(BPT) - Weddings are back with a vengeance and with that comes spending time and money for gifts, travel, and maybe even being a part of the wedding party. A recent Zelle® consumer behavior report says that 52% of people are likely to attend a large gathering in 2021/2022. Yes, weddings will be a lot for the bride and groom, but what about the wedding crew and guests who are filling up their schedules with celebrations? How do you make sure to respect the happy couple and your wallet?
Here is a checklist of what to do and how to not get too caught up in celebrating that you put yourself into debt for the newly invigorated wedding season.
1) Prioritize your event schedule:Many postponed weddings are now back on, which means that your social calendar is way busier than it used to be - no more virtual bachelorette parties in your pajamas. However, please don't feel pressured to do it all. Pace yourself and prioritize which weddings and social events you can attend based on your comfort level and funds.
Pro tip:Look at locations, dates, and times and be mindful of how you will be spending your money. Get this all on a calendar so you can keep track of critical dates, so they don't sneak up on you.
2) Create a wedding spending budget:If you are part of a string of bachelorette duties and events, that can take a toll on your wallet. Estimate how much you will be spending for that wedding and if it doesn't meet your budget, have a conversation about what you can be comfortable with and work together with your crew.
Pro tip:Be honest with the bride or groom and let them know that you are committed to helping them celebrate and honor their occasion, but that you need to be mindful of your finances. Ask them what the most important events are.
3) Give the newlyweds the gift of money:Through a pandemic and all the difficulties people have faced in the last year, physical gifts and registries have become less of a focus for brides and grooms. A Zelle® study says 76% of people across all generations prefer to receive money rather than an actual physical gift. To lighten the load for you and the bride and groom, send them money via a P2P service like Zelle® with a special congratulatory note in the memo line. If they are already enrolled with Zelle®, they get the money directly in their bank account within minutes and can use it for whatever they choose (and if not enrolled, it just takes a few minutes to quickly and easily enroll to receive the gift money).
4) Remember to celebrate: It's been a challenging year, and the great news is that people are starting to gather together again to commemorate new beginnings safely. Try to take a deep breath, go through your checklist and enjoy this moment!
For more tips on dealing with spending for weddings in the new normal, check out Farnoosh Torabi's So Money podcast with post-pandemic spending tips.
Sponsored by Zelle®