Spread the payments of your wedding day.
Weddings and the entire industry that surround them is fast becoming big business and it`s no secret that the cost of tying the knot has dramatically increased over the past couple of decades to the point where the average cost of weddings in the UK has sky rocketed to over £20,000. The day of your wedding is among the biggest days of your lives, certainly as a couple and you don`t want to have to cut costs but this kind of sum can be difficult to find for most of us.
Personal Wedding Loans
If you want to make your day as special as possible but don`t have any savings but could afford to make monthly repayments then you may look for alternative ways to fund the day and a wedding loan is one of these options in the form of a low interest personal loan.
Part Fund Your Wedding with Savings
If you are thinking of having an extravagant wedding then it is definitely best to have some money to put towards the day before you consider borrowing, the larger the loan the longer it will take to pay off and although a wedding is a great occasion you wouldn`t want to be paying it off for the rest of your life so think carefully about how much you are going to spend and how much you will need to borrow and perhaps scale down the costs to suit if needed. If there is a shortfall between what you have and what you would like to spend then taking out a personal loan for example of up to £15,000 over five years is a popular way of finding the money needed.
Set Repayment Periods
When you take out a personal loan you have the knowledge that your repayments are fixed over a set period of time so you can plan your finances accordingly, taking the loan out over a shorter period means your payments will be bigger but you will pay less interest over the life of the loan. Some loan companies allow you to take payment holidays at the start of the agreement allowing you to settle into your new married life before having to start repayments.
Wedding loan Alternatives
Before putting pen to paper on a wedding personal loan you should first consider the other options available to you both in terms of borrowing and spending. If borrowing is necessary to make your wedding dreams come true but you don1t need a huge sum then you could consider a credit card, many of the credit providers offer a 0% introductory period on balance transfers or purchases. This basically means you could borrow the money for free if you are disciplined enough by repeatedly transferring the balance before interest rates kick in, and this is a big if. If you get it wrong and forget when the 0% deal finishes or find it difficult to manage your repayments then this option can cause headaches.
Wedding Budget Advice
We know wedding are expensive and extra funding can sometimes be required, but it is also prudent to make sure costs don`t spiral out of control and there are many ways to save money but still get the perfect day.
Set and Stick to a Budget
It is so easy for your wedding finances to get out of control, it is really important to decide what you can afford to spend and stick to that amount as tightly as you can. Make a spreadsheet with all the potential costs and decide how much you will spend on each and use this as a guide during the planning process, if you go over in one area then lower the budget in another to compensate.
Luxurious Wedding Venues on a Budget
The summer months are quite rightly the most popular month of the year for wedding in the UK, when we get the weather our country has it all: stunning views, superb architecture and natural wonders, but many areas have outstanding natural beauty the whole year round and autumn and winter wedding are usually significantly less expensive up to half the cost at some venues than the summer.
Weekday Wedding Ceremonies
If you are set on a Summer wedding but still looking to cut cost then have you considered having the nuptials in a weekday? Most people would prefer a weekend wedding and that translates into cost with weekday events subject to substantial discounts at many venues.
Last Minute Weddings
If the choice of venue is not hugely important for you then you can get great last minute deals at many popular venues across the UK. You don`t have to do everything last minute, you could set a date and invite guest but wait until a few months before to finalise on a venue, you could save thousands on a last minute deal.
Cut Out the Luxury Items
Another way of generating extra spending for the wedding is by cutting your everyday spending, try a budget supermarket or sacrifice a few of your luxuries like taking a flask instead of buying coffee from chain stores, make sandwiches instead of eating out at lunch time. Don`t worry though once the wedding is over you can start to creep these indulgencies back in slowly. This mind-set can be transferred to the wedding spending also, we`ve all heard the saying `something old, something new, something borrowed, something blue` instead of splashing out on buying everything brand new why not incorporate some family heirlooms into the day or borrow bits and pieces from friends
Do Things Yourself
If you have transferable skills then why not put them to use instead of paying professionals, if you are a dab hand at design then you could do the wedding stationary, if you enjoy horticulture then you could try your hand at some of the floristry. Be careful not to take too extra work on yourself though as there is lots of standard organising to be done. You may have a family member who is a hairdresser or amateur photographer then why not put them to good use and save some money?
Trim the Guest List
If costs are still an issue then you may have to consider trimming the guest list, the majority of cost for the day itself being on feeding guests with some venues charging up to £70 per head for food and drinks packages so big saving can be made if you can get away with not inviting a few of the distant relatives. Cost is not the only advantage of fewer guests, it gives the wedding a more intimate feel and offers you a better chance of spending some time with all of your guests throughout the day.
Check your Credit Rating
Like all loans, you can get a better interest rate if you have a good credit rating if you have a bad credit rating however you may find borrowing to be an expensive prospect as you will be unable to borrow at the best rates offered in the market. It is also worth noting that rejected credit applications can further damage your credit rating so it is a good idea to check out your credit rating before applying for your loan through Experian, Equifax or other alternative credit agency.