Frugal Find Friday: No Wedding

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Rocking the whole bridesmaid thing

Disclaimer: No, I’m not engaged! I just let my snark out a bit and thought some readers might enjoy my sass about saying no wedding! 

Receiving a piece of mail that wasn’t a bill, a jury duty summons, or an offer from a credit card company used to be an exciting occasion for me. These days, it’s usually painful and expensive. Now that most bills are handled online, only two things come in the mail for millennials: birthday cards and wedding invitations. Anyone serious about saving money wouldn’t want to be responsible for the latter.

Millennials — as a generation — are in debt. This is a well-known, over-analyzed, consistently reported on fact. To be more specific, the average millennial carries about $29,400 in student loan debt, according to a New American Foundation’s Student Debt Review. That’s only $1,047 more than the average wedding budget, reported by a 2013 survey from The Knot and WeddingChannel.com.

Strictly based on the numbers, it’s fiscally irresponsible for an average millennial to have an average wedding. But let’s start at the beginning.

Read the rest over on DailyFinance!

If you’re a fan of the Stacking Benjamins podcast – which you need to be – then be sure to download today’s Short Stack or hop over to the site and hear my take on doing taxes alone or hiring a pro!

Posted in DailyFinance, Frugal Find Friday
9 comments on “Frugal Find Friday: No Wedding
  1. I certainly found it difficult to pay for our wedding, but somehow we did it without going in debt (and had a great honeymoon too!). I think cutting your other expenses while you are saving is key. I lived in a house the year or so before I got married with four other roommates and we each only had to pay $300 in rent. The fact that I had started my full-time job after college and worked full-time the last semester and summer really helped too. So I guess one way to do it is to make sure you have a good cash flow to help save for it and pay for it.
    DC @ Young Adult Money recently posted…The Weekly Quick Hits RoundupMy Profile

    • Broke Millennial says:

      Obviously a big difference here is also age. The younger you get married then the tougher it could be to have that good cash flow. But I agree, you should be able to support yourselves and have good cash flow before getting married!

  2. Setting short-term goals for a fortnightly period will allow any couple to be to save well in advance before they plan to organise their wedding.

    • Broke Millennial says:

      I’m not sure setting goals every two weeks is going to net you $28k for a wedding. But couples should certainly be on the same page about finances, openly communicating and setting goals.

  3. I have only been in two weddings and both brides were reasonable in their expectations. However, I know plenty of people who had spend thousands of dollars to be in someone’s wedding, either because of a bachelor party in Vegas or a destination wedding. Ugh.
    Holly@ClubThrifty recently posted…Should All Moms be Stay-at-Home Moms?My Profile

    • Broke Millennial says:

      I’m currently a maid of honor and the cost hasn’t been bad yet, but the wedding is in Texas and the bridal shower is in upstate New York so I’ve traveling for all the events.

  4. Eric says:

    What a timely post, I am getting married in a little over two months!

    I am in a lucky situation where the bride’s family had saved up for her wedding and we only need to pay for our honeymoon and some incidentals. I have seen some of those wedding shows where people spend more than they make in a year on their wedding. That is crazy to me!
    Eric recently posted…How to Be Smart With New Credit CardsMy Profile

    • Broke Millennial says:

      Congrats! The brides parents saving up is exactly why I won’t want to splurge on a wedding. I already know my parents will say here is XX sum of money. You can elope and pocket it all or spend every last dime on a wedding. Your call! We can all guess which I’d prefer…

  5. My fiancé is thinking about purchasing a wedding gown from the website: 58bridesmaid.com . I was wondering if there is anyone who has used their website and if they were satisfied or dissatisfied. We have tried researching online for reviews and couldn’t find anything negative…. Or positive. Any information you can give us about this site would be helpful! Thank you.”

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