Budget key in wedding season
WEDDING season is upon us and this could have a serious effect on our budgets.
Attending a wedding and all the celebrations that go along with it is no longer just expensive for the bride and groom but can also make a sizable dent in guest's pockets too, FNB consumer education head Eunice Sibiya says.
The cost of buying gifts for the wedding, bachelor's or hen's parties and travel all add up.
"With spring and summer knocking on the door, the number of invitations you receive for weddings are likely to increase. Many people find it difficult to balance what they can afford while not skimping on wedding-related gifts.
"It is important to consider your budget carefully to make sure that you do not put yourself at a financial disadvantage because of someone else's big day," Sibiya said.
Sibiya suggests the following tips to getting around attending the wedding and contributing to gifts without breaking the bank:
Set out a budget from the outset:
"Once you receive the invitation, decide what you are willing to spend on the wedding and what you can, realistically, afford.Factor in possible accommodation and travelling costs and based on your budget, start saving up in an easily accessible account during the months leading up to the wedding. The idea with such an account is not necessarily to earn interest but rather to have funds readily available when you spot the ideal gift or when you have to pay for accommodation. This will help you to avoid spending a large amount at once or worse, incurring debt," advises Sibiya.
And, once regular saving has become a part of your monthly budget, continue to save a small amount every month for life events such as weddings, baby showers and birthdays.
Gifts for all occasions:
There is no shame in not contributing to all of the gifts. And be creative with your gifts: print some photos out and make an album, or write out your favourite recipes. Otherwise, consider purchasing gifts together as a group.
Destination weddings:
Book flights in advance or drive with others, and share accommodation to cut costs. - Herald Reporter
