Should You Tap Your Emergency Fund to Avoid Taking on Debt to Travel for a Wedding?

The cost of throwing a wedding can range from expensive to downright astronomical. But the cost of attending a wedding isn't exactly cheap, either.

The average cost of attending a wedding in 2021 was $460 per guest, according to The Knot. But those who flew to a wedding spent an average of $1,270. Yikes.

If you're invited to an out-of-town wedding, you may be worried that attending will result in a massive credit card balance you're forced to carry forward. But what if you have money in your savings account earmarked for emergencies? You may be tempted to tap your emergency fund to avoid racking up debt in the course of going to a wedding. But that's a move you might sorely regret.

Don't take a non-emergency withdrawal from your emergency fund

The whole point of having an emergency fund is to cover unplanned expenses, such as home or car repairs. Your emergency fund might also be the thing that gets you through a period of unemployment should your job end up on the chopping block.

As such, it's important to reserve that money for emergencies only. And attending a wedding just doesn't fall into that category.

If you take an emergency fund withdrawal to pay for your flight to a wedding, for example, you might end up racking up new debt a few months down the line if your car winds up needing work. So while it's okay to tap non-emergency savings to attend a wedding, you shouldn't use your emergency fund for that purpose.

You may need to say no

If your close cousin, best friend, or long-time neighbor is getting married out of town, then you may have no choice but to push yourself to swing that trip -- even if it means cutting back on expenses to a major extreme to cover the cost. But otherwise, if you can't afford to travel for a wedding, you may need to just be honest with the bride and groom and say so.

The happy couple may be disappointed to learn that you won't be attending their event. But if they're good friends and good people, they'll understand that it's just not within your financial means, and that you're not willing to drive yourself into debt to be able to go.

That said, there are steps you can take to soften the blow. Send a nice card and, if you can afford it, a generous gift. You might also offer to take the happy couple out for a celebratory dinner once they're back from their honeymoon to acknowledge their milestone.

But ultimately, attending a wedding is not an emergency. And as such, it's not a good reason to tap your emergency savings. If you can't afford to attend a wedding without landing in serious debt, decline the invitation.

You may be disappointed to miss out on a big event like a wedding. But you might end up even more disappointed if your financial situation deteriorates due to you accruing a pile of debt by attending.