Affording Your Upcoming Wedding: Are Loans an Option?

Affording Your Upcoming Wedding: Are Loans an Option?

A wedding is an exciting and joyful occasion, but as all recently-married couples will know all too well, a wedding can also be incredibly expensive. Today, most weddings cost in the region of tens of thousands of pounds, so it’s not very surprising that a lot of couples find themselves searching for new solutions to cover the costs.

Here, we’re going to take a look at just some of the ways that you might be able to afford your upcoming wedding, and how you can choose the option that’s right for your specific needs.

Using your Credit Cards

If you’re in the middle of saving for your wedding while you’re also making deposits to reserve vendors and venues, then you’re probably going to need to use credit cards. The good news is that credit cards can protect you from fraud and simplify your transactions, so you shouldn’t necessarily avoid them unless you have problems with debt.

However, it’s important to remember that if you do use credit cards for your purchases, you’re going to need to make sure that you can pay off your balance at the end of the period required to make sure that you don’t end up with a huge interest bill to worry about when you’re starting married life.

Look for Ways to Make More Cash

Often, saving for a wedding means finding as many different and diverse ways to make cash as possible. For instance, have you considered doing some freelance work during your free time, starting an Etsy shop, or potentially selling some of the items that you don’t need online? In some cases, you might even be able to consider the option of taking on a second job – just remember to keep your health in mind.

It’s also worth making sure that you cut down the cost of your wedding whenever possible by looking at which wedding dates you should avoid, and which venues are the most expensive. Ultimately, you should be trying to create a wedding that works for your style, and your budget.

Make Some Sacrifices

A lot of couples find themselves having to make sacrifices in order to make paying for a wedding more realistic. This could mean that you find yourself having to cut down on your weekly coffee, or giving up on nights out drinking for a few months while you’re trying to make ends meet. Ultimately, there are a lot of different ways that you can cut down on big expenses while you’re saving for a wedding. All of the pennies that you can cut will quickly add up.

If you’re willing, you can even make some very big sacrifices, such as moving in together if you haven’t done so already, or selling one of your cars so that you can save expenses like gas, tune-ups, and insurance.

Getting a Personal Loan

A wedding loan, or a personal loan designated for your wedding can be one of the best way to make sure that you can afford your big day. While most people can use some savings towards the expenses involved with getting married, the growing average cost of a couple of dozen thousand is far out of reach for most people. A

You can borrow a significant amount of cash for a reasonable interest rate over a period of about five years, which means that you end up with a relatively cheap way to access the funds that you need for your wedding. Another benefit of taking a personal loan out for the purpose of your marriage is that your payments will be fixed, so that you can budget more accordingly. You can get an idea on how much you’ll end up paying back by using a comparison site such as Readies.co.uk

If you end up finding that you have more money left over at the end of everything than you thought, you can always begin paying back your loan a little faster. Repaying your loan within a shorter timeframe will ensure that you pay less interest overall.

Cut Down on Monthly Expenses

Finally, take a look at your monthly budget and search for things that you can cut down on that you might not need. For instance, you could abandon a gym membership and take up running or working out at home instead. On the other hand, you could try turning off some of the channels that you get access to on TV, and invest in a streaming service which could be a lot less expensive.

Ultimately, it’s all about looking at your budget and finding ways to make the extra expense of a wedding work for you. Though the process can certainly be challenging for most people, you’ll usually find that it’s all worth it in the end.

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2 Comments

  1. September 13, 2017 / 11:31 am

    I got a loan for my wedding and I regretted it 🙁 definitely rushed it! Making a plan and budget is the best tip I can give!

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