The 2020-21 wedding delays courtesy of the pandemic have created an avalanche of rescheduled weddings coast to coast.
According to The Wedding Report, 2.5 million weddings are expected this year, marking the most since 1984. And with inflation at an all-time high, the timing could not be worse.
[TRENDING: Become a News 6 Insider (it’s free!)]
A new survey by Bankrate.com shows that nearly a quarter of U.S. adults who have attended or are attending a wedding or other celebration, such as a birthday, family reunion or baptism, feel pressured to spend more than they can afford.
According to the survey, 158 million U.S. adults will attend at least one celebration this year and the cost can be overwhelming between travel, gifts and hotels.
Ted Rossman, a senior analyst with Bankrate.com, said people realize “they can’t do it all.”
“I know a lot of 20- or 30-somethings that are invited to 8, 10 or 12 weddings this year,” Rossman told News 6. “I guess there’s always that adage, ‘Your presence is the present.’”
The survey offers an interesting generational mix with 67% of Gen Zers, 64% of millennials, 60% of baby boomers and 56% of Gen Xers on at least one wedding guest list this year.
Rossman told News 6 the balance between gifts and travel can be handled with creative spending:
- Rent an outfit instead of buying an expensive one.
- Use your credit card rewards to ease the cost of travel.
- Use your travel points to buy a gift.
- Go in on a group gift.
Finally, Rossman urges consumers to shy away from those “travel now, pay later” options that carry high interest rates.
“I would pay for it upfront if you can or use those reward points or miles to help off set the it,” he said. “You don’t want an expensive thing even (to be) more expensive by going into debt for it.”
For more information visit the following website.
If you have an financial issue email firstname.lastname@example.org or text the words “Make Ends Meet” to 407-676-7428.