Weddings are always a joyous and beautiful celebration, no matter how well you know the couple. However, even if your food and drinks are provided on the day, it can still be a costly event by the time you find an outfit, organise transport and most importantly, buy the wedding gift.
If you’re not sure how much to spend on a wedding gift, there are sure-fire ways to work this out. This guide will help you find a wedding present that’s just the right price.
Tradition
Starting with tradition, it’s very common to use the average cost per head for food and drinks to work out how much cash you’ll need for a wedding gift. According to the 2020 Australian Wedding Industry Report, the current average wedding catering cost is $9,891. So, if you know there are 100 guests attending the wedding, you can safely estimate your cost per head at just under $100.
Attendance
Flying to Bali for your cousin Joe’s wedding? You may need to pay a pretty penny just to get to the wedding. Reported by WorldFirst, 59% of couples feel that getting all their friends and family to the wedding is the biggest challenge on the day, and this is especially true when it comes to destination weddings.
Considering the cost of flights and accommodation, attending a destination wedding could end up costing thousands. Consider these costs when purchasing a wedding gift for the happy couple. If you’re paying your own way to the wedding, your presence may be the ultimate gift.
Relationship
Deciding how much to spend on a wedding gift is generally determined by your relationship with the person or in this case, couple. How well do you know the bride and groom? Are they your oldest childhood friends? Or a friendly office acquaintance who invited the whole team to their wedding? This will determine the amount you’re advised to spend.
What Can You Afford?
Without thinking about anybody else, we suggest asking yourself (and answering truthfully) how much you can realistically afford. Everybody has a budget for discretionary spending and using this as a guide will help you set a maximum price.
No matter how badly you want to buy the bride and groom something amazing, they wouldn’t want you to go broke just to get them a gift.
Wedding Gift Ideas
So, you’ve decided how much cash you have for a wedding gift and now you need to spend it. Here are a couple of popular options:
Wishing Well
Some couples have a wishing well at their wedding which is like a donation box used to collect money on the day. Instead of buying a wedding gift, you could just donate to the wishing well.
Gift Registry
It’s become popular for couples to send guests their online gift registry, where they can choose from a selected range of gifts to buy or pay a portion of. In doing so, the newlyweds will receive a gift they really want, or something more extravagant which was bought collectively by several guests.
Group Gifts
Contributing to a group gift is an excellent way to spend your money and make sure the couple receives something of value, such as this artisanal (retailing for $899, with free engraving).
What If You Can’t Attend the Wedding?
You may not be able to attend the wedding due to clashing schedules or from a purely financial standpoint. If this is the case, it’s still customary to send a wedding gift if you know the couple well.
Other Considerations
Sometimes the age of the couple can determine the cost of their wedding gift. Previously, it’s been found that from their guests because they may already be established with a house and all the furnishings. It may also be their second marriage.
As you can see, there are lots of helpful tips to determine how much to spend on a wedding gift. Regardless of your selection, you’ll probably find that the best gift you can give the newlyweds is your presence on their special day!
Disclaimer: Please be aware that Cigno Loans’ articles do not replace advice from an accountant or financial advisor. All information provided is intended to be used as a guide only, as it does not take into account your personal financial situation or needs. If you require assistance, it is recommended that you consult a licensed financial or tax advisor.