How to finance your dream wedding

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Weddings are a big event, and for most people they represent the biggest and most important day in their lives up to that point. When planning a wedding, it is common for people to have grand ideas and dreams of what they want their big day to look like. It is also true that weddings come at a cost, and it isn’t usually a cheap one.

What are the different elements that go into a wedding that you’ll need to consider how to pay for?

  • Cost of the ceremony itself
  • The venue and transport to and from the venue
  • Dresses for the bride and bridesmaids
  • Suits for the groom and the best man
  • The reception, and food and drink for all guests

That isn’t everything, but represents where the main expenditure will come from, while at this point you haven’t even considered the honeymoon, which can see the cost of a wedding double on the spot.

What options do you have available for financing your dream wedding?

Family Contributions

Parents of both the bride and of the groom may wish to contribute to the cost of the wedding. While traditionally, the father of the bride would make the biggest contribution and sometimes even pay for the whole thing, today it is commonplace for both sets of parents to help.

The one obstacle you do have here is that if it isn’t a conversation you’ve ever had in your family, even when you announced you were planning to marry, it might be a difficult one to bring up. If you’re uncomfortable doing so then you can go ahead and explore your other options, and you might even find that your parents mention it to you during your wedding planning, particularly if they take a close interest and are involved in helping you through the process.

Using Your Savings

Depending on how much money you and your partner have been able to save down the years, whether when together or when you were both single prior to meeting, your savings may easily be able to cover the cost of your dream wedding. If you choose to use your savings, you might need to compromise on various aspects of the wedding depending on how much money you have at your disposal.

If you would rather have a dream honeymoon over a dream wedding – or class the honeymoon as part of the wedding overall – then you may wish to use your savings on the trip of a lifetime and have a smaller wedding instead.

Before using your savings to pay for your wedding you should also consider whether you might want to use your savings for another purpose, such as buying a house if you have not already done so.

“If you choose to use your savings, you might need to compromise on various aspects of the wedding depending on how much money you have at your disposal.”

Take Out a Personal Loan

NOW FINANCE offers personal loans to help couples enjoy their dream wedding, and if you’re able to repay a loan but don’t have the capital to finance a dream wedding upfront, it is certainly an option worth considering. You might choose to take out a personal loan to pay for the whole wedding and your honeymoon, or you may take out a loan to supplement any savings you and your partner have between you.

“You might choose to take out a personal loan to pay for the whole wedding and your honeymoon, or you may take out a loan to supplement any savings you and your partner have between you.”

If you choose to take out a personal loan from [name] to help pay for your wedding, either you or your partner will need to apply individually, as we do not currently accept joint applications. If you are unsure whether you would be accepted for a loan, take the time to check your credit score prior to applying. You can also read our recent blog looking at how to get approved for a personal loan, and should check our eligibility criteria prior to applying.

Disclaimer:  This article contains general comments and recommendations only. This article has been prepared without taking account of your objectives, financial situation or needs.  Before taking any action you should consider the appropriateness of the comments made in the article, having regard to your objectives, financial situation and needs. If this article relates to the acquisition, or possible acquisition, of a particular credit product you should obtain and consider the relevant disclosure documents before applying for the product.

Categories: Lifestyle, Personal Finance, Weddings

Approved customers only. Terms, conditions, fees and charges apply. All applications are subject to NOW FINANCE’s lending and approval criteria. Settlement times may vary depending on circumstances. Loan repayment terms range from 18 months to 7 years. Interest rates range from 7.95% p.a. (9.56% p.a. comparison rate) to 16.95% p.a. (18.53% p.a. comparison rate).

*Comparison rates are based on a loan of $30,000 over 5 years.

WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

EXAMPLE: An unsecured personal loan of $30,000 borrowed for 5 years with the interest rate of 7.95% p.a. (9.56% p.a. comparison rate), would estimate to a minimum total amount payable of $37,741.60 via the weekly payment option (including a $495 establishment fee and $13 per month administration fee). Rates are subject to change.

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