The Complete Guide To Financing Your Wedding

Guide to Financing Your Wedding

There is undoubtedly something unique and magnificent about weddings. It’s rare to be able to gather all your nearest and dearest in one place at the same time – they’re all here to celebrate something as special as the wedding of you and your partner. Therefore, it is not surprising why weddings are so exciting and why we feel the need to make the day as memorable as possible.

So if you just decided that you want to get married, the question immediately will arise – where to start the planning and preparations for the wedding? It seems that there are so many important things in front of you that you do not know what to grab for first, and many people have probably already told you that preparing for a wedding is a complicated process. But it shouldn’t happen to you if you plan your financial expenses in advance. Start saving money, take advantage of the available discounts, if necessary, ask your friends and relatives. And last but not least,consider taking a wedding loan.

If you wish you can have the day of your dreams, of course, for the wedding, you need to pay a heavy price and it’s no surprise that the average cost of a wedding is higher than your income, so often things do not go the way we planned for ourselves and instead of measured preparation for the event, we may face financial problems. Here is the list of the most common wedding expenses, the average amount of which is $33,900.

Pre-Wedding Costs

Before the wedding ceremony, there are some key things worth considering:

  • Wedding rings
  • Marriage License
  • Wedding stationery
  • Wedding outfit costs – dresses, shoes, veil/headpiece, bridal jewelry, makeup/hair/other beauty treatments
  • Wedding ceremony costs – flowers, venue fees, photography, and videography, transport
  • Wedding reception costs – catering, cake, entertainment, wedding souvenirs

Post-Wedding Costs

The spending usually continues beyond the big day depending on your plans:

  • The honeymoon
  • Thank you notes and stamps
  • Necessary accessories for a new home

The good news is that there are many ways to lower the cost without affecting the quality of the marriage ceremony. The first thing to do is to decide on a total budget that you think you can stick to. Keep in mind that as the day approaches, unforeseen costs inevitably arise, and even with the most careful planning on the road, there will be bumps, which sometimes require payment of a premium to eliminate them.

Tips to Cut Down the Costs:

  • Downsize your invitations and invite the dearest friends and relatives
  • Arrange your wedding by yourself
  • Limit the alcohol
  • Use fewer decors
  • Use wide open space instead of a restaurant
  • Buy your honeymoon tickets earlier
  • Try to order everything in advance

A little creative thinking can help you spend a lot less on your wedding. The smaller your expected total cost, the less you’ll have to save for your wedding.

Financing the Wedding – Options and Tips

If you have already planned all out and got a good idea of how much your wedding will cost – it is now time to think about the available options to help you finance your special day.

Here are the main ways to finance your wedding:

  • Savings – it doesn’t matter how expensive your wedding is, the average couple can afford only half of their wedding costs with their savings.
  • Contributions from friends and family – you can ask your relatives and friends to help you with your wedding expenses instead of wedding gifts.
  • Personal Loan – can be a good option for couples who have the opportunity to pay it back on time. Often people who need extra money to finance their wedding use a personal loan.

One of the easiest and quickest ways to finance your wedding is to apply for a personal loan. Personal wedding loans are mainly for small wedding costs, you can borrow money from banks, online lenders and pay it back monthly.

Everyone qualified for the loan can also take a personal loan for small weddings. Before applying you need to consider the main pros and cons of a wedding loan.

Pros of Wedding Loans

  • Wedding loans are easy and quick to get. You can apply for the wedding loan online in a matter of minutes the lender will review your documents and if you qualify the amount will be directly deposited into your account. The application process takes 2 minutes and the answer is coming in 24 hours.
  • Loans help you improve your credit score. People who successfully pay their marriage loans can build or improve their credit history.

Cons of Wedding Loans

  • Wedding loans have high-interest rates! In case of good credit history and high credit scores, you can probably get a loan with lower interest rates.
  • New married life with debts. Not everyone wants to start a new family life with monthly loan repayment for a few years.

The decision to borrow money for your wedding is one of the most important ones you must make with your life partner, as it can affect your family budget. It is necessary to talk about whether or not that financial burden is something you want to deal with when you get back from the honeymoon.

Although a wedding is a magical and unique event, and many couples have always dreamed about it, the wedding ceremony requires a lot of effort and financial means. If you decide to have a beautiful wedding day, start preparing in advance and pay attention to the smallest details. Even if you don’t have the necessary money to plan your wedding it doesn’t matter, you will definitely find the most convenient way to make your dream day come true.

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