Welcome!

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: 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

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
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Akana has announced the availability of version 8 of its API Management solution. The Akana Platform provides an end-to-end API Management solution for designing, implementing, securing, managing, monitoring, and publishing APIs. It is available as a SaaS platform, on-premises, and as a hybrid deployment. Version 8 introduces a lot of new functionality, all aimed at offering customers the richest API Management capabilities in a way that is easier than ever for API and app developers to use.
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
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...
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.