I have read close to 500 books on personal finance and investing. I’ve written two books on that very subject. But never have I come across the piece of advice I am about to give you now. It wasn’t it any of the books I read. It was never told to me but any of the money management experts I interviewed. You won’t even find this piece of advice in my books.
The advice is to save money for other peoples’ weddings. I’d say I’ve blown an easy 10 grand on other peoples’ weddings. I mean ya add the bachelor parties (from what I can remember) the tux rental if I was drafted to be in the wedding party (and I deliberately choose the word drafted) the airfare and hotels for destination weddings (those are brutal on the old wallet) and the gift (the cheap ones are always the first to go off the registry) I easily spent $10,000. Women have it worse with dress purchases and the bridal shower. (BTW someone write me back and tell me the TRUE difference between a bridal shower and bachelorette party. Can’t we just combine them?)
But I never budgeted for a dime of it. I knew to save for the big things like a car, a house, my retirement and perhaps my own wedding (though if Ivanka Trump ever returns my calls I won’t have to worry about that.) But I never thought of saving for another person’s wedding. Just one wedding is a small purchase so perhaps that is why you don’t think of it. But add them all together and throw in a few Vegas bachelorette/bachelor parties and you’re spending a BMW lease payment every month on weddings (that are not yours!)
So if you are in late 20’s and early 30’s you want to put a little aside in the budget for other people’s perfect day, not just your own. And perhaps part of that budget plan includes turning down a few offers.