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Q: What Are The Options For Financing Your Wedding?

A: Traditionally, brides and grooms have relied on their parents to pay for the wedding. However, more couples are paying for their big day on their own. Here are your options for financing the biggest, and probably most expensive, day of your life.

First, turn to your parents. The worst they can say is no. But most likely they’ll be willing to contribute something, or even offer to pay for it all. Just make sure not to assume they have the cash; always ask politely; and be clear about your projected budget. If you don’t have the luxury of getting the folks to pay, or you want to pay for your wedding on your own, there are various ways to gather up the funds.

Savings. If you’ve been wise with your money, you may have some savings to borrow from.  You can also begin setting aside 10% of your paycheck to deposit into a savings account (that can begin earning interest) and be put towards your wedding expenses.

Loan. Sometimes there’s no choice. Just like buying a car or a house, “buying” your wedding can be thought of as an investment. And if you can’t afford to pay it all, you’ll have to turn to your bank (or maybe your parents will even give you a loan interest free!). But be careful – if you’re already carrying a lot of debt, adding another $25,000 may not be the best way to start your financial life together.

Stocks. If any stock you own has blown up or your mutual funds are thriving, you have the option of accessing money from your investments.You were probably thinking more retirement than wedding, but if necessary you can rearrange some of your portfolio.

 

article: theweddingchannel.com






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