Your wedding day will be one of the most important and special days of your life. However, it will also be one of the most expensive. Funding the cost of your wedding day and honeymoon can be tricky as you need to raise a lot of money. So, what’s the best way to go about doing this? Below, you will see a few ideas you can use to successfully fund your wedding.
Save Your Own Money
The first thing you can do is save your own money to cover the cost of many things. The best way to do this is by opening up a good savings account that gives you a decent APR. This means that you get lots of interest on top of your savings, which essentially means that you get a little bit of extra money. Then, you should focus on creating a monthly wedding budget that allows you to keep putting away money every month. Slowly but surely, you will build your savings to the point where you have enough to contribute to your wedding.
The advantage of this is that you don’t have to rely on anyone else to fund your wedding so you won’t owe money to anyone. The disadvantage is that it can take a long time to save, which may mean you postpone your wedding until you’ve got enough money. In reality, it’s probably better off to save some cash while also exploring other methods as well.
Borrowing From Family
A lot of couples will turn to their family when they need help paying for a wedding. Most parents are willing to help contribute to the wedding as their parents once did it for them, and it’s seen as something of a tradition. By borrowing from your family you can raise a substantial amount of capital to help cover the costs of your wedding day and honeymoon, and it’s all interest-free as well!
The obvious advantage is that you don’t have to pay any interest to your family, and they may not even want the money to be paid back. It’s their gift to you, which can lighten the burden on your saving efforts. The only downside is that you might not be able to get as much money as you need, and you may feel guilty for asking your family for a lot of money.
Taking Out A Loan
The next idea is to try and find a wedding loan that can help fund the cost of your wedding day expenses and honeymoon. It’s a simple concept; you borrow enough money to pay for everything, and then make loan repayments after the wedding. This is an excellent way of spreading the cost of your wedding over a few months, rather than paying for it all in one go. Some people find this makes it much easier to afford a wedding.
As mentioned, the advantage is that you can spread the cost of your wedding out, so you pay for it over a few months or years. The downside is that you may have to pay interest on top of the loan, and there may be additional fees as well. Ideally, you will find a loan with a reasonable APR that means it doesn’t cost you too much money. This idea is probably the best way of gaining access to a lot of money in a short amount of time to pay for an expensive wedding.
Using A Credit Card
Lastly, you could try and use a credit card to borrow the money required to pay for your wedding. This works similarly to a loan in that you have access to money immediately, which allows you to pay for everything, and then you can pay it off over time. However, you also have 0% purchase credit cards that will enable you to spend money without having to pay any interest for a specified period. As an example, imagine you get a car with a 24-month interest-free period. This means you won’t be charged interest on anything you buy during this time. So, you can spread the costs of your wedding over this term and pay the balance in full before it ends. As a result, you get to borrow credit without paying interest!
The other benefit of credit cards is that your purchases are protected under the Consumer Credit Act, which almost acts as insurance for everything you buy using it. The disadvantage is that you still have to pay off your credit card bill every month, which some people may find challenging.
All of these methods can help fund the cost of your wedding, and the best thing to do is use a combination of them to cover everything.