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Wedding season may be drawing to a close, but many of us will still have a few autumn nuptials to attend – and given how much it costs to be a wedding guest, they could be quickly draining the bank balance.
Research from Policy Expert shows that wedding guests shell out an average of £348 for each wedding they attend, and given that over 250,000 weddings take place each year (according to the ONS), it means guests collectively spend a whopping £87 million watching their loved ones tie the knot.
It adds up on an individual basis, too; that £348 comprises everything from gifts and new clothes to accommodation for the day (or weekend) itself, and with the average Brit attending two weddings a year, it tots up to almost £700 a year.
The research found that guests spend an average of £61 on gifts, while 35% even buy engagement presents, starting the spending long before the big day. Then there are stag and hen parties, which cost an average of £200, and that's before we even get to the expense of a new outfit or hotel stay.
Indeed, the sheer costs involved mean that 19% of respondents spend more than £500 per wedding, while 7% splurge over £1,000 a time, which can seriously eat into your savings. So make sure you've got the right savings account to suit!
These work in much the same way as an easy access account in that you can add and withdraw money at will, but just make sure you can meet the criteria, such as minimum monthly funding amounts and direct debit requirements.
Think about how you actually pay for all that wedding-related expenditure, too. Putting it on a cashback or reward credit card, for example, could be ideal – you'll be getting something back from all your spending, which could be put to great use later on. Just make sure that your credit score is up to scratch, and that you can afford to repay the balance in full when the statement arrives, otherwise interest payments will only add to the gift bill.
It isn't only guests who need to think of the cost of gifts, however, as Adam Powell, head of Operations at Policy Expert, commented: "If you or a family member is set to walk down the aisle this year, it's important to remember to check that gifts received from generous guests, as well as wedding rings and other valuables, are covered in your home insurance policy.
"With the average gift costing in the region of £60, even a modest wedding could bestow you with gifts worth hundreds if not thousands of pounds."
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