Wedding Planning Isn’t Cheap…
The title of this blog post says it all. Wedding planning is not a cheap task. According to CNN Money, couples are spending more than ever on weddings. The average cost of a wedding increased to $32,641 in 2015. The median household income according to the United States Census Bureau is $54,000. This means that many couples are spending more than half of their annual income on their wedding.
With wedding costs on the rise, you may find yourself in a panic while conducting wedding planning activities. There are so many factors to take into consideration. You want your special day to be 100 percent perfect. So how can you fund your dream wedding? How can you cut costs without sacrificing quality? If you have asked either of these questions, this blog post is for you.
Wedding Planning Guide: How To Finance Your Wedding
If you are like many young couples, you probably don’t have a large amount of cash at your disposal to put towards your wedding. That’s where wedding financing and fund raising comes into play. Here are five potential ways to finance your wedding, which can help relieve a little stress associated with your wedding planning activities.
5 Ways To Fund Your Wedding.
- Apply For A Personal Loan.
Technically there is no such thing as a “wedding loan.” If you have heard someone state that they are getting a “wedding loan,” they are most likely referring to a personal loan. If you don’t have equity built up in a home, this may be an excellent option for you to explore. Personal loans traditionally have lower interest rates when compared to other types of loans, which can make it a more attractive option than paying for wedding related expenses on a credit card. Personal loans are unsecured loans, meaning there is no collateral held. When you apply for a personal loan, many factors will be taken into consideration including your credit score and credit history. In most instances, the higher your credit score, the lower the interest rate you will receive.
- Apply For A Home Equity Line of Credit (HELOC).
If you own your home, and have some equity built up in it, you may be eligible for a HELOC. A HELOC could be a great option to help pay for your wedding related expenses, including your honeymoon. A HELOC is a secured loan, using your home as collateral. There are both fixed rate and variable rate HELOCs available at Launch CU. HELOCs traditionally offer lower interest rates than other types of personal loans since they are secured.
- Go Fund Me Page
If you are not able to get a personal loan or a HELOC for the full amount of your wedding costs, consider starting a GoFundMe campaign to raise the additional funds. Try promoting your GoFundMe campaign on your social networks. You may be surprised by how many people in your social circle are willing to donate to your special day.
- Ask Family & Friends
Instead of having a wedding shower and creating a wedding registry, consider asking your friends and family to help out with wedding related costs. This may have been taboo in the past, but it is becoming more and more acceptable to ask for cash instead of a wedding gift. One site that allows for this is OurWishingWell.com, which lets couples set up a registry where family and friends can easily give cash.
- Create a Fiverr Account.
Do you have a special talent? Maybe you love writing? Digital advertising? Social media marketing? Arts and crafts? Fiverr is a site that allows you to conduct tasks for others for as little as $5, though most tasks go for more than $5. Fiverr can be a great way to raise money for your wedding, while also helping others. Creating a Fiverr account and setting up your first “gig” is easy. Simply type in www.fiverr.com into your browser to get started.
Do You Feel A Little Bit Better?
If money is one of the major stresses in relation to you wedding, there are options that can help alleviate the stress so you can focus on all the important aspects of making your wedding picture perfect. Options like a personal loan or a HELOC could provide you with the necessary funds to make your dream wedding a realty. Other sources like GoFundMe and Fiverr can help you raise money for your special day by utilizing your social network and your unique skill set. When it comes to your wedding, you deserve the best. After all, it is one of the most important days of your life, and a day that you will celebrate for years to come.