Your wedding is an incredibly expensive experience. Although it is an experience that you will remember for the rest of your life, it is also an experience that will unsettle you financially, meaning that you’re incredibly likely to be short of money as soon as you’ve come back from your honeymoon. Due to this, you simply must budget for life after the big day well before it has even happened. Here are three ways that you can do just that:
1) List, List, List:
It’s true what they say, and you cannot plan enough for your wedding day; especially as it is one of the most expensive days in your life. Because it is one of (if not the most) memorable days of your life, a great deal of planning goes into the day itself, while little thought is put into what happens when you return from your honeymoon. More often than not, a couple’s quest for the perfect day pushes them to the edge of their financial stability and, as a direct result; they often struggle to budget properly for life after their wedding.
There’s only one way that you can ensure that you don’t stretch your budget too far, and that’s to list, list and list. Create a wedding budget and stick to it closely. Once your budget is set, ensure that you’ve factored the affordability of the wedding into your forward planning for the 3 months after. Create lists and go through them forensically. This way, you can go into your wedding with piece of mind.
2) Have a Debt Repayment Strategy
With the cost of weddings being so high, most people take out a loan to cover the costs and, because of this, once the wedding is done and dusted, people are left with astronomical levels of debt. Unless your parents are incredibly rich then it is likely that taking out a loan will become your only remaining option. There’s no problem with doing this, and if it makes your day extra special then you should definitely consider it. You must, however, take every option seriously and have a debt repayment strategy ready to help you repay it ASAP.
3) Consider Innovative Repayment Methods
If you’re struggling with repayment, then you should consider innovative strategies. Recently, we’ve seen a rise in the used wedding dress market, with people looking to recoup some of their losses from the big day. This, however, isn’t to everyone’s tastes and it is likely that you’ll want to keep your precious mementos. If you’re looking for innovative repayment methods then cast the net far and wide. Investments are quite a good option, and people generally choose this option because all you really need is an online trading account. Just be wary that, if you do choose an innovative repayment option, there are risks involved and you’ll have to commit to it. The same is applicable if you choose to trade stocks and shares to make a profit.