A wedding can be a pivot turning moment in anyone’s life. The overall vision might be referred to as “blissful” and “cute”, but the price tag that comes with it is not so cute. Financial planning is key when it comes to weddings, and these five essential tips will help you plan for your big day without the financial woe.
Covering your bills
You and your partner probably have a rough estimate that you believe will cover the cost of your wedding, but don’t be fooled. A survey by Easy Weddings conducted amongst their customers showed that the average Australian couple set their budget to $20,913. However, they ended up revising this when they researched further on prices, and things on their wish lists, increasing their total costs to $30,985. This data should be taken with a pinch of salt, as it all depends on what type of wedding you are going for.You can make use of a credit card with a competitive interest rate which has better value than a loan. This in turn will help you pay off those additional cost. When using your credit card for wedding related purchases you may want to consider using a 0% p.a. purchase card.
Repayment options
There is an array of repayment options that are available to you on your credit card, or wedding loan that you have taken out.
“It’s always a good idea to pay down more on your credit card to avoid mounting debts.” Some lenders can allow you to make additional repayments, but you need to be aware that these may incur additional charges to do this. It’s advisable for you to check any associated fees that might offset benefits that come with your credit card or loan.”
What if you have a bad credit history?
There are millions of Aussies who suffer from an impaired credit score, but you don’t have to suffer on your big day. There is still a chance of you being eligible for a loan of up to $10,000 from a bad credit wedding loan provider. These companies look past a bad credit history and assist you in turning your dream into reality.
Emergency funds
It’s okay to change your mind 20 times in terms of what you want for your wedding. After all, it is your wedding. Don’t let the lack of finances deter you from what you want. By setting up an emergency fund you will be able to cover those unexpected costs. This could be done by putting money aside in a term deposit. Your money will be gaining interest, which in turn will help you reach your goal more quickly.