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Financial Analyst explains how anyone can manage the burden of expenses as a wedding guest

She criticizes the extravagant wedding culture, highlighting the significant expenses guests have to bear, including travel and gifts.

Financial Analyst explains how anyone can manage the burden of expenses as a wedding guest
Cover Image Source: TikTok | @breakyourbudget

The wedding might be one of the most joyous events for the bride and groom, but that is not necessarily the case for everyone attending the event. The guests have to think about a lot, from traveling to choosing an appropriate gift. They have to invest their energies into something that is not exactly the 'happiest' day of their life. Financial analyst Michela Allocca—who goes by @breakyourbudget on TikTok—questions this practice and gives tips to people on how not to get broke during the wedding season. Her advice has resonated with many, as the video has garnered over 600,000 views.

Image Source: TikTok/ Photo by @breakyourbudget
Image Source: TikTok | @breakyourbudget

Allocca begins the video by criticizing the pressure put on wedding guests. She says, "I think wedding culture and bachelorette culture are completely out of control. I always say, 'Your wedding is not the best day of my life.' Some people might think that that's harsh, but I'm not spending thousands of dollars to go to a wedding."

The amount of money spent by guests to attend the wedding is indeed heavy on the pocket, as revealed by a 2017 WeddingWire study. This study showcases that the expenditure done by bridesmaids is almost $1,800 for attending a particular wedding. This amount, when adjusted to inflation, can go over $2,200 in 2023.

Image Source: TikTok/ Photo by @breakyourbudget
Image Source: TikTok | @breakyourbudget

In the video, Allocca provides some advice to manage expenditures during wedding seasons. Her first suggestion is that if the person getting married is not an individual's best friend, then they should just book one flight. The advice might be useful for many people as domestic flights currently cost around $300, according to Bankrate. The limitation on the number of flights a guest is willing to take will help regulate the money going into this function. Later, she shares that she puts her wedding budget into a high-yield savings account. She said, "Every month, I'm putting $100 to $200 away in a high-yield savings account for this purpose."

The high-yield savings account is a scheme in which deposits garner a much higher interest rate. The interest rate is 4% higher in comparison to the national average. These suggestions are essential, especially in the present, due to one of the biggest economic downturns the world is facing, as reported by the IMF. The financial analyst's suggestions were received positively by the comment section, who also expressed their disappointment at having to spend at an event that is not personally important to them.

Image Source: TikTok/ Photo by @racheljeenie
Image Source: TikTok

 

Image Source: TikTok/ Photo by @precious_jules
Image Source: TikTok

TikTok usee @weak4tea shared her own frustrations as a maid of honor, "I'm currently a MOH and I can tell you it's hard not to be resentful when you've been asked to spend thousands of dollars on someone else's wedding." @btenenbaum demands a change in expectations and comments, "Unpopular opinion apparently people coming to your wedding is your wedding gift, anything else they give you shouldn't be expected. People are spending." @rachelmarkwiese brings up another pertinent point that the effort might not be returned and wrote, "And once you're the last one to get married and all these women have settled or had babies, they will not show up for you the same way."

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