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In a wedding party? Get ready to spend a lot of money: survey

Don't let being in a wedding party sink your finances.

TORONTO — If you’ve said “I do” to being a bridesmaid or groomsman, expect to take a financial hit.

Nearly 40 per cent of Canadians who have been in a wedding party say they felt pressured to spend more than they could afford, according to a new TD survey. And 45 per cent spent more than they expected.

Half of those surveyed said they either spent or plan to spend between $200 and $599; and a quarter said they actually spent more than that.

Only 18 per cent of wedding party members thought it was appropriate to spend that much, yet 25 per cent of them said they either did or plan to.

The survey found some interesting gender differences, as well: groomsmen are more likely to say the bachelor party or gift is the most expensive part of being in a wedding party, while bridesmaids are more likely to think it’s attire.

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READ MORE: What to do with bridesmaid dresses of weddings past

Bridesmaids are also more likely than groomsmen to consider it appropriate to spend less than $200 on a wedding gift.

Some ways to save costs include setting a budget.

“Having a realistic amount in your budget also helps you stay within a spending range that you’re comfortable with and know you can afford,” said TD’s Raymond Chun.

Using a credit card with rewards points can help you rack up points, which you can apply towards the cost of a gift, wedding attire or hotel and travel. Just remember never to miss a minimum payment so that your credit’s not affected.

READ MORE: The top 5 credit cards in Canada for travel rewards

Another tip: don’t procrastinate when it comes to buying the gift. Choose one early from the bridal registry, as the less expensive ones are often selected first. For more expensive items, consider teaming up with another bridal party member to split the costs.

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