A wedding can be one of the most costly days of your life. It is hard to believe that as you prepare for your wedding, the food, the festivities, and the honeymoon that it will cost as much as it does. However, as a married couple you will remember that day for the rest of your lives. The problem that most of us face right after we are engaged is figuring out how to finance the whole affair. It used to be that the bride’s parents footed the bill and still is in most cases but in these ever changing times that does not always happen. Inevitably it falls to the bride and groom to pay for their own wedding day. The question is, how?
Usually the matter of funds dictates the size of your wedding and what your day will look like. Knowing how you are going to pay for the wedding is imperative as you are planning it. Here are a few ways to think about funding your special day if it falls upon yourselves to pay the bill.
- One of the simplest ways to make sure that the wedding fits into your budget is to make sure that you spend less on the wedding itself. I have previously spoken about establishing a budget to start with and with that budget you can figure out exactly what you can do for your wedding. Depending on what you have for a budget will cause you to increase or decrease the size of the wedding.
- Another way to make sure that your wedding does not dry up what funds you have to start your lives together is to make sure that your friends and family give you cash for your wedding. Cash can always be more useful than a waffle iron when it really comes down to it. Use these cash gifts to offset the cost of the wedding.
- Getting an extra job to pay for the wedding is always an option. Granted working extra cannot always be the most satisfying thing but it may increase your budget to just what you need it to be for your dream wedding.
- If you and your betrothed have separate places you may consider moving in together to save extra money. Cutting out an extra rent or mortgage, utilities, food, and various other costs can make a huge difference in what you can spend for your wedding.
- Borrowing the money is always an option but one steadfast rule in planning your wedding is not to go into debt beyond your means, the goal is to have the wedding you want without going into hock to have it. Borrowing money through a personal loan, home equity line or cash value life insurance are a few options to fund your wedding. However, you can always look to borrow money from friends or family but be careful because putting a strain on those relationships is always a recipe for disaster during a very stressful time.
- Taking the time to save the money yourself can be time consuming but planning your budget then saving for it can be very rewarding and will make sure that you do not start your wedded life with a hefty bill. Figuring out how much and how long it will take to save the money you need is very essential to making this option work. Depending on the length you want your engagement to be will ultimately dictate whether you use this option or not.
Using these few suggestions can help you figure out how to fund your wedding. There are many more options out there that brides and grooms are exploring. Whatever option you use just remember to create a budget and stick to it otherwise you may have the pleasure of coming back to a mound of debt right after your honeymoon.Bruce A. Gleason, Registered Representative of Park Avenue Securities LLC (PAS), 600 Delaware Ave, Buffalo, NY 14202. Securities products and services offered through PAS, 800-777-3411. Financial Representative, The Guardian Life Insurance Company of America (Guardian), New York, NY. PAS is an indirect, wholly owned subsidiary of Guardian. Alliance Advisory Group, Inc. is not an affiliate or subsidiary of PAS or Guardian. PAS is a member FINRA, SIPC.