Is it Good to Pay for a Wedding with a Loan?

Weddings can be really expensive these days. Many people like to have a really big occasion with lots of guests, expensive venues, food clothes and entertainment. Obviously it is a big day and if you want to pay out a lot to make it really special then you can. However, these days it is no longer the tradition that the bride’s father pays for the wedding and often the bride and groom choose to pay themselves or pay towards it so that they can have a more expensive celebration. With some weddings reaching tens of thousands of pounds in costs though, it can take a long time to save up. Many people decide that they will take out a loan to pay for their wedding. It is a good idea to think hard before doing this though as a loan is a really big commitment.

It can be hard to imagine that you might have to cut back when you are planning your big day. The day that you may have dreamed of for a very long time could be the only thing you want for your wedding, but it will cost a lot of money. It can feel wrong to consider whether you should set a budget. Cut back on some ideas or even completely change plans so that you do not have to borrow money. If you are not prepared to compromise though, you could just wait and save up instead of borrowing money. Asking people for contributions instead of gifts, selling things, working more hours and being frugal could all help you to save up the money that you need. Obviously how quickly you will get the full amount will depend on how much the wedding will cost and how much you earn. However, it could be well worth the wait. It could be better to make sure that you do not have to borrow any money and start married life without the burden of a big loan to repay.

If you are thinking of getting a loan, because you do not want to wait to save up then make sure you have considered the consequences. Think about the fact that you will need to be able to make a repayment each month until it is all paid off and consider whether you have enough money to be able to afford to do this. Also think about what might happen if your circumstances change, perhaps someone loses their job, you have a child or something else that could make it harder to repay it and whether you would manage. Interest rates may rise and the cost of the loan will go up and you will then need to find more money to pay each month, will you be able to cope.

Money and the stress of money can often be a reason that a marriage breaks down. You do not want to be in the situation that problems with the repayment of a loan that was taken out to pay for a wedding causes the relationship to break down. So even if it does not feel very romantic when you look into budgets and whether you should save or borrow etc, it could be saving you a lot of trouble in the long term.

It can be hard to face the fact that without a loan you will have to reduce the budget of your wedding and not have it quite the way you wanted or delay it until you have saved up. It is important to remember that a wedding is essentially a legal agreement where vows are exchanged, which can be done at any time. The reception afterwards tends to be the part that is the most expensive. You could do the two parts separately, having a private and cheap wedding and then saving up to throw a big celebration once you have the money for it. It could be your tenth wedding anniversary when you have saved up enough but it will be worth waiting for. This way you will not have to for go your dream but you can still marry quickly and not have to get a loan to do so. Obviously, there could be all sorts of alternative ways that you could marry and save yourself a loan or keep the costs to a minimum and it is worth thinking through the ideas before you commit to a loan. You will not want to be disappointed in your day, but you may find a solution which will still make the day really special for you without having to spend so much money. The day should be about the commitment and the sharing of the occasion, rather than anything expensive that goes with it. There could even be ways to cut costs that no one will ever notice that could really help.

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