Ways to Pay for a Wedding
Posted on May 30th, 2011
It is supposed to be one of the happiest days of your life, the romance, the ring, a beautiful dress and all your friends and family there to celebrate this special occasion.
The cost of a wedding can be the stuff of nightmares though! Prices have skyrocketed over the past decade and now weddings are big business and can be financially challenging.
Every prospective bride and groom will want to get the most out of their budget. Looking at the options on a reputable site such as Moneysupermarket can help fund your wedding in the best way possible for you
Wedding costs have increased substantially from previous decades. The Condé Nast Bridal Group reported that the average American wedding costs a staggering $28,000. So how do you afford the wedding of your dreams
The first task is to calculate how much your wedding will cost. Prices across the country will vary depending on location and venue. Get three quotes from each professional service you need
When you have your figure you should then look towards savings. Using your savings can be preferable for some people because it helps you avoid the start of your married life being in debt.
If you have just got engaged, start saving now. Cut down on everyday luxuries such as take out coffee and lunches as you will be surprised how seemingly little amounts add up over time. Put any savings into the highest yield account available to receive the highest rate of interest on your money.
Another option is to use credit cards to pay for specific items. Select a card that offers a 0% rate of interest for the longest time period available.
If you are organized with credit cards, then you can transfer outstanding balances to other 0% or low rate cards before you have to pay the regular charge on the original card.
Additionally, many companies strive for brand loyalty. You could be offered a lower rate of interest by your existing card provider if you suggest you are transferring to a different firm.
Another common way to pay for a wedding is through a loan. The benefits of loans are that they provide a lump sum which can feel more secure than juggling credit cards.
Loans are usually for a larger sum and can also generally offer a lower rate of interest. There is a choice of specific wedding loans or simple personal loans too.
Loans can be secured or unsecured and the rates of interest will differ depending on the amount and your personal circumstances. There is also the option to take out a home equity loan.
This is similar to other loans, but uses the equity in your home as a basis for lending. Again, the interest rates may be lower than credit cards.
With a little bit of time, effort and research, you will find the perfect way for you to finance your wedding. Then all you have to do is enjoy the happy day.
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