How to Financing a Wedding

You’ve met your soul mate.  There is talk of marriage.  It is time to commit, plan a life together.  But first, you will have a wedding to allow your families and friends to celebrate your joyous occasion with you.

Weddings include many opportunities to spend money.  You will need to book a church or chapel and venue for the reception.  The bride needs a dress.  The wedding chapel needs flowers, as does the bride, the bridesmaids, the bride’s parents, the groom’s parents, the groomsmen and the reception hall. You need to serve appetizers or a meal.  The cake is important.  And, so is champagne.

Weddings are getting more expensive.  Research shows that it is typical to spend nearly $30,000 on a wedding.  Surprisingly, one in eight spent over $40,000 on their wedding according to a survey by The Knot in 2013.  Fear not, there are several ways to finance your wedding.

You might consider saving for your wedding.  You may not be able to save for the entire amount but whatever you can save reduces what you need to borrow.  Remember, you pay interest on the money you borrow.  Saving is always preferred over borrowing.

You can pay for your wedding on your credit card.  The interest rate should be a concern.  Certainly, the longer you take to pay off the balance the more you will pay in interest.  There are reward cards with signing bonuses.  Using a credit card, even a reward card, should only be considered if you know you can pay it off in a timely manner.  For instance, you might charge the booking fee for the church or reception venue on your credit card.  Don’t let paying for your wedding on a credit  card, keep you up at night, unable to sleep.

There are companies that specialize in financing a wedding.  Most of the loans they offer fall into the category of installment loans.  Installment loans are typically for from $1000 to $35,000, but can go as high as $100,000. They are paid back in fixed payments each month over time.  The payments usually have low interest rates.  It is important to have good credit to qualify.  At the very least, installment loans come with several requirements.  You must work full time, you must make at least $1500 per month, you must agree to set up direct deposit and you must be over the age of 18 years.

A wedding is a lifetime milestone.  You will remember it throughout your lifetime.  Please remember it fondly by not taking on a huge amount of debt when you are just starting out.  Money problems are a primary cause of divorce.

Weddings are expensive. A wedding is a special celebration.  Brides and grooms are arranging for more and more elaborate weddings.  We hope you will have a long engagement and save as much as possible to pay for your wedding and saving for retirement .  And, we know you may be well qualified to finance your wedding and pay it off.  This could increase your credit rating.  When you are starting off, make sure you do what makes sense for you both.  Ensure that your future together is bright—that is the prescription for a happy life.