Planning a wedding is a special experience that makes you feel overwhelmed, and still, you look forward to it. Many people consider it as the most special day of their life when the limelight remains on them. The dream setup is rarely within the budget, and people end up with a personal loan for the arrangements.
The event is indeed far more important than some financial consequences of the loan. Nevertheless, you can save some money over the total cost with a simple strategy in place. Your family and friends are a great source of knowledge from their experience of planning a wedding.
You can also follow the dos and don’ts mentioned in this blog to curb the expenses and save money on loan.
You should start the wedding plan with the idea to save wherever possible. Cut the number of guests if you want the dream location. These are the small hacks that can help you save money for the things that matter.
Many people choose to serve only beer and wine instead of an open bar. You can use less expensive flowers and decorations to save some money. A wedding planner will help you find a cheaper alternative to almost every needless expense in the market.
There are plenty of lenders in the market that offer a personal loan if you have the right credentials. Your credit score and present income will decide the eligibility and interest rates of the loan. However, the private lenders will offer loan even with a bad credit score.
You will find the repayment flexible with term extension and other benefits. They might cost higher interest rates compared to the banks and other financial institutions. But the additional cost is justified with relaxed norms and better customer service.
Not every situation requires a personal loan to manage the finances. The banks can take weeks to process your application. There is no guarantee over the approval as they may reject the application on the last stage. Therefore, you may want to consider the personal loans alternative based on the urgency and other requirements.
Payday loans, doorstep loans, and text loans are some financial products that provide instant fund. These are ideal when you need a small amount of money for a few weeks or months. However, the interest rates are high, but the overall cost will remain low.
It is okay to negotiate with the lender as they might offer some relaxation on the interest rates. Banks have stringent policies, and there are very fewer chances to get reduced interest rates. The best they can offer is some discount on the processing fees.
The direct lenders have full control over the interest rates they are willing to offer. They might offer some discount on the APR. You can expect flexible repayment plan to make the instalments manageable during the tough times.
A conversation about finances is always difficult, especially near the wedding. But you must have this awkward conversation to avoid some unreasonable expectations. They may not have the same budget and weddings goals as you.
You need to understand their financial goals as the majority of them will be shared. Both the bride and groom these days have an equal share of the expenses. Therefore, the plan should remain flexible if one of them find some expense needless.
You can still boost the wedding funds if the wedding date is months away. It is time to hold the luxuries and amenities and focus on the savings. You can reduce the living cost significantly by eliminating the unnecessary expenses for the next few months.
Many people divert the complete savings to the wedding fund instead of some portion. It helps them avoid personal loan and its interest. However, the timeline of your long-term goals might take a serious hit because of this strategy.
You may have some funds, such as retirement, house, and new cars. These funds are the result of your consistent efforts toward achieving financial freedom. Do not use them for wedding expenses unless there is no other option.
Breaking into these funds will derail the budget with some long-term consequences. You will lose track of the spend and waste some of it. There is no end to the possible spending once you access a considerable fund.
Many people offer the option to gift cash instead of some item. Many couples create a website and provide a payment option on it. This is not okay and sound greedy to many guests.
There are other alternatives to the cash that will provide some support to the finances. These include gift cards and vouchers of some major platform such as Amazon or eBay.
The venue is one of the highest costs of the wedding expense list. You don’t have to give an exorbitant amount to book a banquet hall. A garden of some friends and family can turn out to be a beautiful set up for the wedding.
Use a faraway romantic location with some sentimental value for the wedding. It will reduce the number of guests, especially the ones with less priority. The location itself can help you cut the loan amount into half.
Many people take more loan than required to have the spending cushion for some unexpected situation. This fund may help save you the day with instant money. But you don’t have to take the chance and pay the additional interest for a very long time.
Take the bare minimum amount for the personal loan to avoid the overspending and reduce the instalments. In case of an emergency, you can avail many instant loans from the direct lenders. You still have the credit card as an emergency line of credit.
Conclusion
In the end, your resistance and planning will help you save a considerable amount of money. It is okay to take a personal loan as this day will never come again. It is on you to make it as memorable as it can be.
Post articles and opinions on Professionals UK
to attract new clients and referrals. Feature in newsletters.
Join for free today and upload your articles for new contacts to read and enquire further.
