The Broke Bridesmaid: 4 Quick Tips to Help Pay Off DebtAug 29, 2017
Are you a bridesmaid that needs help paying off the debt you’ve accumulated this wedding season? You’re not alone! In addition to a collection of bridesmaid’s dresses in every colour, too many weddings in one season can leave many bridesmaids with a mountain of wedding-related debt.
A recent poll shows that 20 per cent of bridesmaids spent between $500 and $999 on costs associated with being a bridesmaid (think hair, makeup, dress, accommodations, bachelorette parties etc.) in 2017. Perhaps even more surprising is the fact that 11 per cent of Canadian bridesmaids actually reported spending more than this amount.
For the “broke bridesmaid,” here are four quick and easy ways to deal with wedding-related debt and regain your financial footing.
Tip #1 Don’t lose track of your spending.
A budget is the best method for monitoring your spending which helps you avoid overspending. Use a budget worksheet or a money management app like Mint. Try an online budget calculator or read about the virtue of budgeting like this blog by Jordann Brown. Bottom line: if you learn to keep track of your spending, you’ll be better able to pay down your debt.
Tip #2 Make cutbacks where you can.
Now that you have a budget, look for opportunities to cut back spending or expenses in order to pay your debt down more quickly. For example, you may choose to use the money you normally spend each week on eating out at restaurants to put towards your debt instead. Check out this Boomer & Echo blog with 25 money saving tips.
Tip #3 Choose a debt repayment strategy that will work for you.
Did you rack up a lot of debt on your credit card in order to pay for the costs associated with being a bridesmaid? The problem with credit cards is the high interest rate attached that can make the repayment process more difficult. A debt consolidation loan can help with this. This blog about debt consolidation is a good introduction to the topic.
Tip #4 Build a bridesmaid support system
You weren’t the only bridesmaid at the wedding and it’s likely you’re not the only one who’s struggling to deal with post-wedding debt. Connect with other bridesmaids who are experiencing the same issue and swap tips. How are they paying off their debt? Connecting with others in a similar situation can help you stay motivated to reduce your debt. It also helps you to feel less alone.
How do you plan to pay off your wedding-related debt? Join the conversation and share your tips and tricks with other bridesmaids in Bowmanville using the hashtag #DebtSolutions #weddings.