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EP031 True Cost of Being a Wedding Guest

Young Money with Tracey Bissett

Release Date: 05/08/2018

EP322 Fifth Annual Worry Poll Results with Scotiabank show art EP322 Fifth Annual Worry Poll Results with Scotiabank

Young Money with Tracey Bissett

Are Canadians' financial concerns keeping them up at night? In this episode, we're joined by Kingsley Chak, Senior Vice President at Scotiabank, to delve into the anxieties and hopes shaping the financial landscape in Canada today, as revealed by the fifth annual Worry Poll. This discussion sheds light on the pressing financial issues that Canadians face—from spending concerns to debt management—and highlights the proactive measures being adopted, particularly by the youth, to forge a path toward financial stability. "You're not alone. What you're thinking, what you're feeling—a lot of...

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Today we're diving into the untapped world of financial wisdom on TikTok as Shannon Terrell, lead writer at NerdWallet Canada, shares the truths and myths surrounding popular financial advice. Shannon sheds light on crucial financial insights shaping the digital landscape, from purchase protection to the mysteries of credit card skimmer scams. With Canadians increasingly relying on TikTok for financial advice, this episode offers tips to navigate the complexities of credit cards and personal finance. Listen in to hear about the nuances of credit utilization ratios, the intricacies of credit...

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Young Money with Tracey Bissett

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Young Money with Tracey Bissett

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Young Money with Tracey Bissett

As we step into the new year, it's the perfect time to get motivated and inspired about our financial fitness. In this episode, I draw parallels between physical and financial fitness, illustrating how both exist on a spectrum from beginners to experts. Dive into the three key elements of the Bissett Financial Fitness Framework: cash flow, savings, and debt management. Just like physical fitness—where cardio, strength training, and lifestyle choices play crucial roles—these financial elements are essential for a balanced and healthy financial life. Whether you're just starting to learn...

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Young Money with Tracey Bissett

What are you grateful for? Reflecting on this question is the first step toward integrating gratitude into your life. Whether through mindful observation, expressions of thanks, or keeping a gratitude journal, the possibilities are endless. In this episode, I will be going over several ways to practice gratitude when you may not be feeling so grateful. Incorporating gratitude into your daily routine doesn't require extensive time; even a few minutes each day can significantly impact you. As we explore the power of gratitude, remember that expressing thanks for your financial fitness is equally...

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EP314 Celebrating 6 Years of Young Money show art EP314 Celebrating 6 Years of Young Money

Young Money with Tracey Bissett

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EP313 Canadian Holiday Spending Outlook with Myles Gooding, PwC show art EP313 Canadian Holiday Spending Outlook with Myles Gooding, PwC

Young Money with Tracey Bissett

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More Episodes

Spring is in the air - and that means wedding season is quickly approaching. While weddings are a joyful celebration of two people sharing nuptials and promising to love each other forever, attending a wedding can often leave you feeling surprised by the financial expense. Being a guest at a wedding can often be more expensive than you think! This cost is magnified if you are invited to several weddings in a year.

On today’s episode, I discuss the true cost of being a wedding guest and how close your relationship is to the people getting married can directly impact the amount of money you might be willing or feel the need to spend. I explain how these expenses can quickly add up, what to consider when RSVPing to attend a wedding, and tips on how you can be a financially fit wedding guest - without breaking the bank.

 

“The cost of attending a wedding rises directly in proportion with how close you are to the people getting married.” - Tracey Bissett

 

This Week on Young Money:

  • Average spending to attend a distant versus close family member's or friend's wedding.
  • The average amount spent by wedding party members.
  • Why nearly 40% of wedding invitees opt-out of attending a wedding.
  • Total average wedding expenses.
  • How much is considered an average acceptable wedding gift?
  • Average expenses associated with secondary parties like engagement parties, bachelor and bachelorette parties.
  • Why at times your presence at the wedding may be more important than any wedding presents.

 

Young Money’s Top 5 Tips for Being a Financially Fit Wedding Guest:

  1. Make a budget and start saving when news of the engagement comes out.
  2. Reuse, rewear, rent, or borrow your attire.
  3. Investigate for lower travel costs. Set up price alerts.
  4. Be creative with wedding gifts.
  5. When in doubt - opt out.

 

 

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Thanks for tuning into the Young Money Podcast - the advice show for young millionaires-in-the-making! If you enjoyed this week’s episode, head over to iTunes and leave us a rating and review. Don’t forget to share your favorite episodes on social media!

 

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