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Money Matters

Should I Get A Wedding Loan To Cover Expenses?

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Wedding Loan or Budget?

Did you read the title of this article and think, “Is that REALLY a thing?” Get a wedding loan to cover expenses? It surely is! When exchanging vows, couples are nowadays pledge to stick it out through thick and thin, in sickness and in health, but possibly with tons of debt.

Results from a recent survey conducted by Student Loan Hero yielded the following: of over 1,000 individuals surveyed, more than seventy-four percent indicated that they were planning to go into debt to pay for their wedding. Taking that a step further, the survey indicated that more than 50% of the group surveyed were planning to push their wedding date due to the costs associated with the day. Other key findings from the survey included:

  • About one-half of respondents (47%) expect to pay less than $20,000, while the other half (53%) project higher wedding costs.
  • About 1 in 4 (23%) said they feel “somewhat stressed” or “very stressed” about their wedding costs. Another 38% agreed with the statement, “I can’t afford to pay for my wedding.”
  • Overall, a significant majority of respondents (84%) felt that their wedding would be worth the cost.

Have You Set A Wedding Budget?

To revisit the initial question of whether you should get a loan to cover your wedding costs, consider this first. Have you set a wedding budget? (if you need a wedding budget template to get you started, use our wedding budget printable from The Bridal Binder here). Setting a wedding budget has multiple advantages; it allows you to determine the maximum amount of money you want to spend, you can determine whether you want to prioritize the use of your funds, and you can also utilize it to determine where you can cut costs.

Getting a loan to cover your wedding costs is not ideal; you don’t want to spend years paying off costs incurred for one day (the best day of your life). We suggest beginning your new life with your spouse free of debt (or with as little debt as possible). This will allow you to focus on what really matters, and allow you to achieve other financial goals, free from the stress of wedding loan debt. Instead of getting a loan to cover your wedding costs, do these three things:

  1. Plan (and stick to!) your wedding budget.
  2. Prioritize your spending on areas that truly matter to you.
  3. Take the opportunity to cut costs where spending may be unnecessary.

With these tips, you should be able to plan your destination wedding without a problem.

Happy planning!

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