If a close friend or family member is getting married it's an honor to be asked to join the wedding party. However, if your budget is tight because you're saving up for a financial goal, paying off bills or have had a recent financial reversal like the loss of a job, you might need to do some thinking before you say yes.
The costs for bridesmaids and groomsmen can include clothing, wedding and shower gifts, bachelorette or bachelor party expenses and other incidentals. Add any number of factors – more expensive dresses, a purchased tuxedo, an upscale gift registry, a destination wedding – and suddenly, the cost of standing up for a friend's wedding can rival a rent payment, or beyond.
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This article is intended to provide general information and should not be considered health, legal, tax or financial advice. It's always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.