Watching Your Wallet: Saving money for wedding season
Rising costs force some to skip invites
InvestigateTV - Many people delayed their weddings during the pandemic, and according to a recent NerdWallet, 2022 is expected to be a record year for ceremonies.
In the study, experts found about half of Americans expect to be a guest this year at a wedding. On the other hand, the data showed 39% of Americans say they’ve skipped, or considered skipping, a wedding because they couldn’t afford to attend.
Kim Palmer, a personal finance expert with NerdWallet, said most people fail to budget for the cost of attending a wedding.
“We found that on average, about half of Americans say they expect to spend $500 or more on each wedding they attend,” she said. “So, it adds up really quickly.”
Palmer said when you get the RSVP, if you truly cannot afford to attend, don’t be afraid to call up your friend and politely let them know.
If you do plan to go, she suggested you should start saving immediately.
With rising inflation, almost everything is more expensive right now - from plane tickets to food – so you may need to extra money aside.
Palmer’s last piece of advice was to check for any accrued mileage or cashback rewards on your credit cards and use those to help offset expenses.
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