A wedding is a once-in-a-lifetime event and millions of couples around the world want their weddings to be grand and memorable. They want it to be a spectacle that the guests will remember.
That is well and good, but the stats don’t lie. Current statistics show that about 40% to 50% of all marriages end in divorce. So, this ‘once in a lifetime’ event might not be forever… or even ‘once’ for that matter.
This pragmatic approach may seem anathema to most couples who believe that love will get them through anything. Yet money problems affect millions of marriages. Very often, the debt incurred during the wedding outlasts the actual marriage.
So, it’s always best to err on the side of caution when holding your wedding. It may not be a romantic approach, but there’s nothing about debt and financial stress that’s romantic either. You want to have both eyes open here.
How much will the wedding cost?
The first thing you’ll need to do is calculate the expenses for the wedding. Some couples may prefer to hire a wedding planner while others will choose to do it all themselves.
Whichever way you go, it’s crucial that you know exactly what the total cost of the wedding will be. Do not just charge the bills to your credit cards as they come.
What’s your budget?
Once you know the cost of the wedding, you’ll need to look at your budget. Do you and your partner have enough in savings to cover the cost of the wedding?
NEVER take loans or go into credit card debt to pay for your wedding. You do not want to start your married life mired in debt. Furthermore, if you’re expecting to just pay the minimums until things get better, you’ll be affecting your credit score. This will make it more difficult to take home loans, etc, in future.
Start saving
The best way to cover your wedding costs will be to save up for it first. Ideally, if you can pay for everything out of pocket and not go into debt, you’ll be fine.
Ask yourself if you really want such a wedding
It’s important that both partners be level-headed here. If one partner wants to spend excessively just to have a lavish wedding, but it means going into deep debt the marriage is already off to a rocky start.
If you want a grand wedding just to impress the guests, it will be an expensive and pointless undertaking. The wedding only lasts for a day. The debt can last for years, if you’re only paying the minimum monthly.
It’s also important to remember that you may wish to buy or rent a house. You might need a car… and if you have kids, you’ll have added costs. If your wedding debt is massive, you’ll be strapped for cash in future.
Even when your wedding guests have long-forgotten your wedding, you can bet the bank and the creditors will still remember you and they’ll call to check on you often.
Shop around
Look for the best prices when planning your wedding. You’ll notice that some parts of the year such as June and September are ‘peak seasons’ when most weddings take place. During these times, the costs will be high. Hold your wedding during the off-peak seasons and you’ll get discounts and better deals.
Destination weddings
You may even consider a destination wedding. Not only will this make the entire wedding more exotic and exciting, it’s actually cheaper.
For starters, you’ll invite fewer guests. Since you’re going overseas, you’ll want to keep it to a small, close-knit group of people who matter. During the wedding, you can even stay in a room with a friend or two and have a laugh throughout the night instead of paying for a honeymoon suite.
When the wedding is over, the guests can go back and you can carry on with your honeymoon. You’ll be killing two birds with one stone… and it will still be a win-win. A fantastic wedding at a cool destination and at a lower cost. Imagine that!
So think carefully when planning for your wedding and discuss with your partner before doing anything. The discussions will also be eye-opening and you’ll be able to see if you’re both ‘financially compatible’ too. This knowledge will be priceless.
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