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How to Get you Down the Aisle Without Breaking the Bank
It’s no secret that weddings can be expensive. According to The Wedding Report, the average wedding in the United States in 2017 costs $25,760. In the New York/Newark-Jersey City Metropolitan area , the average wedding cost is higher than the national 2017 average at $39.900.
How can you create your dream wedding while staying within a budget? There are several ways to help save for a wedding and create a memorable day for you and your guests.
Tips on How to Pay for a Wedding
To determine how much you’re willing to spend on wedding costs, first take a look at what you and your soon-to-be spouse can afford. Look at what you have in savings between the two of you and what you can save from your current income. In some cases, your families may also be able to help cover some of the wedding costs. Don’t assume your families will help pay for your wedding; have those conversations with your families as soon as possible.
Set A Realistic Wedding Budget
A 2016 American Wedding study by Brides magazine found that one in three couples go over their wedding budget.
Creating a realistic budget at the beginning of your wedding planning can help you understand all the costs associated with your special day. Wedding costs like apparel purchases and rental, decorations, the photographer, food, venues and so much more can all add up quickly. Be sure to set aside part of your wedding budget for unexpected expenses, like taxes and gratuities. These items can add up to be a sizeable amount if you’re not planning ahead.
Categorize Must-Have vs. Nice-to-Have
As you plan your wedding budget, it is also important to make sure you and your fiancé have the same expectations for this special day. Is a photo booth on the list of must-have items for you? Do you plan to give welcome gifts to your guests? Creating the perfect “for you” wedding is just that – it’s about creating the day around what matters most to you and your fiancé. When looking at the costs of these add-on items and your overall budget, consider doing some things yourself instead of paying vendors as a way to reduce expenses. Having these conversations early can help in crafting your overall wedding budget.
Consider a Wedding Loan
One way to pay for the wedding of your dreams is by taking out a loan. By taking out a loan for your special day, you can spread out the costs over a longer period of time without draining your savings account. There are several personal loan options available:
- Secured Loans allow you to borrow against your savings, while still earning interest on your deposits.
- Personal Loans can be a great option for some to pay for your wedding costs. Our personal loans at Greater Alliance Federal Credit Union (GAFCU) allow you to borrow up to $20,000 over 84 months with no collateral required.
Not sure what type of loan is right for you? Visit our personal loans calculator .
If you’re planning a wedding, let us be among those to offer our congratulations! And, we’re happy to be a part of making your day special! Contact us, and we’ll help you determine what kind of loan or savings vehicle is right for your wedding budget.