According to a recent study, 43% of people regret the debt that they get into due to their wedding day. This is not surprising, as the quest to obtain the perfect dress and most fairytale venue means that couples need to stump up thousands of pounds for what is coined â€˜the best day of their lives.â€™
The study, discussed by the Daily Record, was based on Scottish couples but is indicative of a wider problem. The study highlighted that couples borrow an average of £3050 for their wedding and more than a quarter of couples are still making repayments six years later.
The difficulty is the pressure that couples will feel to put on a memorable day. The Debt Advisory Centre commented, â€œWhile celebrities can afford to spend enormous amounts on dream weddings, for most people this kind of luxury is out of reach and itâ€™s not advisable to get into debt to meet these aspirations….A wedding might seem like the most important day of your life but nothing is more important than your long-term happiness and security, so keep this in mind and plan for your marriage rather than your wedding day.â€
In order to achieve the wedding you and your partner really want, it is important to think about long term financial goals and place some consideration on financial literacy.
- Consider saving money in advance: This is the most sensible option but with the cost of weddings hitting the thousands, you may not have the time to save all that money. Still, always the best bet in any situation is to wait and save your own money up.
- Personal Loan: Personal loans can help as long as you look carefully at the terms and conditions and ensure you can meet ALL repayments. Wonga SA, a major instant loans online provider, say that there are two different kinds of finance; good and bad. If you want to draw out a personal loan to help you pay for your wedding costs, then you might consider which this would be. â€˜Goodâ€™ finance might be considered to be the purchase of an asset. For instance, a car which will get you to work. A â€˜badâ€™ finance loan might be a holiday; something which isnâ€™t necessarily needed and will cause you unnecessary debt over time. What would you wedding come under? This might be a bit of a grey area. You might want to help cover some of the legal costs of getting married with a personal loan. However, excessive spending of flowers, food or a lavish honeymoon might be more towards the â€˜badâ€™ end of the finance scale.
- Ask family: If youâ€™ve got a kind and wealthy enough family, this may be an option for you. Make sure everyone is clear about the terms of the money being given though do you need to pay it back? Is it to be used with certain provisos?
Essentially, itâ€™s about being clever with your money. You need to think about what you can manage and realistically pay off over time. Your wedding is an important occasion and of course youâ€™ll want to push the boat out, but to the expense of your future happiness after the wedding season is over will not do anyone ever good.