Click here to close now.


News Feed Item

Have your wedding cake and eat it too: Wedding attendance on a budget

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: TD Canada Trust is the Canadian retail bank of TD Bank Group, the sixth largest bank in North America.

SOURCE TD Canada Trust

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Between the compelling mockups and specs produced by analysts, and resulting applications built by developers, there exists a gulf where projects fail, costs spiral, and applications disappoint. Methodologies like Agile attempt to address this with intensified communication, with partial success but many limitations. In his session at DevOps Summit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, will present a revolutionary model enabled by new technologies. Learn how busine...
Today’s connected world is moving from devices towards things, what this means is that by using increasingly low cost sensors embedded in devices we can create many new use cases. These span across use cases in cities, vehicles, home, offices, factories, retail environments, worksites, health, logistics, and health. These use cases rely on ubiquitous connectivity and generate massive amounts of data at scale. These technologies enable new business opportunities, ways to optimize and automate, al...
Manufacturing has widely adopted standardized and automated processes to create designs, build them, and maintain them through their life cycle. However, many modern manufacturing systems go beyond mechanized workflows to introduce empowered workers, flexible collaboration, and rapid iteration. Such behaviors also characterize open source software development and are at the heart of DevOps culture, processes, and tooling.
Chris Van Tuin, Chief Technologist for the Western US at Red Hat, has over 20 years of experience in IT and Software. Since joining Red Hat in 2005, he has been architecting solutions for strategic customers and partners with a focus on emerging technologies including IaaS, PaaS, and DevOps. He started his career at Intel in IT and Managed Hosting followed by leadership roles in services and sales engineering at Loudcloud and Linux startups.
The IoT market is on track to hit $7.1 trillion in 2020. The reality is that only a handful of companies are ready for this massive demand. There are a lot of barriers, paint points, traps, and hidden roadblocks. How can we deal with these issues and challenges? The paradigm has changed. Old-style ad-hoc trial-and-error ways will certainly lead you to the dead end. What is mandatory is an overarching and adaptive approach to effectively handle the rapid changes and exponential growth.
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. Migration to cloud shifts computing resources from your data center, which can yield significant advantages provided that the cloud vendor an offer enterprise-grade quality for your application.
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
The APN DevOps Competency highlights APN Partners who demonstrate deep capabilities delivering continuous integration, continuous delivery, and configuration management. They help customers transform their business to be more efficient and agile by leveraging the AWS platform and DevOps principles.
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Containers are changing the security landscape for software development and deployment. As with any security solutions, security approaches that work for developers, operations personnel and security professionals is a requirement. In his session at @DevOpsSummit, Kevin Gilpin, CTO and Co-Founder of Conjur, will discuss various security considerations for container-based infrastructure and related DevOps workflows.
As-a-service models offer huge opportunities, but also complicate security. It may seem that the easiest way to migrate to a new architectural model is to let others, experts in their field, do the work. This has given rise to many as-a-service models throughout the industry and across the entire technology stack, from software to infrastructure. While this has unlocked huge opportunities to accelerate the deployment of new capabilities or increase economic efficiencies within an organization, i...
In his session at DevOps Summit, Bryan Cantrill, CTO at Joyent, will demonstrate a third path: containers on multi-tenant bare metal that maximizes performance, security, and networking connectivity.
There are so many tools and techniques for data analytics that even for a data scientist the choices, possible systems, and even the types of data can be daunting. In his session at @ThingsExpo, Chris Harrold, Global CTO for Big Data Solutions for EMC Corporation, will show how to perform a simple, but meaningful analysis of social sentiment data using freely available tools that take only minutes to download and install. Participants will get the download information, scripts, and complete en...
Containers are revolutionizing the way we deploy and maintain our infrastructures, but monitoring and troubleshooting in a containerized environment can still be painful and impractical. Understanding even basic resource usage is difficult - let alone tracking network connections or malicious activity. In his session at DevOps Summit, Gianluca Borello, Sr. Software Engineer at Sysdig, will cover the current state of the art for container monitoring and visibility, including pros / cons and li...
IT data is typically silo'd by the various tools in place. Unifying all the log, metric and event data in one analytics platform stops finger pointing and provides the end-to-end correlation. Logs, metrics and custom event data can be joined to tell the holistic story of your software and operations. For example, users can correlate code deploys to system performance to application error codes.