Let me say, CONGRATULATIONS!!!!!!!
I love weddings or more like I love the romance that gets you all the way down to walking down the aisle.
Your social media pages have gone awash with loads of messages, you keep taking pictures of your new bling (if you are the bride), you are all excited about this new phase of life…….but its time to start getting ready for the financial implications of the big day.
Lets help you get things started:
- You would be making many life important decisions together, this is one of them; How much do you want to spend how this big day? And this stems from a place of how much both of you have in savings or disposable income you spare. This budget needs to be agreed upon and you stick with it. How do you share this budget? Who is bringing how much and from what source? Be careful here so you don’t drain your finances before you even begin the journey of forever.
- Ask your parents. Different cultures define who would typically pay for the wedding. If you are one of the lucky few whose parents/Guardians/godParents would be footing the bill, #highfive you. All the same, you need to ask how much they are ready to foot. They are not under any obligation to fund your big budget wedding in entity. If they are going to fund it 100% then great! If not, know how much they are willingly to foot and make adjustments as required.
- Crowdfund it. This might sound ridiculous to some but it has become a trend to ask your friends/family to fund your big day. The story is in how you ask. You can decide to create a gift registry at ournuptialchest.com and tell your friends/family why gifting you the funds for your wedding is what you want. Please be careful here. You don’t want people thinking you are begging for money therefore it is important how you communicate it.
- There are several financial institutions that are offering wedding loans. Please discuss this in details as man and wife to be. It is important to ask yourself if taking a loan for one day event is what you want to do and more importantly how you intend to pay it back.There you have it!If you are reading this and you funded your from another source aside the list above, please share!