From the moment you become engaged, you’re probably envisioning your beautiful wedding day with the love of your life alongside family and friends. Sooner or later, you’re going to wonder how you can begin to afford everything you want involved. With some adjustments and financial resources added to your daily life, you’ll be closer to getting the wedding you’ve always imagined followed by a perfectly care-free honeymoon.
Think about how you can start making the most of your wedding budget and plans now. These ways to fund your dream wedding are perfect for the go-getter, budget-savvy groom and bride:
1. Cut Back on Certain Spending Habits
One straightforward but smart way to save for your dream wedding is to simply lessen your regular spending. Every dollar adds up! Think about it: a month’s worth of going out to eat, daily coffee, transportation costs, a gym membership, cable services, monthly box subscriptions, and more can all add up quickly in a year to total hundreds of dollars. Cutting back some of these expenses could be used for printing wedding invitations and additional stationery such as thank you notes, or even getting a bigger wedding cake. Consider what activities may be unnecessary to spend money on for the time being in order to set aside more savings.
2. Tap Into Your Home’s Equity
Couples planning to tie the knot have become more aware of the rising costs of having a wedding, especially during uncertain times of the pandemic as events are continually being postponed. However, when it’s safe for everyone, you still want to have a unique wedding to your own preferences. Borrowing may be your answer to staying financially stable in the present and future rather than splurging at once.
If you own a house or live together with your partner, you can leverage the equity you’ve built up in the home to cover a significant part of the wedding or all of it in its entirety. An advantage of doing this over borrowing through another avenue, such as a personal loan, is lower interest rates. Because it’s using your home as collateral, you have the ability to pay off the loan in steady and predictable monthly payments. On top of that, it can also give you a limit to avoid spending more than you can afford when you decide how much you want from the home loan. As long as you take out the loan with full intention and capability to pay it back efficiently, there will be no financial hardships after your big day.