It is said that in the United States, the average cost for a wedding is $26, 645. Dollars. That 26, 645 dollar bills, that is roughly two hundred and seventy 100 dollar bills, five hundred and forty 50 dollar bills… you get me. You understand what I am saying. It involves a lot of saving, a lot of penny pinching, and a whole lot of frugal shopping trips to make your dreams come true. So what are your options when it comes to paying for your wedding?
Know Your Budget
This has been said so many times that it is probably getting repetitive. But this is so important. Like super, duper important. So much that if you don’t have this figured out yet, just stop reading and figure it out. When you and your fiancé set your budget, this will be up to both of you to figure out how you are going to fund your budget.
Know Your Debts
So, most of the time when couples get married, they don’t think to ask the one important question of “what prior financial obligations do you have?”. This is so huge. You may not have a lick of debt, whereas your fiancé has multi-thousands worth of debt or maybe you both have racked up some debt. This will be a big factor in knowing how you should proceed with funding your budget. Don’t add more debt to your stack of debts. Marriage is hard enough without the #1 cause of fights, money issues!
Get A Loan
So, there is really no such thing as a “wedding loan”… But you can get a loan for your wedding. This personal loan can be used like you would use any other loan. You apply for the loan at your bank, sign a bunch of papers, they check your credit, and they approve or deny it. That’s it.
Is This The Right Option?
This may be an option, but is it a good option for you? Think it though. Like I was saying, you must apply for the loan and you can either get denied or approved. The creditor that you applied with will send you a letter for either outcome. This letter will let you know why you got denied. Pay attention to these signs!
Think Before Signing
Think of it this way, if you know that you and your new spouse think that you are going to want to go and pull out a loan for a new car or a house together, the loan you pulled for your wedding may interfere with this and cause you to not be able to buy that car or have that house!
Make Sure You Don’t Ruin Your Credit
If you have already maxed out your credit and you are considering a loan, be sure that you know that if you try to get a loan, they will check your credit. If you get denied too many times and if they check your credit too many times that will put a mark against your credit. Be mindful of what you do and when you do it for these reasons.
Credit Cards
There are many credit cards that you can apply for with different rewards and such. Some credit cards offer cash back and some offer travel points. (Tip: Apply for a credit card that offers travel points so you can use them on your honeymoon.) When applying for a credit card, be sure that you check what the APR (Annual Percentage Rate- the amount of interest on you total loan that you will pay yearly) would be; These percentages can range form 13% to 22%. The lower the better! Some even offer 0% APR for the first year. Also, be sure to see if there is an annual fee for the card itself.
Is This Option Right For You?
This may not be a loan, but this option will still check your credit. So don’t think by going with a credit card you get away from having your credit checked. If you use a credit card, you will only be approved for a certain amount of spending. This will depend on your credit, you prior financial obligations, and your payment history of other obligations. Just remember that what you put on the card, you will have to pay off plus the intersest.
Live Within Your Means
Remember the budget topic? Yeah. The one that we brought up at the beginning of the article, do you remember? Ok, so if you figure out your budget and you realize that pulling out a loan or opening up a credit card isn’t the best option for you and your fiancé, you have a couple of options.
Save Your Pennies or Your Dimes…
You can push your big day back and save the old fashioned way with hard work and perseverance. Think of this option as the safe option. If you save your money up for the majority of what you need, you won’t have debt or will lessen the debt you would have had. This may not be convenient for you as you may want to tie the knot hard and fast.
If you like, you can always have a court house wedding and then have a celebration later on with the big white dress and all your family sharing in the happiness. It’s something to consider if you really want to be married but don’t have the funds right away for a wedding!
Cut Some Ties
The first thing that you will learn is that the petty details may be the first to be cut, right after the guest list is shortened, of course. If you have to mysteriously find some wiggle room in your budget, you will have to cut the guest list. After all, your third grade teacher doesn’t need to be invited to your wedding just because she gave you the best grades all the time.
After you have cut as many ties as you can cut, see where you are with your budget. Maybe your budget will be more manageable now that you’ve got only what you need and some of what you want. Cutting ties doesn’t mean cutting your dream wedding out of the picture completely, it just means you know what you specifically what you want and need for your big day!
There are many ways to get the wedding that you’ve always dreamed of. These means to get the wedding that you want doesn’t mean that you have to break the bank or ruin you credit. Be sure that you play it smart when it comes to doing everything that you need for your wedding. Remember, you may want to have a grand, luxurious wedding, and it may not be obtainable with the budget you have. Don’t live with regrets but don’t put yourself in a bad position. Best of luck and happy planning!
