How to finance your wedding day plans
WHETHER you are getting married on a shoe string or with no expense spared, our tips will help you manage your finances closely so you can keep track of your spending and avoid paying for your big day or years to come.
The first thing you should do is sit down with your partner and discuss what both of you may have already saved and what you can afford to put aside on a regular basis up until your wedding day. This will help you set a realistic budget and priorities for your wedding day. A financial review will show you areas where you might need to cut back on your spending. If you or your partner have outstanding debts such as loans or credit card bills, concentrate on clearing them first, starting with the most expensive ones.
Once you know how much you can afford to spend on your wedding, use a wedding budget planner. It gives you a breakdown of items you will spend money on and helps you to figure out if your plans are within your overall budget. If not, you can reduce your spending in certain areas until you have an overall plan for your wedding.
Even with your savings you still might need to borrow some money. Use an online loan calculator to see how much it will cost and how long it might take to repay a loan, depending on the amount you want to borrow. Borrowing money comes at a cost as you will have to pay interest back on the money you have borrowed. Personal loan cost comparisons compare the latest rates offered by the main providers in Ireland, this will help you get the best deal. If you have to borrow to help pay for your wedding, try not spread the payments too far into the future. This will cost you more in interest and could affect your future plans.
Unfortunately, when planning your wedding there are some things that can go wrong - such as cancellation or failure of traders to deliver a service. You may want to consider wedding insurance to cover you from any financial loss as a result of unexpected events. Many insurance providers offer wedding insurance so compare what each policy covers and the charges, as they will differ. You should also consider getting engagement and wedding rings valued and insured as ‘ specified items’ on your home contents insurance so you are covered for any loss or damage.
Paying by credit card instead of cash or cheque offers you some protection, in the event a firm goes bust - such as your hotel or bridal shop. If you pay by credit card your card provider may reverse the transaction, depending on the circumstances and the type of card you have. This is called chargeback.
It is important you take out travel insurance to cover you against any losses, such as illness or injury, damaged or delayed luggage, cancelled flights, delayed or missed departure and loss or theft of money or passport. Always check the policy details before you buy, so you don’ t duplicate cover you may already have with any other policies such as your health insurance.
If you’re lucky enough to receive cash wedding presents and have some money left over after you have paid for all your wedding expenses, check out information on saving and investing so you can make the most of your nest egg!