Should you Loan for your Wedding?

June 22, 2010 |

A wedding is many people’s dream. For them, a formal ceremony is the best way to get married and exchange wedding vows. Unfortunately, not every couple wanting to get married has the necessary funds to pay for all the preparations and wedding details. With so many things to spend for, a wedding ceremony and reception today can be quite expensive.

In Australia, the high cost of weddings is causing new couples to suffer from debts early in their married life and this is not a good sign to start life together. Currently, the average cost of a wedding is around $28,000. What happens, though, is that most couples go overboard in their budget. A new report has found that most couples spend 15 percent more than the budget they’ve set for their wedding.

This only goes to show that money is indeed a major consideration for those who want to get married in formal wedding rites with reception afterwards. For many young couples, having a big wedding is more important than investing in a home or paying off their debts. In fact, a majority of those who do this eventually struggle to pay the debts they accumulated for their wedding day and some even spend several years until they can fully pay this debt.

Since money is what most soon-to-be-married couples worry about, they can go to the extent of taking out all sorts of personal loans just to fund their wedding day. With online payday loans offered by a great number of short term lenders today, grooms and brides to be are lured to availing of this instant cash loans not bothering to think whether they can afford to pay them back on time. Some can even take out not just one but two or more loans at the same time.

These quick payday loans are helpful but only when one knows how to use them the right way. Yes, they can finance important needs. However, borrowers also have to be responsible for paying the amount they owe in a timely manner. It’s a two-way street just like in a relationship. You avail of a valuable service from short term loan providers but on your end, you also have to be aware of your obligation most especially paying your dues on time. In this way, financial troubles are avoided and everybody is happy.

According to Truebride.com.au, the average wedding cost of $28,000 is actually $4,000 more than the original budget. This only means that even with much planning, couples are likely to spend more than their budget. The dresses and accessories for the bride and the bridal entourage alone can already be quite costly.

But then again, there’s always a way to stick within the couple’s set budget. Pick the cheaper venues, less costly materials for the dresses and the simplest food for the reception. Taking out quick payday loans is fine as long as you commit to paying your dues right after the big day.

A wedding need not be very expensive. What matters is the ceremony that will seal your love for each other and not all those material things involved.

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Jun

22

Should you Loan for your Wedding?

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