Michelle Fox -
CNBC + Acorns
Being a bridesmaid or groomsman can be expensive, especially in the midst of the boom of these celebrations.
Americans spend an average of $825 on each wedding they attend, including the pre-wedding events, attire, and celebration, according to a recent LendingTree survey.
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Some 2.6 million American adults will get married in 2022, an increase from the 2.2 million weddings typically held each year, due to pandemic-related postponements, according to The Knot website.
That means you may find yourself buying multiple bridesmaid dresses or renting multiple tuxedos in a shorter time frame.
It will also have to deal with inflation and supply chain issues.
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“Demand is high.
There is a lot of desire to return to having events in person”, recalled Esther Lee, deputy editor of The Knot.
Although being invited to a wedding is an honor, make sure you can afford the financial commitment.
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50% of Americans who have attended such a celebration have incurred debt, and 56% have felt pressured to spend more than they could afford, according to the LendingTree survey.
Almost 40% of the members of the bridal party regret having spent part of the money they have made.
Travel is one of the main reasons people are spending more money.
What was once a one-day event, like a bachelor or bachelorette party, can now be a three-day extravaganza that includes the purchase of a plane ticket.
More than half of those surveyed by LendingTree said they had traveled by plane to attend pre-wedding or wedding events.
The cost of the ticket is getting more and more expensive.
The airfare index rose 33.3% in April from a year earlier, according to the US Bureau of Labor Statistics.
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According to experts, there are ways to control costs.
This is what to keep in mind.
Communication
Have a conversation with the bride and/or groom and be transparent with each other about your expectations.
“It is very important that you are clear about your budget and the relationship you have with your partner.
And find out if the expectations align with what you want for yourself at a wedding,” he said.
Save money
Even if you haven't been asked to be a bridesmaid or groomsman yet, if you think it might happen, start saving, advises Matt Schulz, chief credit analyst at LendingTree.
"Most people have time to save before big weddings," he said.
"It's important to take some money out of your budget each month to put some aside," she advised.
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At the same time, identify big-ticket items you may have to pay for and budget for anticipated expenses.
A newlywed couple kiss at their wedding reception. Victor Dyomin/Getty Images
If you don't have money saved, you may end up racking up credit card debt, and it's expected to get more expensive as interest rates continue to rise in the coming months.
If you have to use a credit card, use one that has zero percent interest.
"That deferral of accrual of interest on what you spend to go to a wedding can be a very, very important thing," he said.
Gently decline the invitation.
If you can't even afford the added expense of being part of a wedding party, you can say "no."
About 1 in 5 people have turned down an invitation due to expense, according to LendingTree.
69% said it did not harm their relationship with the girlfriend or boyfriend.
“Just be nice in the process and be thankful for the invitation,” Lee advised.
You can also buy a gift and send them a nice thank you card.
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If you feel overwhelmed with multiple wedding invitations, remember that this is a once-in-a-lifetime moment.
"If you do it right, it can be a really special moment," he said.
“You can say, 'I was there for my friends;
I proactively saved up for those events, and I'm really proud of myself for showing up,'" Lee said.
"And you know what?
In turn, they will also appear for you later on, ”she pointed out.
This article is part of the
Invest in You: Ready series.
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(Invest in you: Ready. Ready. Grow), an initiative of CNBC and Acorns, the micro-investing app.
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