Wedding Loan Do’s and Don’ts
The average wedding in 2014 cost $32,641 (1). Wedding couples may not have enough savings to cover all their wedding expenses. That doesn’t necessarily mean they need to wait to get married, or figure out how to pay for a wedding, until they have saved enough money.
Many people purchasing a car for this amount wouldn’t hesitate to take out a loan for a portion of the price. But those same people might be adamant against taking out a loan to finance a wedding. Whatever the decision is, it’s a personal one, and with wedding costs rising, a wedding loan could be a practical solution to what seems like an impractical cost.
The Smart Way to Pay for a Wedding
Throughout a marriage, it’s important to communicate effectively and have frank discussions about finances, but it starts even before the marriage. There should be close teamwork to determine how much money will be spent, how to pay for a wedding, and whether taking on out a loan is an option.
It may be a good idea for couples to establish a wedding budget and be sure they can identify sources for all the funds needed for the wedding, as well as the honeymoon. In some cases, wedding expectations will need to be tempered with the realistic availability of money, no matter the source.
Even with a reduced budget, a wedding loan could help to close the gap between what you’ve saved and what you expect to spend. Taking out a loan for a wedding is not something that should be done lightly. In fact, the key to answering the question: “Should you get a wedding loan?” could be your answer to the question: “Can you manage a certain amount of debt responsibly?”
Get an accurate estimate of the amount needed for the wedding and honeymoon and determine what portion of that will be covered by a loan. Remember that you will need to repay the loan with interest, but when you get a personal loan for a wedding from Discover, you will know how much your monthly payments will be and when the loan will be paid off.
- SOURCE OF WEDDING STATISTICS: “The Knot, The #1 Wedding Site, Releases 2015 Real Weddings Study Statistics,” 04/05/16