|By PR Newswire||
|April 2, 2014 08:15 AM EDT|
TD advises how to stay in love with your budget, even with wedding-related expenses
TORONTO, April 2, 2014 /CNW/ - Celebrating the union of a happy couple is a joyous occasion, but for guests, wedding-related expenses can quickly add up as the big day approaches. Guests have requisite wedding showers, stag nights, rehearsal parties, wedding gifts, outfits, potentially travel and accommodations if a destination wedding, to budget for. A recent TD survey found four in ten Canadians expect to attend at least one wedding this year, and one in seven will attend as a member of the wedding party, which can put added stress on the wallet and leave many navigating awkward social pressures to go 'all out'.
According to the TD survey, one in five people attending weddings this year say they are not well prepared for the associated costs and expect them to be a considerable drain on their household budget. Almost half of those attending a wedding this year expect to spend between $100 and $500, but one in eight said they plan to spend more than $1,000, a figure that jumps to one in four if someone is a member of the wedding party.
"Rest assured, with some advance planning and smart strategies, it's possible to navigate the pressures of wedding season without blowing the budget," said Raymond Chun, Senior Vice President of Everyday Banking at TD. "Weddings are one of life's biggest milestones, and celebrating with family and friends is important, but that doesn't mean good financial habits have to fly out the window once an invite is accepted."
To keep costs manageable, Chun suggests reviewing your budget as soon as the wedding invitation arrives. Think about how much it will cost to attend, especially if the wedding involves travelling to a destination, and whether the spend fits within the budget before committing to attend. Then, identify what the comfortable spend is on the other associated costs like gifts, parties, travel and attire.
"Armed with this information, work backwards to put together a savings plan," said Chun. "If the wedding takes place in six months, setting aside $16 a week can be easier than trying to come up with $400 overnight."
Etiquette expert Louise Fox agrees that planning goes a long way in making the wedding season both affordable and enjoyable, especially when it comes to gift giving.
"There is no general rule around what one should spend on a gift, so there shouldn't be any pressure to spend more than you can afford," said Fox. "You may be inclined to spend more on a close friend or relative than on a couple you've only known a short time, but it is up to the guest to determine what is appropriate based on the nature of the relationship. Remember that this special day is to celebrate the union and future life together of the couple and the gift is an expression of a guest's best wishes for them."
For expenses such as gifts and sometimes even travel, Chun suggests that redeeming points collected through a reward credit card can help off-set at least some of the travel or wedding gift costs.
"Depending on the reward program of your credit card, travel rewards or cash back rebates can help cover costs associated with gifts, flights, hotels and car rentals," said Chun. "If that's a benefit of your credit card, it's a good idea to use your credit card for all your everyday purchases to help the rewards accumulate more quickly. Just remember to pay off the balance in full on or before the due date to avoid interest charges on your purchases."
Sometimes, an honest assessment of the costs involved in attending a wedding may mean declining the invitation. The TD survey showed that 17 per cent have made up an excuse to decline a wedding invitation because they couldn't afford to attend, but that figure jumped to 24 per cent among those who had been asked to be in a wedding party this year.
"It's not impolite to decline a wedding invitation as long as you don't wait until the last minute," said Fox. "If you are going to celebrate the new couple's life together, you can do so in ways other than attending the wedding. If you wish to still acknowledge the big day, sending flowers to the wedding venue or a congratulatory card is always appreciated."
About the TD Canada Trust Affordable Wedding Season Poll
TD Canada Trust commissioned Environics Research Group to conduct an online custom survey of 6,015 Canadians aged 18 years and older. Responses were collected between February 11 and 25, 2014.
About TD Canada Trust
TD Canada Trust offers personal and business banking to more than 11.5 million customers. We provide a wide range of products and services from chequing and savings accounts, to credit cards, mortgages and business banking, to credit protection and travel medical insurance, as well as advice on managing everyday finances. TD Canada Trust makes banking comfortable with award-winning service and convenience through 24/7 mobile, internet, telephone and ATM banking, as well as in over 1,100 branches, with convenient hours to serve customers better. For more information, please visit: www.tdcanadatrust.com. TD Canada Trust is the Canadian retail bank of TD Bank Group, the sixth largest bank in North America.
SOURCE TD Canada Trust
Digital innovation is the next big wave of business transformation based on digital technologies of which IoT and Big Data are key components, For example: Business boundary innovation is a challenge to excavate third-party business value using IoT and BigData, like Nest Business structure innovation may propose re-building business structure from scratch, as Uber does in the taxicab industry The social model innovation is also a big challenge to the new social architecture with the design fr...
Oct. 1, 2016 06:15 PM EDT Reads: 1,400
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
Oct. 1, 2016 05:45 PM EDT Reads: 1,859
24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to connect your brand strategy with the right consumer. 24Notion ranked #12 on Corporate Social Responsibility - Book of List.
Oct. 1, 2016 05:15 PM EDT Reads: 675
Whether they’re located in a public, private, or hybrid cloud environment, cloud technologies are constantly evolving. While the innovation is exciting, the end mission of delivering business value and rapidly producing incremental product features is paramount. In his session at @DevOpsSummit at 19th Cloud Expo, Kiran Chitturi, CTO Architect at Sungard AS, will discuss DevOps culture, its evolution of frameworks and technologies, and how it is achieving maturity. He will also cover various st...
Oct. 1, 2016 05:00 PM EDT Reads: 2,055
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Oct. 1, 2016 04:30 PM EDT Reads: 1,321
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Oct. 1, 2016 04:00 PM EDT Reads: 3,737
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, will discuss how VPaaS enables you to move fast, creating scalable video experiences that reach your ...
Oct. 1, 2016 04:00 PM EDT Reads: 1,309
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...
Oct. 1, 2016 03:45 PM EDT Reads: 610
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
Oct. 1, 2016 03:30 PM EDT Reads: 1,768
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Oct. 1, 2016 03:30 PM EDT Reads: 1,202
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
Oct. 1, 2016 03:15 PM EDT Reads: 2,561
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Oct. 1, 2016 03:00 PM EDT Reads: 3,073
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
Oct. 1, 2016 01:30 PM EDT Reads: 879
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Oct. 1, 2016 01:00 PM EDT Reads: 5,194