Weddings costing guests big in 2023

Here's how guests (and newlyweds) can save [  Advertiser disclosure]( [View in browser  ]( [Bankrate®]( If you or someone you know is getting hitched this year, start budgeting. Inflation is hitting hard for both sides of the aisle, whether you're the one getting married or a guest. Whatever your situation is, a wedding shouldn't put you in dire financial straits. Read on to learn about 2023's biggest wedding costs -- and how you can save on them. 2023's wedding guest sticker shock Four weddings and a funeral (for my bank account) [alt goes here]( If you're a wedding guest in 2023, prepare for some sticker shock. Over one in four (27 percent) U.S. adults are attending a wedding this year, and with costs like travel, attire and accommodations still high with inflation, it's going to cost guests more than ever. Here are the [key stats]( from Bankrate's 2023 wedding guest survey. The big numbers: • Wedding guests can expect to spend $611 per wedding this year, with [travel and accommodations taking the lion's share]( in the cost breakdown ($456 on average). Gifts ($321) and grooming and attire ($274) are the other biggest cost factors for wedding attendees. • Some demographics are spending more than others. Men spend more on weddings than women in all categories, forking over $174 more than women on average. Gen Zs are also big [wedding guest spenders]( planning to spend an average of $1,211 on wedding costs and outpacing millennials, Gen Xers and baby boomers on their attire and grooming costs ($214 per wedding). • Rising costs are impacting how guests are handling their money. According to Bankrate, 38 percent of guests have [set money aside]( for wedding attendance costs this year, and 36 percent are being more conservative with their spending. The big impact: While weddings are a time for celebration, both guests and engaged couples are feeling the financial pressure. Over one in five (21 percent) survey respondents said they were [feeling a strain]( on their budgets or were feeling pressured to spend more than they were comfortable with. Nearly one in five (18 percent) said they were even taking on credit card debt in order to attend a wedding, which can be extra stressful with rising debt rates. Where do we go from here? Whether you're planning or attending one, a wedding shouldn't break the bank for you or your guests. Learn more about how 2023 is shaping up for wedding costs – and how you can celebrate and give gifts and while [managing your budget](. Ted’s take “People talk a lot about how expensive it is to organize a wedding — and it is — but sometimes the cost of attending is understated. It can really add up, especially if you’re invited to multiple weddings in a given year.” [Ted Rossman, Bankrate Senior Industry Analyst]( Three big wedding saving hacks Because the wedding tax hits hard [alt goes here]( Inflation is hitting everything from dresses to florals to venue costs, making 2023 weddings pricier than ever. With 60 percent of couples in 2022 having to increase their budget to adjust for price hikes, finding ways to save is crucial. Here are Bankrate's top three wedding hacks for [making the most]( out of your wedding fund. Quick bite: If you're getting married in New Jersey, prepare to shell out -- the average wedding costs $51,000 in the Garden State. Utah weddings, on the other hand, cost only $16,000. Find out where [your state lines up](. [Read article]( Quiz: When you get married, how are your student loans impacted? A. Marriage doesn't impact student loans. B. Your income-driven repayment plan may increase. C. Your student loan interest deduction on your taxes may increase. D.   B and C. Check out the answer at the end of this week’s edition! Six ways to gift money to a wedding couple No singing telegrams required [alt goes here]( Cash is becoming a popular gift to give to the happy couple -- especially if they're prioritizing a down payment on a house over getting a new toaster. Cash or a check in an envelope isn't the only way you can give money to the newlyweds. Here are six other ways you can [make your money gift extra special](. Quick bite: Gift cash is not taxable up to $17,000, according to the IRS. If you plan on gifting more, or gifting stocks or a certified deposit, you might want to double-check the tax implications. [Learn more]( about them here. [Read article]( Quick tips for wedding couples Wedding planning isn't just about picking the perfect outfit or venue. Here are the four key financial steps [couples need to take]( before getting hitched. Don't have enough cash for your wedding? A wedding loan might be for you. [Find out more here](. Credit cards can help you save on your Big Day costs. [Here's how](. Did you know? If you're gifting a down payment for a wedding, you might want to [include a gift letter]( to the recipients. Gift letters let the bank know where the money's come from, and can keep the homebuyer in the clear for a mortgage qualification. Six ways to make the most out of wedding gift cash Pro tip: Don't keep it under your mattress [alt goes here]( If you're a newlywed couple and you find yourself with a sizable pile of gift money, it might be tempting to blow it all on the honeymoon. However, if you have debt, an empty emergency fund or are on the hunt for a house, there are better places to park your funds. Here are six places to [put your new nest egg]( for maximum benefit. Quick bite: More couples are requesting cash over traditional gifts. 2022 saw a ten percent rise from 2021 in cash funds. [Find out where]( they're putting their money. [Read article]( Quiz answer: D. When you marry, you and your spouse's income are considered for income-driven repayment and student loan interest deductions on your yearly taxes. This means you might have to pay more each month, and may qualify for a higher deduction -- though, of course, it depends on your circumstances. Learn how tying the knot [affects your student loans here](. Getty Image illustrations are used for editorial purposes in this newsletter. Below is credit to contributors: • Hinterhaus Productions/Getty Images • marchmeena29/Getty Images • Daniel Grill/Getty Images • Manu Vega/Getty Images [fb]( [insta]( [in]( [tw]( [yt]( [tiktok]( © 2023 Bankrate, LLC. All Rights Reserved. Bankrate, LLC • 16 45 Palm Beach Lakes Boul evard • Su ite 12 00 • West Palm Beach, FL 33401 You received this update at {EMAIL} because you have a Bankrate account. You may unsubscribe from this email [here](. View our [privacy policy](.