Your wedding will more than likely be the biggest, best, and in some cases,
Read on to find out how to pay for your wedding and get all the beauty sleep you need!
Once the excitement from your engagement has died down, it’s time to get
Set Your Budget
You would be crazy to throw yourself into planning a wedding without working from a budget. When you have a number of quotes gathered, you should have some idea of what you are going to spend – but you need to agree on a final figure with your partner. If parents or relatives are contributing towards the cost, involve them in this budget decision at the outset, so everyone is clear on how much they will be spending. Once you have your budget agreed, do a little simple math. Divide your budget figure by the number of months you will be planning your wedding. Once you are clear on your budget
When you and your partner have sealed your budget with a kiss (!) then siphon off a certain amount as an emergency fund in case you go over-budget. Research by
Save the (best) date
Some wedding dates are more expensive than others. Weddings around Valentine’s Day, New Year’s Eve, Christmas bank holidays
Commit to cutbacks
You’ll need to make cutbacks elsewhere to balance things out as you start to book vendors etc. Examine all your outgoings each month. Do you really need that gym subscription? We know everyone likes to look their best for their wedding, but getting out for a walk or a jog is just as good, with the added bonus of not costing you anything. Skip the queue at the deli counter and start bringing packed lunches to work. Aside from treating yourself here and there, cut out the regular habit of popping in for takeaway coffees. Why not even switch your electricity or gas supplier to take advantage of switcher/new customer deals.
Resist the credit card
Don’t start off on the wrong foot by paying for things with money that you don’t have. Our advice would be to resist the credit card for the vast majority of your wedding expenses. However, in certain cases, such as booking venues, you might have no choice but to use the card. Ensure however that you are paying off the balance in full and on time every month. If you fall into the trap of only paying off the minimum payment the interest charged on this alone could see you raiding your emergency fund!
Need to borrow? Use an ethical
If you find yourself needing to use the credit card more than you would like, then perhaps you and your partner need to consider a loan. Ideally, no couple would have to borrow for their big day, but with venue costs rising by 9% and photographers increasing in price by 8% in Ireland it’s understandable that a loan might be necessary. Indeed,
Don’t fall for wedding myths
We’ve all heard it. ‘A wedding pays for itself’. Don’t be under any illusion that this is the case. If you’re dreaming of recouping the cost of the wedding through cash gifts from your guests, think again. You can’t predict how much your guests will give, or how many might not opt for alternative presents. Even if all of your guests give very generous cash gifts, it would be very unlikely that you would cover the full cost of the wedding. As with any significant life event, the best option is to save, budget, borrow prudently if needs be – and treat any additional cash you recoup as a bonus.
Talk to Bruff Credit Union today about a flexible personal loan. Call 061 382111