TODAY – If owning a home is high on your bucket list, you might want to think twice before jetting off to too many destination bachelor or bachelorette parties.
We know, you’ve already been told that giving up avocado toast and coffee will set you on the path toward saving for your dream home. But a study from real estate website Zillow shines a light on the money going toward lavish pre-wedding bashes instead of the savings account.
The study found that attending nine destination bachelorette parties in your lifetime can set you back upwards of $13,788. In other words, you could spend up to 35 percent of a down payment on a median-price home (in certain areas of the country) celebrating a friend’s nuptials.
I mean this isn’t wrong. Anyone who has been on a bachelor or bachelorette party lately knows that the spending on that is no joke. Flights, hotel, dinners and clubs and drugs that you have to cover the cost of both yourself and the bachelor- combine that with the social media age where everybody needs to do bigger and better and cooler things than their friends to put on their Instagrams, and you’re looking at a big money drain right there. Nobody wants to just go chill and get drunk somewhere normal like Austin or Nashville – they want an “experience.”
“Today’s couples are all about experiences, so it’s no surprise many brides and grooms-to-be (or their maids of honor and best men) are planning unforgettable trips for their pre-wedding getaways,” Maxwell Cooper said. “As with their weddings, couples want their individual pre-wedding celebrations to be as unique as they are and a reflection of their interests and personalities, which can sometimes result in pricey bachelor and bachelorette parties.”
That may be the realest shit ever written. “Couples want their individual pre-wedding celebrations to be as unique as they are.” Literally snowflake culture. Which don’t get me wrong, can be pretty sweet if you’re the one going on it, and it’s with a crew that you actually enjoy. Skipping the Vegas scene to go on a legit vacation somewhere with a beach and shit is worth it, if you can afford it. But you really gotta be able to afford it.
And yes, that money that you put into your bottle service waitress’s pocket or snort up your nose is money that won’t be going to a downpayment on a house.
Not to mention some of the groundbreaking financial insights gained from this article:
Dropping a thousand bucks on a bachelorette party trip here and there might not sound like a lot in the heat of the moment. But when it all adds up, travel expenses can definitely slow your savings momentum.
Millennials forget that, when you spend money on something, you no longer have that money to save.
Non-millennials forget that the rising price of homes combined with the decrease in affordable housing and an 8.3% rise in home values over the past year combined with backbreaking interest rates on student loans and stagnant wages also makes it harder to afford homes.
So it’s possible there’s a combination of both at play here.
Easy solution? Do what I do. Only have like, 3 friends. And make sure 1 of them is never getting married.