If you are planning on getting married this year, you might be already worried about your budget and finances. There is nothing worse than starting a new life knowing that you are already in debt. Chances are you will move to a new home, taking out a mortgage, but your chances of getting accepted will be reduced if you keep on spending on your credit cards and taking out loans to fund your wedding. Below you will find five useful tips on how to avoid starting your new life together in debt.
Budget For Your Wedding Early
The sooner you create a budget for your wedding the earlier you can start saving up. Look at your finances and see how much you can put aside in a savings account each month to cover the cost of your wedding venue in worcestershire and wedding planners. Make sure you ask about the prices in advance. If you get a fixed term 12- or 24 months savings account, you can contribute each month and get a good interest rate as well. Withdraw the money gradually to pay for your wedding when the time comes.
Ask for Gift Cards as Wedding Favours
Instead of getting gifts you will never use, ask your friends and relatives to give you a gift card instead. While they might feel reluctant to put some money in an envelope, a home store or designer outlet voucher will help you get your new house ready to move in. Check out the One for All gift card scheme that allows you to use your card in hundreds of UK stores.
Get Help from Relatives
You might want to save money on wedding planner services and use the help offered by your relatives. Some of your family members would be happy to arrange the flowers, while others will know a local catering company that can create your menu. If one of your relatives has a large house or holiday home, you might not want to hire a venue, instead, ask them to make it available for your wedding.
Join Forces Financially
If you have to take out a loan or use a credit card, it is better to do it together. You are likely to get a lower rate if the company takes into consideration two incomes. You should sign up for a joint bank account and have a savings account together. If you take out any type of credit, make sure you set you set up a savings fund that you can use to pay it back over time, before you start your life together.
Pay Deposits in Cash
The golden rule of happy marriage and financial freedom is not stretching your budget. Only get services you can afford, and pay deposits in cash, instead of using a credit card. Create a saving plan to get the rest of the money ready when it is needed, so you don’t end up with high credit card interest and fees, increasing your stress levels just before the most important day of your lives.
Planning your budget before getting married can help you avoid starting your new life troubled by debt.