Reports show that less than a third of couples who plan a wedding that costs more than $10,000 save more than a couple of thousand dollars toward paying for it. Yet Weddings today can cost an average of $20,000 or more for the reception hall, caterer, flowers, decorations, Wedding gown, Rings, and don't forget the honeymoon. So how do you pay for all this extravagance?
1- Save for your wedding. Certificates of Deposits ( CDs) offer one option for short-term savings that offers higher returns on the initial investment. Having a regular savings plan to save as much unrestricted income as possible in the months preceding your wedding can help you to accumulate as little debt as possible. Saving coins and $1 bills in the months leading up to your wedding can add up too, perhaps contributing a decent down payment toward the honeymoon.
2- Talk to a representative at your financial institution. Many banks offer free advice to couples about budgeting, savings and purchasing a home. Inquire about a home equity loan to help cover wedding expenses. For engaged couples who may already own a home either individually or together, a home equity loan provides a flexible option for financing along with low interest rates.
3- Set a Realistic Budget. Be careful of hidden costs. Don't make the mistake of going over budget. Be prepared as a couple to compromise on many of the details. Consider using a combination of savings, paying out-of-pocket, home equity and credit cards to finance the cost.
4- Pay as you go in order not to incur debt. Even if you don't have a lot of excess cash, you can pay off many of the bills related to a wedding beforehand. Most vendors require a 50 percent deposit at the time that you place the order. this gets you halfway there from the start. And Remember, all cost are negotiable.
About this Author: Kelli Roethel has 5 years experience in the Health insurance industry as a Cobra specialist. She is owner, co-founder and Manager of the Life1010 program, which is designed to help individuals through a step-by-step process of getting their lives and businesses in order. The program focuses on emergency preparedness, creating an effective spending plan, health and wellness, and retirement planning. She has helped the business in creative aspects of social media and event planning. Kelli as a part time stay at home mom enjoys helping others get their lives organized. Loves the joy of watching others realize how important it is to be
prepared for life’s crazy ups and downs.
1- Save for your wedding. Certificates of Deposits ( CDs) offer one option for short-term savings that offers higher returns on the initial investment. Having a regular savings plan to save as much unrestricted income as possible in the months preceding your wedding can help you to accumulate as little debt as possible. Saving coins and $1 bills in the months leading up to your wedding can add up too, perhaps contributing a decent down payment toward the honeymoon.
2- Talk to a representative at your financial institution. Many banks offer free advice to couples about budgeting, savings and purchasing a home. Inquire about a home equity loan to help cover wedding expenses. For engaged couples who may already own a home either individually or together, a home equity loan provides a flexible option for financing along with low interest rates.
3- Set a Realistic Budget. Be careful of hidden costs. Don't make the mistake of going over budget. Be prepared as a couple to compromise on many of the details. Consider using a combination of savings, paying out-of-pocket, home equity and credit cards to finance the cost.
4- Pay as you go in order not to incur debt. Even if you don't have a lot of excess cash, you can pay off many of the bills related to a wedding beforehand. Most vendors require a 50 percent deposit at the time that you place the order. this gets you halfway there from the start. And Remember, all cost are negotiable.
About this Author: Kelli Roethel has 5 years experience in the Health insurance industry as a Cobra specialist. She is owner, co-founder and Manager of the Life1010 program, which is designed to help individuals through a step-by-step process of getting their lives and businesses in order. The program focuses on emergency preparedness, creating an effective spending plan, health and wellness, and retirement planning. She has helped the business in creative aspects of social media and event planning. Kelli as a part time stay at home mom enjoys helping others get their lives organized. Loves the joy of watching others realize how important it is to be
prepared for life’s crazy ups and downs.
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