Today’s post will be short but very important. Not every bride has the money for her wedding; in fact, most brides don’t. We’ll share our thoughts on paying for weddings and borrowing money to do so.
A large majority of weddings are paid for by more than one person. Generally the bride and groom get together with their parents and divide costs between each family. In many cases, this joint effort to pay for a wedding still isn’t enough; this leads to borrowing money in form of loans and credit cards.
The Risk of Borrowing
We’re sure you already know the risks of having credit cards and borrowing money but here are a few of our thoughts.
The reason banks and credit card companies can offer an interest free loan for 6 – 12 months is because most people can’t pay back the debt in that time period. Every bride and groom that borrows is confident that they can pay off their debts within the year; but most couples fail to do so.
Being in debt will add unnecessary stress to you and your new spouse. Debt is one of the leading causes of marriage problems. We understand that sometimes borrowing money is necessary but we encourage you to be careful.
Should I Borrow Money for My Wedding?
Our advice is to avoid debt at all costs. If you absolutely have to borrow, try borrowing from your parents instead of the bank (if it is a reasonable option). In most cases, you can make a wedding work without going into debt.
What are my Alternatives?
First and foremost, start saving early. Expect your wedding to be expensive and start saving, even before you find your companion.
Second, cut back on costs. There is nothing wrong with having a budget wedding. In fact, we have seen some extravagant budget weddings. If you are smart with your money, you can affordably have your dream wedding.
If You Choose to Borrow
If you decide to borrow money, whether it is from your parents, a bank, or credit card; make sure you have a plan to pay the money back as soon as possible.