Finance Roll

What is the best way to finance a wedding? Of course having your parents pay for everything is the easiest way, but more and more couples are financing things themselves. Whether you are a parent, the bride, or the groom, if you do not have the money already saved, getting an affordable short-term wedding loan can be a great solution if you use it wisely.

I did some research on just how much weddings cost these days. What I discovered was that there are more things to pay for than I thought there were. First you factor in the costs of the invitations, bridal gown, tuxedo and all the accessories that go along with them. Then, there is the cost of the reception including the ballroom, wedding cake, food, décor, and entertainment. Other costs include transportation services like limousines, horse and buggies, or whatever chariot you plan to arrive at the wedding and reception in. Then, there are the costs that are easily overlooked in the beginning because they are not incurred until later in the planning process such as alterations, gifts for the bridal party, rehearsal dinners, spa and specialty services, hair, makeup, and the honeymoon. These things really add up.

All of these costs can seem totally overwhelming. So what do you do? Take a breath, and create a realistic working budget. Sit down and brainstorm every little detail you can think of that will cost you money. Make sure you include the small things like the flower girl basket, ring bearer pillow, cake cutting set, and bridal champagne glasses until you come up with a complete list. Then, assign an estimated cost to every item and tally it up. After your bottom line is figured, tack on a few (or maybe few hundred or few thousand) extra bucks for incidentals to come up with a grand total. You will not know what these incidentals are when you write your list, but you will sure be glad you accounted for them later when you need money for something you had not thought of. Finally, fine tune your list by adding or subtracting the things you can and cannot afford to create your working budget.

Now that you have your working budget, it is time to finance this thing. Down payments on the cake, venue, food, or entertainment may have to be made up to a year in advance and you need to make some decisions. If your parents are not footing the bill, and you do not have the savings to get the ball rolling, a short-term, wedding loan may just the thing to help you out. Whether you have excellent credit, average credit, or bad credit, there is loan product out there for you. Once you get the loan funds, put them in a special wedding account to pay bills from as they arise. Then, make sure you begin to repay your wedding loan immediately, steadily, and quickly.

The key is to use wedding finance loans wisely. Do not borrow more than you reasonably need. Do not create payments that will be difficult to repay. Try not to make your loan terms exceed your wedding date. Make all payments on time. Use cash wedding gifts to reduce or pay off your principal. And remember, extreme debt for the sake of a wedding is no way to begin a marriage, but great credit is an element both of you can benefit from to the end.

Ken S., Founder

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