Destination weddings can be fun but they can also be expensive. In a recent survey conducted by TD, almost 40 per cent of Millennial and Gen X Canadians who have been in a wedding party say they felt pressured to spend more than they could afford.

And, when looking back on their experiences being a bridesmaid or groomsman, many (45 per cent) say they spend more than expected on wedding-related costs.

Raymond Chun, Senior Vice President, Everyday Banking and Personal and Indirect Lending at TD, offers five tips to help prospective bridesmaids and groomsmen prepare for the costs of being in a wedding party:

1 - Choose a gift early from the bridal registry: There can be a wide range of gifts (and prices) in a bridal registry, with the less expensive ones often selected early, so don't wait to choose your gift or you may be left with one that costs more than you budgeted for.

2 - Shop around: You don't have to buy the first bridesmaid's dress, shoes or other accessories you find. Do your research online and in-store before making a purchase.

3 - Establish a savings plan: Figure out how much time there is until the wedding and set up a regularly scheduled deposit to a Tax-Free Savings Account so you'll be able to save to help cover the expenses.

4 - Redeem credit card reward points for as many travel expenses as possible: Depending on the type of credit card you have and where you shop, you may be able to use your reward points to cover the cost of a gift, air, accommodation and your wedding attire.

5 - Set a realistic budget: Include all of the possible costs, including wedding attire, grooming, gifts (including a shower gift), the bachelor/bachelorette party and travel.

INFORMATION: To see the survey results, go to  http://td.mediaroom.com/2015-04-28-Saying-I-do-to-Being-a-Bridesmaid-or-Groomsman-Wedding-Budgeting-Isnt-Just-For-the-Bride-and-Groom / To get budget advice from TD, go to For budget information, you can use this URL: http://www.tdcanadatrust.com/products-services/investing/goals_index.jsp