The cost of being there: budget for your friend's celebrations
Life Kit: Money
Deep Dive
What percentage of respondents in the Achieve survey said celebrating others' big life moments interfered with their financial well-being?
75% of respondents said celebrating others' big life moments interfered with their financial well-being.
How much does the average wedding guest spend, according to The Knot?
The average cost for a wedding guest in 2023 was around $580, including travel, accommodation, attire, and wedding gifts.
What is the average cost of being a bridesmaid?
The average cost of being a bridesmaid is around $1,900, according to data from The Knot.
What is 'loud budgeting,' and how can it help with financial planning?
Loud budgeting is sharing your financial goals with friends and family, inviting them into your budgeting process. It helps by reducing shame, increasing awareness, and supporting financial goals. For example, declining an expensive dinner by explaining you're saving for a car and suggesting a cheaper alternative.
What advice does etiquette expert Micah Meyer give about declining a wedding invitation?
Micah Meyer advises letting the host know as soon as possible if you can't attend, as they may have a second or third invite list. She also suggests sending a wedding gift, even if you're not attending, and emphasizes that sentimental gifts are acceptable.
What are some ways to reduce costs when attending milestone events?
To reduce costs, you can collaborate with friends on gifts, share lodging or transportation, opt out of certain activities, or stay at a cheaper place. Being upfront about your budget constraints and negotiating with the group can also help.
What does Jasmine Ramirez Ibibuchi say about the role of social media in escalating event costs?
Jasmine Ramirez Ibibuchi says social media has expanded the scope of social events and intensified the 'keeping up with the Joneses' phenomenon. It creates pressure to spend more, as people compare their events to others' lavish celebrations, leading to higher expectations and costs.
What is the average cost of a child's birthday party, and how has it changed?
The average cost of a child's birthday party has risen to $314, reflecting the trend of milestone events becoming more expensive.
What does Chidozie Zibabuchi recommend for financial planning around group events?
Chidozie Zibabuchi recommends planning costs ahead and setting clear expectations for group events. For example, if inviting someone to be a groomsman, provide a breakdown of expected costs for attire, events, and travel, and allow them to decline if it doesn't fit their budget.
What is the key takeaway about balancing financial constraints and attending milestone events?
The key takeaway is to embrace the season you're in—whether it's a season for spending or saving. Friendships are about showing up for each other in meaningful ways, not just spending money on events. It's okay to say no to events that strain your budget and focus on alternative ways to show love and support.
- The average cost for a wedding guest in 2023 was around $580.
- The average cost of being a bridesmaid was around $1,900.
- Social media amplifies pressure to spend more on celebrations.
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