Plenty of studious and smart money savers have opted to start putting money aside for a variety of reasons, most of which have to do with the continuation of saving money or building more wealth and net worth.
Very rarely do you see that same group of people saving money for something that is short term or has little to no return on their investment. And that even more rarely get emotionally involved in the decision making and instead turn to being as cerebral and honest as possible.
You’ll never hear talk of a loan, either. These diligent, hard working individuals use their money and save accordingly.
The one event that combines all things wrong with money, saving and borrowing is the coveted and much anticipated wedding day. The wedding itself is money and spending personified. The average wedding costs nearly $30,000, and most people don’t have that kind of money lying around, and the even the longest engagement period is hardly going to net that kind of cash on hand.
So then, talk turns of borrowing that kind of money, which has become more of the norm as it relates to weddings. But is that really such a smart idea?
This question money wise is tougher than it looks on paper since the event has to happen, and because of its unforgettable nature, you have to assume you don’t want to skimp when going all out is paramount for that memory so many long to feel.
But the idea of assuming debt for a wedding realistically doesn’t make any sense for a number of reasons, notably the fact that you’ll be heading into a new relationship as a couple already in some serious debt. The real money saving needs to begin with saving cash in a matter that goes back to old fashioned budgeting, cutting expenses such as cable television and not eating out at restaurants and starting to figure out a way to afford this wedding with blood, sweat and eventually tears of joy.
That being said, you can figure on saving or needing to save at least 50 percent of the wedding costs with your own willpower and money. If you need to borrow, make sure it’s a fraction of what your total cost is going to be.
Personal, signature loans tend to have lower to moderately low rates of less than 10 percent interest and even lower if you go through an employer.
While it is never advisable to borrow money for something that isn’t home improvement, buying a vehicle or house or something other that is tangible and necessary, you wedding is priceless as far as memories go but that doesn’t mean it has to be so pricey.