2,600 for weddings in other countries. This includes costs like flights, hotels, gifts and outfits. That's a lot to spend, especially if you have a few weddings to go to in the same year.
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Still, people tend to spend similar amounts on wedding gifts whether it's a local wedding or a destination wedding. About 21% of guests spend between $50 and $100, while 18% go for gifts in the $101 to $200 range. Around 9% spend between $201 and $300 and 13% spend more than $300. For 32%, how much they spend often depends on their relationship with the couple.
If you're facing a similar dilemma, there are still ways to be part of the celebration without blowing through your savings. As CNBC reports, you can choose which events – bridal showers, bachelor or bachelorette parties and rehearsal dinners. Not all of these are must-attend events. You can save money by attending just the wedding and skipping some of the extras.
Wedding registries can be overwhelming, especially if you're on a tight budget. One solution is teaming up with other guests to buy a pricier gift. This way, you're still giving something special without spending more than you can afford.
With destination weddings becoming more popular, hotel costs can quickly add up. If you're going solo and don't have a plus one, consider splitting a room with another guest to save some cash.
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