These days, the average wedding costs $30,000. This is a huge amount and most people do not just have that much money laying around. If you are in this boat, I may be able to help you. You might not want to spend a full $30,000 but perhaps you still need a way to pay for that wedding. Here is a possible solution.
The quickest way to get that money is always going to be a loan. Let me show you how to get a fast quote for your wedding expenses and then show you how to pay that loan off in a hurry.
First, Your Quote
Let’s begin by getting you a loan quote so that you know what kind of offer you can get. It takes just a minute to get your offer and it is absolutely free. And, even if you have less than perfect credit, you may be able to get an approval.
Paying For Your Wedding Loan
Now that you have your loan quote, you need to figure out how you are going to pay for it.
Setting Your Budget
First, you need to fit the payment into your budget and see how things look. If yo do not have a budget, let’s set one first.
Setting a budget does not have to be complicated. All that you have to do is simply write down everything that you spend money on in a month. Write them down and then add a set amount of money for food, gas and something for entertainment as well. Everything that you spend money on should have a total price or an allotted amount of money.
Now that you have your budget, you can insert your wedding loan payment. This will give you your post loan budget. Compare that to your total net salary or your take home pay.
If you have enough money to pay for everything, you are in good shape. If you will come up short, you are going to have to make some adjustments. You have several ways to go about doing this.
Trim your Expenses
The easiest way to make your wedding loan work is to trim your budget. There are dozens of ways to get this done, depending on what you currently spend your money on. Here are some of the easiest cuts.
Entertainment expenses are the easiest thing to cut since they are not needed to survive. You should keep some money in the budget for entertainment though, if you want to be able to stick with your budget. If you presently go out every weekend, cut that back to every other weekend. If you dine out often, eat at home and then go out for dessert later. Little things like this can easily trim 200 to 300 dollars off of a standard entertainment budget.
Another expense you can cut is cable and satellite. If you still have one of these services, get with the program and make the switch to a streaming service. You get just as much entertainment out of Hulu and Netflix at a fraction of the cost. This change can save you around 900 dollars in a year.
Keep going through your budget and make the necessary cuts until your loan payment fits in comfortably. Try to make the budget livable by leaving sufficient money for food and gas. Concentrate on cutting non essentials and lowering fixed bills like auto insurance by shopping for better rates.
Add Some More Income
If you do not want to make cuts or you simply can not cut enough to get your payment to work you will need to add some income.
A part time job can give you the extra money to pay for your loan with you probably having to only work a few hours a week. Some major employers that offer a nice starting wage are Target, Amazon, Walmart, Uber, Uber Eats and Lyft. The driving jobs are convenient because you can work when and where you want.
The good thing about adding extra income to pay your loan is that it will give you long term income. Even after you pay off your loan, you can keep on earning money and put it towards savings for a home or just an emergency fund. Every new couple need a nice nest egg to fall back on.
Use Wedding Proceeds
One final way to pay off your loan is with the proceeds from the wedding itself. Depending on how much you had to borrow, you could use this to pay off the entire loan. Take the cash you received and make a payment on the loan. If you need more money, you can also return items that were purchased for you. If you were provided with a gift receipt, you should be able to return them for cash money.
Tina’s Final Word
Weddings can be one of the most expensive events that you ever have to pay for. There is nothing wrong with taking out a loan to pay for it. The days of the brides family paying for a wedding are quickly disappearing and more and more, the expense falls on the shoulders of the bride and groom.
If a loan is the path that you choose, just be absolutely sure that you have the means to pay it off. You do not want to start your marriage off with debt that you can not handle, things will be tough enough.