Why a Wedding Loan Is Not a Good Idea
The cost of weddings has gone so high in recent years and, unable to finance the wedding they desire, some couples are now taking out personal loans. In other situations, some couples’ parents are using home equity lines of credit to finance their children’s weddings. While it is desirable to have a wedding whose greatness people will talk about for years, using credit to finance a wedding is not a prudent thing to do.
Borrowing against your mortgage
Some of the most lavish weddings you might have seen are usually financed by the couple’s parents since most young people getting married could only have started working and might not have saved enough to afford such weddings. Financially challenged parents who decide to borrow against the mortgage on their homes to finance their children’s weddings might think they are doing them a favor but this is certainly not a good idea.
For starters, by the time the children are getting married, most parents will be approaching their retirement age and their earning abilities will most likely have shrunk. Consider too the health complications that might come with advanced age and the many other pressures that aged people have to endure and you discover that a wedding loan should not be included in that list.
Secondly, great and important as it is, a wedding is a single day event. It might not therefore make much economic sense to splash money you do not readily have for such an occasion and then keep paying for it for several years.
Using personal loans
Some couples also go for personal loans which have become very readily available for people with good credit. The loans are also processed fairly quickly and some internet lenders can have the loan processed in less than a week.
When you use a personal loan to finance your wedding, you are actually spending money that you do not have. For a young couple, this might not be the best thing to for various reasons.
If, for instance, you took out a loan that you’ll repay in about 3 to 4 years, it is important to remember that more urgent financial needs are likely to arise before you clear the loan. You might get your first child during the repayment period and you might have to reconsider delaying more critical issues such as getting a mortgage. Again, the future might not augur very well for a couple that begins its marriage life in debt.
Rather than use loan to fund a wedding, a couple should consider saving for it or explore affordable alternatives. Incidentally, you can have a fantastic wedding without spending too much.
For the vast majority of people, the wedding day could be the greatest day of their lives. Such an important and happy occasion therefore needs to be planned with great care. Unfortunately, many people make grave mistakes in wedding planning and what was supposed to a glorious occasion might turn out to be the most depressing. Yet the situation need not be so gloomy. There are a number of planning mistakes you could make and knowing about them in advance could help you avoid them.
Planning without accurate budgeting
Couples know that they’ll spend money for their wedding and therefore set aside some money for this. However, not many couples have the capacity to accurately estimate the budget expenses. As usually happens, there are so many tiny details that require attention and if you just concentrated on the big budget items (such as hiring a venue) you are likely to have to cut some costs by omitting important items that you did not think about. To avoid this unfortunate scenario, it helps to work with an experienced wedding planner.
Planning without an accurate guest list
A guest list plays the most important role in determining the costs of most items. It is the list that provides guidance on the kind of venue you need to hire, for example, and the amount of money that will be spent on catering. You can imagine the frustration you’ll go through if you hired a venue that can only seat 50 people and you ended up with double that number.
Getting a guest list right is actually not too hard. Both the bride and the groom simply need to sit down and decide who they wish to invite. If you are conducting the wedding in your hometown, it is possible that more people than those on the list end up turning up and you should make a provision for this.
Spending too much
You might desire the most lavish wedding but it is more important to do what you can afford. While both the bride and groom have ideas of what their wedding should look like, any items that bloat the budget should be addressed. In most cases, you might not even need to get rid of some items – you could simply substitute exorbitant items with more affordable ones. Couples who insist on spending more than they can afford might be tempted to take a loan. This is a viable option but it is important that the couple agrees it is something they really want to do otherwise it could be a source of future stress and friction.
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With the Holidays half way through there isn’t much wedding news to talk about. So I’d like to take this time to Thank two of our Local Sponsors. Both own service businesses in the Spokane Area.
If you’re in need of Carpet Cleaning please call the experts at http://www.dependablecarpetcare.com or find them on Facebook. This company has been a generous sponsor to our community for several years. We often hire them for the business and our personal residents. Matt has always been more than courteous and takes care of our property moving furniture and setting it back.
Our other local hero owns an Hvac company specializing in Heating Repair and AC. Darren has been a sponsor for six years and can be found by visiting his website or their Facebook page.
This time of the year it’s important to not only giveback, but show appreciation. We want to thank all the local businesses that have helped us throughout the entire year. Without you none of this would be possible. Thank you!
We want to leave you telling why Christmas is Important to us. This information was gathered from our entire staff and we thought it would be an awesome idea to share it with you. We encourage you to mail in your reasons why Christmas is important so we can share it on our blog.
Christmas is important because it allows everyone a break from their busy life and a chance to gather entire families in one location. Little kids open up presents and parents get the joy of watching their joy.
Why is Christmas important to my family? It allows us to unite as one for a couple weeks of the year. It’s a well needed break and gives us the chance to thank god for all the wonderful things he’s put in our lives.
You’re getting married! Either that or you’re thinking of getting married… otherwise, why would you be here? In either case — congratulations! We understand how excited you must be. Among all the excitement is also the uncertainty that comes with the daunting task of organizing such an event. Let’s be honest, it’s a hug task and is one of the most important things you’ll do in your life.
In today’s wedding market, there is no lack of choice. There are options that can cater for all tastes and cultures. We’ve seen weddings that included a handful of guests, to weddings for naturists, to weddings in swimming pools. Believe us when we tell you… we’ve seen it all. This is a good thing because we have a wealth of experience with helping brides and grooms to be organizing weddings. We’re literally there every step of the way, on hand to provide advice on venues, decorations, entertainers, drinks, food, flowers… you name it, we can do it.
Let’s talk rings. The sky really is the limit when it comes to these little items. While the groom traditionally doesn’t have anything too fancy the bride’s ring is on the contrary. It is customary for the wedding ring to match the wedding ring… although there is no hard-and-fast rule — it just needs to fit on the day. Most women go for gold encrusted diamond rings, although taste may change. We’ve made rings with ruby, emerald and quartz stones. Gold doesn’t have to be the metal of choice. What many people don’t realize is that you can have a ring made out of almost any metal. We’ve made silver, bronze, platinum and even titanium rings for customers. We’ve also made them in a number of combinations and blends — rings really are a custom item… all that changes is taste and cost.
How about venues? Much like the rings these are very much down to your own preference. We understand that budgets range. However, its about getting a venue that suits what you want to get out of the event. You needn’t pay thousands and thousands, especially if you’re only hosting a few people. Small and cosy is very much in at the moment. Don’t get us wrong — if large and grand is your thing, then we can help there too. We’ve organized events in venues that have set the happy couple back hundreds of thousands of dollars. That one hell of a party right?
How about food and entertainment? Many venues offer a package deal for food and entertainment. Options can be few and far between… so… if you’re really looking for a custom wedding we’d recommend you take a look around for recommended catering services and entertainers. The good news is that we’ve got an extensive list of both caterers and entertainers. They’re all tried, tested and trusted so quality is assured. Budget isn’t a problem as we’ve got all bases covered AND I’m sure we can do a special package deal for you — just ask.