It's Wedding Season, Kid

So much bliss

If you’re like us, the last few years have been punctuated by weddings, bridal/baby showers, and bachelor/ette parties. All of these come with a dollar sign affixed to them, whether it's gifts, plane tickets, or tuxes and dresses. Bask in consumerism.

There’s no sign of relief either: according to the Wedding Report, there will be an estimated 2.5 million weddings in 2022, which is the most the U.S. has seen since 1984. That staggering figure reflects pent-up demand after the COVID-19 pandemic delayed or outright canceled many planned weddings.

The pandemic changed a lot of things in the world. Here’s hoping 2022 finally spells the death of Cha-Cha-Slide and I Corinthians as wedding staples. Because after 2.5 million weddings, we won’t be feeling patient, or kind, and we will be keeping records of everyone who messed up a dance that literally contains the instructions in the lyrics.

While the cost to attend a wedding depends a lot on where you live, a thorough analysis of the top Google result found the average cost to attend a wedding is $728, a figure that doesn’t account for travel. So, call it $1,000 to attend per wedding per person. 

One thousand bucks per person isn’t an insignificant amount of money, but it should be manageable for most post-college professionals, right? Use the credit card, grab dem points, repay yourself from the savings account before interest hits – easy, right?

Apparently not so much:

A 2019 study by Credit Karma found:

“Millennials are most prone to rack up debt as wedding guests, with 35% of millennial respondents having gone into debt to attend a bachelor or bachelorette party and 30% having gone into debt to attend a wedding. Gen Z takes the debt cake when it comes to their wedding day, with nearly two-fifths (38%) of Gen Z respondents having gone into debt to finance their nuptials.”

The oldest Millennial is in their 40s, remember. Have we learned nothing people?! Why are people still borrowing money to attend other people’s weddings? 

First, because it’s fun to pop bottles with your friends, family, and crazy Uncle Mike. 

So, once the hangover subsides and you’re staring at the balance on your credit card that you know you can’t pay off in one month’s time, what do you do? 

Option 1: Pay the Minimum. This option is a terrible one. Do not do this. The payment is so small that it will take years to pay off, and the cost of rolling the balance over each month will add up to effectively doubling whatever you borrowed. Avoid.

Option 2: Pay as Much as Possible. Not optimal if you can’t cover the whole balance, but way better than option one. To make this work, you need to know how much you’re spending and what you can reasonably squeeze out of your income each month. 

Now, the math would tell you to freeze all other retirement account contributions until your card balance is paid off. In our view, the play here is to keep any advantaged money (like matched 401(k) contributions) on and pause everything else.

Option 3: Split the Difference. This option may be the best route for those who get a panic attack if they don’t have a certain balance in cash. In this route, you pause non-advantaged contributions, squeeze as much cash as you can out of your income each month, and then split whatever that figure is between savings and credit repayment. 

We are obligated to point out that this is not mathematically optimal, but it can be psychologically reassuring. It will lengthen your repayment period and add interest, but we still say ‘do it’ if it helps you sleep at night. 

Option 4: Split the Country. A host of countries do not have extradition policies with the United States, including Vietnam and the Maldives. In this option, spend to your heart’s content, push whatever cash you have into your cryptocurrency of choice, and book a one-way flight. An excessive way to avoid paying for a wedding, but on the table, nonetheless.¹ 

What’s the Upside?

It’s okay to have fun, particularly if it means participating in an experience you know will be worthwhile. Big events, even for others, have their own serendipity you can’t replicate on a Zoom call. Now is the time to do these sorts of things. 

And you don’t have to go thousands of dollars into debt to do it. A little time spent with a budget app and keeping an eye on your spending can help you stack cash. We will always advocate the decision that grants you optionality, which is the opposite of shackling yourself to a credit card payment.

And besides, Mr. Brightside slaps. 

Want a review of your budget? Schedule some time to meet with us by emailing your indication of interest to weeklyupside@gmail.com. 

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For Your Weekend

This is where we’ll post a round-up of essays, podcasts, and streaming shows to check out over your weekend. We cast a wide net so you don’t have to.

Watch:

I Think You Should Leave with Tim Robinson (Netflix)

Actor Tim Robinson stars in this sketch comedy series -- which he also co-created -- that sees him trying to get people to go away. In each segment, Robinson and his guests do whatever they can to try to drive someone to the point that they need -- or desperately want -- to leave. Robinson spent several years as a writer on "Saturday Night Live," so it's not a surprise that the show's roster of guest stars includes a number of SNL alumni. Among them are Andy Samberg, Will Forte, Vanessa Bayer, and Cecily Strong.

Only Murders in the Building (Hulu)

A grisly murder occurs in a well-to-do apartment building in New York City. Three unrelated inhabitants - an uptight, washed-up actor (Steve Martin), a smarmy, equally washed-up theater director (Martin Short), and a mysterious, sardonic young woman (Selena Gomez) - decide to work together to unravel the mystery. They find common ground with a shared passion for a true-crime podcast and decide to make their own.

Hulu opted for a staggered release for this original title, with the first three episodes available now, and subsequent episodes available weekly. The first episode feels a bit forced; fortunately, the show finds its rhythm by the second episode and hits its stride in the third.

Read:

Invasion of the Robot Umpires by Zach Helfand (The New Yorker)

The minor leagues have been testing the Automated Ball-Strike System. But isn’t yelling and screaming about bad calls half the fun of baseball?

The Good, the Godly, and the Gluttonous of Kanye West’s ‘Donda’ by Rob Harvilla (The Ringer)

The rapper-producer’s 10th studio album is a 27-track endurance test that at times is gorgeous, and at others is utterly frustrating.

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1. In case it wasn’t obvious, the following recommendation was said for entertainment purposes only. Do not sue us from Vietnam.