What is the best way to finance a wedding? Naturally having your mum and dad pay for everything is the simplest way, but more and more couples are financing things themselves. Whether you are a parent, the bride, or the groom, if you don't have the cash already saved, getting an inexpensive short-term marriage loan could be a great solution if you employ it sensibly.
I did some research on just how much marriages cost these days. What I discovered was that there are far more things to pay for than I presumed there were. First you factor in the expenses of the invites, wedding dress, tuxedo and all of the accessories that go with them. Then, there's the cost of the reception including the dancehall, wedding cake, food, decor, and entertainment. Other costs include transportation services like limos, pony and buggies, or whatever chariot you intend to arrive at the marriage and reception in. Then, there are the costs that are simply overlooked at the start because they aren't incurred until later in the planning process such as adjustments, gifts for the bridal party, walk thru dinners, spa and specialty services, hair, makeup, and the honeymoon. These things truly add up.
All of these costs can appear totally overpowering. So what do you do? Take a breath, and create a pragmatic working budget. Sit down and brainstorm every tiny detail you can think about which will cost money. Make sure you include the little stuff like the flower girl basket, ring bearer pillow, cake cutting set, and bridal champagne glasses till you come up with a complete list. Then, allot a computed cost to each item and total it up. After your net result is figured, tack on 1 or 2 (or maybe few hundred or few thousand) additional bucks for incidentals to think up a grand total. You won't know what these incidentals are when you write your list, but you may sure be happy that you accounted for them later when you want cash for something you hadn't thought of. Finally, fine tune your list by adding or subtracting the things you can and can't afford to form your working budget.
Now you have your working budget, it's time to finance this thing. Down payments on the cake, venue, food, or entertainment might have to be made up to a year in advance and you need to make some choices. If your mom and pop aren't footing the bill, and you do not have the savings to get things moving, a short-term, wedding loan may just the thing to aid you. Whether you have excellent credit, average credit, or poor credit, there is loan product out there for you. Once you get the loan funds, put them in a special wedding account to pay bills from as they arise. Then, ensure you start to repay your low interest personal loan instantly, continuously, and quickly.
The key's to use marriage finance loans smartly. Don't borrow more than you moderately need. Do not create payments that will be tricky to repay. Try not to make your loan terms surpass your wedding date. Make all payments punctually. Use money wedding gifts to reduce or pay off your principal. And remember, acute debt for the sake of a wedding is not any way to begin a wedding, but great credit is an element you both can gain advantage from to the end.
Peter Taylor is a senior financial researcher for bad credit personal loans and business loan. In recent times he has taken up to provide independent financial advice through money lending singapore