Surveys show that nearly two-thirds of couples who said I do in the last five years underestimated the cost of their wedding. The result? The majority had to borrow extra funds to cover it.
Between flowers, catering, venue, dresses, and the rings, weddings are pretty expensive. Things become even more difficult when you don’t have cash at hand.
Before you get overwhelmed, know that there are smart ways to pay for your big day. And no, they don’t involve letting go of that vintage dress you’ve been eyeing since the engagement. Let’s unpack four ways to finance your wedding:
1.Open a Dedicated Savings Account
People open dedicated savings accounts for numerous future expenses, such as buying a house or paying for college. So why not a wedding? It is one of life’s most seminal moments and deserves considerable financial planning.
First off, a dedicated savings account lets you see exactly how much you’ve saved — the numbers don’t get lost in your regular checking account. Moreover, it creates a clear separation between your wedding fund and daily money. If you start saving early, you can earn interest over time.
Many couples set up automatic transfers from their paycheck to the savings account. This ensures consistent savings without significant effort or hassle.
2.Take Out a Personal Loan
Taking out a personal loan for wedding is super popular, and for the right reasons. Wedding loans can be used to cover an array of wedding-related expenses, including:
- Venue
- Catering
- Decoration
- Flowers
- Entertainment
- Rings
- Clothes
- Honeymoon
Other benefits of wedding loans include:
- Upfront payment. Many lenders approve your loan application within 24 hours.
- Low interest rates. Wedding loans incur lower interest rates than traditional credit card loans.
- Flexible repayment terms. You can pay the loan amount in installments over a period of time. Reliable lenders offer fixed interest rates, reducing financial stress.
- Possibility to improve credit score. If repaid on time, a wedding loan can improve your credit score, making future borrowing easier and more affordable.
If you’re considering allocating part of your wedding loan toward rings, it’s worth exploring pre-owned options to save money without compromising on style. Following tips when buying used jewelry can help ensure you select high-quality pieces that are both beautiful and a smart investment.
3.Use a Rewards Credit Card
If you and your other half are disciplined about paying the balance in full, a rewards credit card is an excellent option.
When you make wedding purchases with a rewards credit card, you earn:
- Cash back
- Travel miles
- Points on large expenses
You can use these perks to offset costs like a honeymoon.
Pro tip: Get a credit card with an introductory 0% APR period. This will allow you to finance large purchases interest-free for a set time (usually 12-18 months). Just make sure you pay the balance in full before the introductory period ends.
4.Earn Extra Income
Another way to save for your big day is to start a side hustle. The aim is to earn some extra cash to cover those not-so-obvious expenses. We’re talking:
- Outfit alterations
- Makeup trials
- Food testing
- Marriage license
- Hotel room booking for the night before
- Venue extras
- Beauty extras
The best part? There are numerous ways to earn a little extra before the wedding. This includes:
- Online tutoring
- Baby sitting
- Pet sitting
- Working part-time at a coffee shop
- Rideshare driver
- Delivery driver
A little extra cash would make your wedding stress-free.