- A dream wedding – a nightmare to finance?
- Great planning tips
- How to budget for your wedding
- Great ways to cut costs
- Pros and cons of taking wedding loans
- Thinking of the future
In spite of the fact that many couples now choose to live together without getting married, a wedding is still the choice for many young people who wish to show their love and commitment to each other. Many people choose to finance their wedding with an online personal loan. Wedding loans can help you cover the cost of the wedding.
Who Pays for a Wedding?
Historically, it would have been the father of the bride who paid for most of a wedding. The bridegroom would pay for specific items like the bride’s bouquet and his own outfit. However, times and economic circumstances have changed. Now, more young people are choosing to pay for their own wedding. They do this by saving up or by borrowing money either from their families or in the form of a wedding loans.
A wedding is considered to be one of the most romantic events in any relationship. Many couples do not fully discuss financial matters. But, the way to keep the romanticism alive is to properly prepare for the big day. This involves serious financial planning however unromantic that may seem. You must consider how to cover the costs of the wedding, and if it is necessary to take wedding loans.
Wedding Budget Planner
From popping the question to that glorious day, everything costs money. But a little bit of planning ahead can make everything easier for everyone. There are three main areas you’ll need to think about:
The Engagement Ring
Tradition has it that a man should spend at least one month’s wage on buying an engagement ring. Diamonds in a yellow gold band are the traditional choice although some couples now go for white gold. As the average wage is currently around £2,300 per month, buying this token of love and commitment is a clear indication that getting married is going to be a costly affair.
The Engagement Period
Planning a wedding takes a lot of time and energy. This is why many couples decide to have an engagement that lasts for at least a couple of years. This gives them time to save for the wedding day. Whether the day is going to be costly or the wedding carried out on a budget, it is a good idea to save for at least some of the traditional elements of a wedding ceremony. If you find it hard to gather the funds in time, you may consider long term flexible personal loans.
The Wedding Ceremony
Some couples decide to go for a low key ceremony with a few members of family and friends. That way, they can start their married life without going into a lot of debt. Others choose to spend more money on the honeymoon instead of paying to entertain a host of other people. However, it seems that the majority of engaged couples want to mark the start of their married life with a ceremony and reception that will be remembered for many years. In today’s world, this costs a lot of money. Wedding loans can help you with this cost.
How to Plan a Wedding
Organising a wedding is a big deal and you may want to get some help, even if it increases the cost of your wedding. Professional wedding planners cost a lot of money but if this is within your budget it can help to cut down on stress before your big day.
However, most people with a modicum of skills can manage to organise a wedding. Just list the various categories like transport, flowers, photographer, venue, music etc and allow a set amount for each part of the event. The trick is to keep to your original budget and to keep some funds aside for unexpected expenses. This can allow you to avoid those last minute panicked wedding loans applications.
Average Wedding Cost
Paying for a wedding involves spending on flowers, cars, photographs and a reception. Additional elements are costs for presents for bridesmaids and groomsmen, wedding invitations, a cake and the honeymoon.
According to the latest figures from Brides Magazine, a wedding day with all the extras is going to cost around £30,000. This is a huge amount and if you and your partner already have some debt, such as student loans, you might want to consider cutting down on some costs.
Other sources quote figures of £18,000 and £22,000 and unless you are fortunate enough to have some substantial savings, most couples will need to borrow at least part of the amount. If you are lucky enough to be able to borrow from your parents, this is a better option. But, most couples end up having to borrow at least some funds to pay for their ideal wedding day. Some people like to to take out a flexible loan so that they can repay it early. If you would like to take out a loan for the self employed, be sure to look for a responsible lender who will be prepared to accept your working situation and give you a good interest rate.
Setting a budget for the big day is absolutely essential. When you are working out how much to spend it is also vital to take into account other life goals. Do you want to buy a house straight away or are you happy renting? Perhaps you are considering starting a family in the near future or just want to splash out on a once in a lifetime honeymoon.
Whatever your future life plans you should think carefully before spending too much money on one day. Making financial plans with your spouse is not the most romantic way to spend some time together. But, it is a good idea and will help to make sure that your relationship gets off to a good start. When you move in together you will both need to be involved in financial planning and this is a good place to begin.
The Largest Expenses For A Wedding
The largest expenses for any wedding are the reception and the venue. You can mitigate costs for these by choosing to get married on a weekday or by planning your wedding for one of the winter months. Costs are lower in the winter as there is less demand and you may be able to get a lower price from your chosen venue.
Going away on honeymoon comes in as the next highest expense. Only you can decide whether you want to splash out on somewhere special or choose a lower budget break and spend more on the wedding day. Or, you could even prefer to save some money towards buying a home of your own.
Wedding Planning Checklist – a great budgeting tool!
Making a list of each element of the wedding day is an excellent starting point. Once once the list is complete you can see whether there are any places where you can make savings. Use a wedding budget planner that is available on the Internet or create your own spreadsheet. You can even just write down the list. Seeing the expenses in writing will help you to concentrate on the where the available money will be best spent. A wedding planner will help to make it clear exactly what has to be paid for and when each payment is due. If you find that the total cost is higher than your budget then this is the time to look at where you can make cutbacks.
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Cutting Costs For Wedding Expenses
There are lots of way that you can cut costs for wedding expenses.
- Get friends to help: If you have someone who can make the cake or a friend who is a good photographer, it can make a huge difference to the budget for your big day. More importantly, it can save you from having to take out wedding loans.
- Homemade catering: Catering for the reception can be very expensive. If you have a group of friends who love to cook you could cut down on costs enormously by recruiting them to help.
- Flowers: Similarly, if you know someone who loves flower arranging as a hobby you may find that they would love the challenge to provide wedding flowers. This too can save you a lot of money.
- Wedding Dress: The wedding dress is usually a large expense. But, many people are now choosing to buy a designer sample dress or even to go for a second hand dress that they would not be able to afford when new.
- Invitations and number of guests: Finally, one other way to cut down on spending is to only invite the number of people you can afford to pay for. Start by listing the people who you really want to be there. Most people are fully aware of the financial cost of a wedding. They will understand if they are left off the list.
If you have been saving for some time but have not saved enough money to pay for a wedding and you are reluctant to wait much longer to get married then there is always the option of getting wedding loans with cheap personal loan rates to pay for some or all of your wedding. It is important to look carefully at how much you can afford to borrow. You should work out exactly what the repayments will be. Additionally, decide over what period you want to borrow. A long term loan could impact on your day to day lifestyle for many years.
Loans For Weddings
A low cost personal loan is often the best choice of borrowing to pay for a wedding. As long as your credit history is good you should have no problem taking out one of the cheapest personal loans to help pay for your big day. Of course, going to your bank to ask for a loan for a wedding is not the most romantic date. But, if you are intent on having your dream wedding day, it may come to this.
20% of brides would borrow money rather than compromise on their big day plans – Covered Magazine April 2015.
Advantages of Wedding Loans
Using wedding loans to pay for part of the big day is an option that many people choose. This is a better choice than stacking up debt on credit cards which charge a much higher rate of interest. Unless, that is, you have access to a 0% credit card in which case this could be helpful.
Once you have the cash in your bank you will have more choices when it comes to paying for the various expenses of the wedding. You may be able to ask for a discount by paying in cash instead of through your bank. Alternatively, it can cost you less as you can pay up front instead of after you place your order.
Paying for a wedding with wedding loans also allows you to budget for the repayments and to choose over what term the loan in repaid. Anyone with a good credit score will get a low rate of interest which will reduce the total cost of borrowing.
Disadvantages of Wedding Loans
Wedding loans are unsecured loans. This means paying a higher rate of interest than on a secured loan. Additionally, if you have a lower credit score than normal you may also be asked to pay a higher rate of interest than that advertised. Personal loans for bad credit do tend to be more expensive. Higher interest rates mean a higher cost of borrowing. This also means that your wedding is going to cost you more than your original budget.
So, even though you may have dreamed about the perfect wedding for many years, it is important to sit down and think carefully before entering into an agreement that could turn out to be very costly in the longer term.
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Should you borrow for your wedding?
It may be very convenient to take out same day, quick personal loans to pay for a wedding. It is as well to bear in mind that you will be borrowing a considerable sum of money to pay for just one day at the start of your married life. You might not want to start off married life by working out how to repay your wedding loans.
Unless you have been able to afford wedding loans that only lasts for a few months or one year, it is going to take some years before you have paid for the big day. Thinking ahead about what you want in your future is a good way to work out whether you want to be stuck with hefty monthly repayments for some years.
You may want to get a mortgage or to buy a new car. If you are already in debt, this might prove difficult. Lenders assess how much debt they think you can reasonably pay for. So, your line of credit can be substantially reduced if you take out a wedding loan. If you are unable to get the funds from some other source such as parents, then why not rework your budget to a more manageable amount? Or, consider postponing the wedding until your financial circumstances have improved. Take time to carefully consider how much you will be committing to repay over the next few years and then decide whether to go ahead.
A wedding is one day in your life when you want everything to be perfect. There are ways to cut costs, but you may find that you don’t have enough for even a budget wedding. If you do decide on a wedding loan, here at Personal Loans Now we’d be delighted to try and help find you the perfect personal loan for your perfect day. We are an introducer to Monevo, who work with many of the UK’s direct lenders. Their technology is specifically designed to help you find the best personal loan for your needs, so you can apply for anywhere between £500 and £25,000*. So forget the money worries, get back to planning your dream day!