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Major Expenses

What are Personal Loans For? Wedding and Engagement Ring Financing

wedding and engagement ring financing

The road to your wedding—the planning, the researching, and the saving—can be a long one. Many modern couples take months, or even years, to plan their weddings.

And while it used to be tradition that a bride’s family would foot the bill, it’s become increasingly common for both families to pitch in. In some cases, the couple will handle costs themselves without any familial help (or with the help of crowdfunding campaigns for weddings).

There are almost as many ways to pay for weddings and all of their related expenses as there are types of weddings. Adding a personal wedding loan to the budget can be a great way to make planning your special day a little less stressful.

Financing the Engagement Ring

Engagement rings may be a 20th-century tradition, but they’re synonymous with weddings, still, in the 21st century. And while diamond engagement rings may be going out of fashion, the practice of popping the question with a beautiful token of your love is still very much in vogue. The average amount spent on engagement rings has increased to more than $6,000. This means some couples are spending much less than the old “2 months’ salary” rule of thumb—and others are spending more.

For couples who haven’t saved separately for the engagement ring and the wedding, or for those who prefer not to dip into the wedding day coffers just yet, engagement ring financing is a smart move for budget buffering. Many jewelers offer financing options—sometimes with low- or 0% APR intro rates—but accumulating an additional line of credit (and monthly bill) may not be ideal. Instead, couples who are already considering wedding loans can calculate the cost of the engagement ring (and wedding rings too) into the total amount they’d like to borrow.

Say “I Do” to a Wedding Loan

Some common ways to reduce the costs of your wedding include:

  • Booking venues and rentals on off-season dates
  • Holding the wedding on a weekday night
  • Having a breakfast, brunch, or lunch reception
  • Reducing the guest list to your nearest and dearest

These approaches, though, don’t work for every couple. And even the most diligent savers and planners are bound to forget something. From flowers to food, drinks to dessert, invitation stationery to officiants and licensing, the costs of the ceremony and reception seem to multiply near exponentially.

A wedding loan can help add some extra padding to an existing budget, or accommodate the entire budget you need. Couples (and their families, if appropriate) should sit down and decide what’s most important to them about the ceremony, reception, and honeymoon, then approximate a headcount, and start considering how much they’d like to spend in each area. Once they have a number, shopping for vendors—and wedding loan providers—will be much easier.

Other Nuptial Incidentals Covered

The best planners—those of us who’ve dreamed of our weddings for years, who lurk on wedding message boards and have deep affection for Pinterest and bridal magazines—are more than familiar with the typical costs of wedding ceremonies and receptions and the components thereof. Flowers, cake, passed appetizers, save-the-dates, invitations, thank you cards, etc.—they’ve got it covered.

But what about the unexpected?

You can’t really plan for what you don’t see coming. But you can add some cushion into your wedding budget. Whether you’re starting with a robust savings account, a lot of family help, or next to nothing, a wedding loan can provide the extra funding you need beyond savings, and then have a fixed amount of time for paying it back.

With a wedding loan from Discover Personal Loans, you can say good-bye to wedding cost woes and hello to the day you’ve always dreamed of with the person you love most.