Groomsmen: How to Help with a Wedding and Avoid DebtAug 30, 2017
So you’ve been asked to be a groomsman in a wedding. How do you help your friends or family celebrate without going into debt to do it?
The cost of being a groomsman might surprise you. According to a recent survey, you’ll spend, on average, between $400 and $3,000 depending on the level of glitz your group opts for. Consider some of your possible expenses:
- Bachelor party organization and attendance
- Other pre- and post-wedding parties
- Tux and shoe rental and cleaning
- Transportation and hotels for the big day
- Wedding gift
Ouch. If you’re a groomsman with a tight budget that is not necessarily good news.
How to help stay on budget and avoid debt
The good news: you can still participate in the fun and protect your finances at the same time. Here are a few tips:
Remember your debt priorities. Chances are good you already have debts that you’re focused on paying down…your student loan debt, line of credit, vehicle loan or mortgage already take a bite out of your budget. It won’t help your finances in the long run if you add to your existing debt with groomsmen debt.
Avoid using your credit card. The high interest rate attached to your credit card will make every wedding expense more expensive if you don’t pay off your balance within a month or two.
If you can avoid it, don’t use your credit card. If you must use it, pay off your balance ASAP. Otherwise, you might find yourself in need of debt help after the wedding.
Can’t pay off your credit card? Debt consolidation is an option, especially if you have multiple debts with high interest rates.
Create a wedding fund. It might seem odd to have a wedding savings fund when it’s not your wedding. But saving for a specific event — whether it’s a vacation, a car purchase, or groomsman duties — can help you focus and achieve your goals.
If you have sufficient notice before the wedding, a little money set aside each month can go a long way. Offset your groomsman costs by sacrificing a small amount of entertainment or social spending, weekly or monthly.
Focus on making more money. Taking on freelance work or moonlighting for a short time can pad your groomsman fund nicely — and prepare your budget for an over-the-top expense or two, like these bachelor party ideas.
The bottom line: A dedicated savings plan can help you avoid groomsman debt. The more you save now, the more you’ll be able to enjoy the wedding festivities with no financial stress.
Have you budgeted to be a groomsman in a wedding? Tell us on Twitter. #DebtSolutions #Weddings