The lucky few may envision a dream wedding that is a small-scale, low-key affair. Yet for most people, it is the opposite: A huge celebration of family, friends, and love. That often comes with a large price tag, and while your wedding should never burden you financially, it is one of the most important days of your life. You may want to spend some money to get the day you deserve. Below are the main ways to finance your big day.
Using your own money
The average cost of a wedding in the United Kingdom is estimated to be around £31,974. This can be a lot to take out in credit, and can seriously dent your savings. Thus, you may wish to see what you can use to fund it from immediate income and assets.
Unless you have a large monthly income, immediate wages are probably not going to cut it. Consider selling any assets you may have that could help add to the pot. You may have two cars and could go down to one. Perhaps you have personal items in the household that could be sold to add to the total.
For those who own a property, you can sell it quickly and easily to raise cash without the long process of an estate agent. This is obviously only an option if you have a second property, perhaps bought as an investment or gained through inheritance. Look for a reputable company that advertises a ‘We buy any property’ style service. Even if the building is in disrepair, you will still get an offer that may help go toward the total.
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Using savings
Savings are one of the best ways to pay for a wedding. It may take a while to raise the cash, but you have the benefit of not taking out debts and loans. This means no interest and no monthly prepayments cutting into your budget.
The downside to savings is that they could always be used for something else. When starting out, these can be things that seem more important, such as a property deposit or funds to start a family. You should always keep money tucked away for emergencies as well, so don’t deplete everything you have amassed.
Getting a wedding loan
Most high street banks will now offer specific wedding loans. Their rate differs depending on the bank, but they are usually paid back between 2 and 6 years. This can help you clear wedding costs upfront, so you just have to deal with one payment. The obvious downside to this is that you are incurring debt for your big day, which has to be paid off afterwards.
Credit cards should be avoided at all costs. Due to the high rates of interest, they will quickly mount up. If you find you must use them, do this only for small ticket items and try to find one with 0% interest on purchases.
Staying out of debt is the ideal scenario, but it is not always feasible. You can also mix and match these ideas, using savings, assets, and debt to fund your wedding day. Manage your budget carefully, get ready to make some sacrifices, and you can have a fantastic day without overspending.
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