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Don't Go Broke as a Bridesmaid (or Groomsman)

Last week, American Express released new survey results revealing how much Millennials are spending on weddings -- and the numbers are staggering. When compared to the average American, who will attend three weddings this year and spend about $700 per event, Millennials will pay about 27 percent more, racking up nearly $900 for each wedding.

Whether these numbers shock you or come as no surprise, national wedding spending has continued to rise. The cost of attending a wedding varies depending on travel, gifts, and child or pet-care costs. Often nuptials can stretch to an entire weekend of events, rather than just one evening. Add to that the expense of participating in a couple's wedding party, and you get the point.

[See: 12 Ways to Be a More Mindful Spender.]

The same survey found that Millennials in a wedding party expect to spend around $928, especially since there are multiple events leading up to the actual day of the celebration. Bearing this in mind, there are a few things you can do to ease the pressure on your wallet when you are asked to be in a wedding party -- allowing you to fully appreciate the honor of standing up for those you love.

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Speak up. Once everyone is officially asked to be a member of a wedding party, you'll probably get together with your fellow bridesmaids or groomsmen to begin the planning process. This is the time to discuss budgets -- it's a lot more difficult to speak up months down the road when hotels are booked and itineraries are finalized. The best person to help establish a budget or spending limit for each event is the maid of honor or best man, who will likely be leading the activities, so make sure you loop them in on your thoughts.

Pitch in. By offering to help plan a bachelor or bachelorette party, you may end up donating a lot of your time -- but less of your money. When you're heavily involved in planning, you have more say in travel arrangements or venue choices and can find less-expensive options. For instance, do you need a fancy hotel suite, or could you find something just as fun on Airbnb for a fraction of the cost? On that note -- does your bachelor party need to be in Las Vegas, or is there a casino nearby that doesn't require a flight? Scour deal websites like Groupon when you're booking fun activities or restaurant outings.

[See: 50 Ways to Improve Your Finances in 2016.]

Book early and bunk up. If you do need to travel to the wedding or any pre-wedding events, try to nail down dates as soon as possible and then book early. Look online on your favorite coupon and cash-back website for deals and coupon codes on rental cars and lodging.

When you're booking a hotel or other accommodations, see if other members of the wedding party would be interested in sharing a suite or carpooling together. Splitting these costs can significantly reduce your travel spending.

[See: 10 Money Leaks to Shut Down Now.]

Gift as a group. When you're in the wedding party, gifting opportunities pop up more often than on just the big day. Bridesmaids bring a gift to the wedding shower -- do they need to bring another gift to the bachelorette -- and then write a check on the wedding day? If this is sounding way outside of your budget, don't panic.

First of all, don't feel pressure to buy something for each event. And when you do spend money on a gift, throw out the old rulebook that says you should spend what your plate at the reception would cost. The amount you gift should work for you and your budget. One wallet-friendly option is to get multiple members of the wedding party to all chip in on one large item.

If you don't like showing up empty handed to the pre-wedding festivities, then try something sentimental. A playlist of your favorite college tunes for the bachelor party, or a handmade scrapbook filled with photos of the engaged couple will be meaningful and leave a lasting impression.

Jon Lal is the founder and CEO of coupons and cash back website BeFrugal.com, which saves shoppers an average of $27 per order thanks to coupons plus an average of 7 percent cash back at more than 4,000 stores.