Weddings are undoubtedly an expensive affair. For those in the bridal business, matrimonial bliss can generate big bucks.
For most couples, getting married constitutes one of life’s largest outlays. Traditionally, the bride’s family would pick up the tab. Yet these days, with more couples tying the knot later in life, traditional responsibilities are no longer set in stone. While many couples may enjoy some financial assistance from family members, there may be considerably more people who need to make their own way in matrimony. The simple question of whether we can afford to get married is one which we often struggle to answer. As the ultimate act of commitment, marriage is not something we want to evaluate by purely financial terms but in a time when money worries dominate it can be hard not to do so.
Time to save
Savings are an obvious source for financing your dream day. However, not every blushing bride and groom are in the fortunate position of sitting on a nest egg.
Many couples won’t want to save for a future that’s far from foreseeable. For them, it’s important to be able to enjoy a wedding sooner rather than later.
Dipping into savings accounts to pay for weddings can also make the start of married life financially fraught and no couple wants their first years as Mr and Mrs to be dominated by arguments over bills and the continual act of scrimping and saving.
Another way of achieving the dream is with a wedding loan. Taking out a loan offers immediate finance, negating the necessity to delay the big day. The availability of a cash lump sum with manageable monthly repayments offers an alternative to racking up considerable debts in the matrimonial aftermath and means wedding life can start smoothly and with limited financial changes.
Even for those who have a poor credit history, an unsecured loan can still be a possibility. Specialist providers offer wedding finance to a range of individuals and couples in a variety of different financial circumstances. This includes those with bad credit.
There may also be advantages to applying for a loan as a couple with a joint application taking both parties’ credit histories and financial circumstances into account. This combined evaluation can potentially create a stronger credit and affordability score, thus increasing the likelihood of acceptance.
Every couple’s circumstances and financial situation are unique so it’s important you have a rough budget in mind when planning your wedding. Whatever the lump sum of your wedding loan, ensure you stick to a budget to keep costs under control and stop your finances from spiralling out of control.
Learning to budget is an invaluable life lesson and it will prove particularly beneficial when planning your big day. Compromise is crucial for any couple and it will stand you in good stead both before and beyond the big day.