Statistics indicate that approximately 2.5 million weddings are expected in 2022. Getting married is a significant milestone for many, and your wedding day can be the most exciting day of your life. So, it makes sense to make that day memorable for you and your guests.
However, you must consider the venue, refreshments, gifts, wedding attire, makeup, etc. This costs money, making determining how to finance your wedding essential.
Several financing options are available, and you can discuss the most suitable one with your partner. Here are a few worth considering.
Seek help from loved ones
Sometimes, support from loved ones can go a long way in achieving your dream wedding. Perhaps, they may not be able to finance the whole wedding. However, your cousin may take care of the venue, while others can sponsor the refreshments.
Your parents can also give or loan you some money, so keep this in mind. Some friends may also have the connections to source items for discounted prices, so feel free to consider this. To get started, draft a list of family and friends you respect and inform them of your plans to tie the knot and that you’re raising funds for the occasion.
As a tip, mention how many others you’re asking and how much you wish to raise. This way, they would understand that whatever they give is appreciated. Consequently, focus on the major expenses and try to cater to the other costs on your own.
However, you want to seek help from close family and friends, as discussing money can be uncomfortable for some people. You wouldn’t want to be tagged a leech when you only want support. Also, appreciate whatever help you’re given and avoid judging their contributions. If your loved ones give you a loan, ensure that you settle your debts promptly to avoid misunderstandings.
Take a personal loan
Another good option worth considering is a personal loan, especially if you don’t have enough to cater to your event’s expenses. Fortunately, personal loans have lower interest rates than credit cards, and their repayment terms can allow for long-term financing. Moreover, you can easily access your funds and decide how to spend them.
They are unsecured loans, so you don’t have to worry about losing your car, house, or other assets if you aren’t able to pay on time. But paying on time is your best bet if you don’t want to be stuck with debts, so keep this in mind.
It’s prudent to check your credit score to determine if you can apply for a personal loan. Consequently, research the best lenders and participate in the prequalification process.
You’ll also find it helpful to compare offers, paying attention to the interest rates, fees, and terms. After selecting your preferred lender, you can familiarize yourself with the loan application requirements before applying for your loan.
Use your credit card
You can leverage your card to settle your wedding expenses. It’s beneficial because you only borrow what you need and avoid spending much. Moreover, you can have a longer time to pay your debt without accruing high interest if your credit card has a low-interest rate.
It’s also possible to earn rewards for your purchases, so keep this in mind. However, you want to pay up your debts on time to prevent them from accumulating and affecting your finances.
Sponsor the wedding yourself
If possible, you can sponsor your wedding without external help. This way, you can avoid paying off debts and focus on building your new family. Fortunately, you can achieve this in several ways. For starters, it’s important to prioritize your savings to ensure you have enough money for your special day.
Experts advise against using your savings account, as you may be tempted to spend it. Instead, create a wedding savings account, and automate your savings for the best results. Consequently, you can save a little weekly until it accumulates, so keep this in mind.
Setting your priorities can also help you create a feasible wedding budget, so feel free to consider this. You’ll find it helpful to cut down on some expenses so that you can save more. For instance, you can cut down subscriptions you don’t need or reduce your trips to Starbucks. Also, consider paying for stuff with cash instead of your credit card to avoid accruing debts over time.
You can spread the costs by buying each wedding item monthly. This way, you wouldn’t worry about straining your finances. Getting a side hustle can also increase your income generation and make saving more convenient, so feel free to consider this.