Bridesmaids: How to Focus on Post-Wedding Debt RecoveryAug 30, 2017
With all the associated celebrations and the excitement of the actual wedding day, there’s a lot to recover from post-wedding. As a bridesmaid, you might find yourself facing a recovery of a different sort — debt recovery. Here’s how to decrease the financial stress.
Many events…and many debts?
For bridesmaids, there’s a long list of wedding events you’ll get to attend: engagement party, bridal shower, dress shopping and fittings, rehearsal dinner, wedding day, and gift opening are just a few common gatherings.
Unless the couple is planning a drive-thru wedding, the fun can come with costs.
Most soon-to-be bridesmaids immediately understand that they’ll have to budget for a bridesmaid’s dress and a wedding gift, but here are a few other cost-considerations:
- Cost-sharing bridal shower expenses (decorations, catering, gifts, invites, etc.)
- Dresses or formal wear for parties
- Shoes and accessories
- Transportation and meals during outings
- Hotels or travel costs
How to avoid debt
Your best bet is to try to avoid any wedding debt at all if you can.
Wedding planning usually begins months before the big day, so take the time to thoroughly investigate the upcoming costs of your role. Speak with the bride about her expectations and hopes for you. And if there’s a maid of honour, speak with her too. She may want to plan other events for the bride that you’ll be asked to help pay for.
Put money away as often as possible into another savings fund that you will use for wedding-related expenses only. Use “found money” (like tax refunds, gifts of money, or rebates) to cushion your fund. Eliminate some of your entertainment spending for the time being.
But remember that you have to put your financial well-being first. Your budget matters. If you aren’t comfortable with a cost you’re being asked to take on, speak up.
How to get out of debt
Not everyone has enough savings on hand to offset the costs of being a bridesmaid when they’re asked.
If you’ve taken on debt as a bridesmaid, your focus is likely debt repayment — how to get out of debt as soon as possible. No one wants a wedding debt hangover casting a shadow on their experience.
This credit card or debt repayment calculator can help you decide how best to pay off credit card debt, and see how much interest you’re paying. If the interest is making it difficult for you to pay off your debt, consider some other options, like a consolidation of your debts.
It can take time to recover from bridesmaid debt. If you’re worried about your finances, decide what you’re able to spend ahead of time. If your post-wedding debt has you feeling stressed, choose a repayment option that will help you pay off your debt as quickly and efficiently as possible.
Are you focusing on debt recovery after a wedding? Read personal finance blogger Krystal Yee’s story How I got into debt…and out of it for some useful tips.
How are you avoiding debt as a bridesmaid? Tell us on Twitter. #DebtSolutions #Weddings