A little while after the steamy romance of the proposal simmers down the bride will begin tackling hundreds of wedding planning tasks. Needless to say, it can be overwhelming right up to the big day. With all the decisions that have to be made: a date, venue, bridal gown, bridesmaid dresses, catering and decorations galore; the list – and expenses - seem never ending.
Throughout all of the pre-wedding bliss, be sure to set aside time and talk to your partner about how you will finance the wedding. All of these things can mean spending a boat load of cash, leading many to whip out a credit card. Before you do just that, you might want to take a look at your credit report. You may be surprised what you find. Get a sense for your current standing – are their loans you could easily pay off that are dragging down your score? Maybe a small shift in priorities could help you in the long haul.
Be aware of the debt you take on for the wedding and have a plan to pay it off. Work on a budget. Take some time to map out the expenses you can predict and how much you can afford to spend on them. This will help you form a strategy for how to fund your wedding. For instance, you will likely use a line of credit to buy your rings – what’s that new debt look like? How will it affect your overall credit standing? How long will it take for you to pay off considering all of your other monthly expenses?
Planning a wedding and paying down debt will require you to be especially frugal. Start by only spending on what you truly love. Try not to excessively buy decorations or splurge on the invitations, when there’s a suitable alternative that costs far less.
Entering into a union with a sound financial life can help you and your soon-to-be spouse start on the right foot.