Introduction
Paying for a wedding takes savings and sacrificing, or sometimes a little of both. It’s a big day, everyone has their ideas and dreams of how they want to get married. Some of these ideas can be compromised on but there will always be some non-negotiable ones. You can pay for a wedding from your savings but if you don’t have enough in your savings, then what? No one wants to finance their wedding but wedding loans are still a good option if you don’t have enough savings.
We have created a list, involving both wedding loans and other options, of 7 ways you can pay for your wedding.
7 ways to pay for your wedding
It’s no secret that weddings are expensive. Because it is one of the biggest days in a person’s life, no one wants to scrimp too much, but you can’t break your bank, either.
Thankfully, there are a plethora of ways you can raise additional money or cut corners so you don’t start your married life in debt. Here are seven things you can do to give you and your partner the wedding of your dreams within a budget.
- Start a sinking fund
If you have decided on how much you are willing to pay for your wedding, then it’s time to start saving. Setting up a sinking fund can help you keep your wedding fund separate from the other balances that you use for your regular expenses. Each month, set aside an amount for wedding expenses such as venue, decorations, photographer, etc. Saving in increments is easier and less daunting too.
- Cut back on unnecessary expenses
List down all your wedding expenses and go through the list with your partner. Are there any items or plans that you can cut back without any emotional impact? If yes, then cut out all the unnecessary expenses. This includes your monthly bills too—are there any bills or subscriptions that you can stop for the time being? If so, you know what to do!
- 0% intro APR credit cards
0% introduction APR credits offer interest-free introductory offers, so you won’t be charged with interest on balance transfers or new purchases, depending on the lender. But be aware that opening a new credit line would temporarily sink your credit score.
- Ask for help
Times have changed but most parents still contribute significantly to their child’s wedding. If your parents haven’t talked already with you, it might be time to talk to them honestly to figure out how much they will be bearing.
- Side hustles
A lot of people take up more work before the wedding so they can add a little extra to their wedding fund. If you have a job that allows you to take up side hustles, then look into getting a second job until the wedding.
- Wedding loans
Wedding loans are usually a last resort for most people but if you can afford to pay it back on time then wedding loans aren’t that bad. Lenders often charge low interest on wedding loans even to borrowers with average credit scores.
- Downsizing
Everyone has their ideas about what they want their wedding to be like. Some of these ideas will be non-negotiable but if you are in a financial pinch, then downsizing some expectations can work best for you.
Conclusion
Getting married is a momentous occasion worth the grand celebration. But it’s the marriage that will last, not the wedding day. Starting your married life with happiness and firm finances is more important than how many guests you had at your wedding or how many tiers the cake had. Planning your wedding carefully and working together to ensure you don’t start your life together in debt will contribute to your happily-ever-after.