A dream wedding is a once-in-a-lifetime occasion, full of joy, merriment, and opulence. It gives the whole family a reason to get together and create memories that will last a lifetime. No wonder everyone wishes that this special day deserves their complete dedication and focus. How can you finance your dream wedding
Finance Your Dream Wedding
However, weddings can be difficult to finance. Be it the wedding dress, honeymoon venue, reception, cake, or gifts; you will have to keep up with countless expenses. In New Zealand, the average cost of a wedding can be around $35000.
Now, if you want a dream wedding with the perfect 4-tier cake and custom-made attire, the costs can shoot up significantly! But, fret not, you soon-to-be-wed who already managed to buy the engagement ring. Here are a few proven ways to get the necessary funds to host your dream wedding:
Get A Personal Loan
You may get personal loans from a host of financial institutions. Typically, these are unsecured loans that have interest rates between 5% and 35%. Depending on various factors, loan providers may offer sums as high as $100,000 to help pay for your big day.
A high credit score is essential to getting a personal loan because it determines how much money you can borrow. Thus, knowing your credit score is important before applying for a wedding loan. It will enable you to improve a low credit score by taking various measures such as making timely payments and limiting the number of hard inquiries.
Your debt-to-income ratio is another crucial aspect to consider before applying for a wedding loan. This serves as a vital metric for the lender when determining the right amount of loan for you.
In New Zealand, personal loan providers are easily accessible. Many of them even have a solid online presence. All you need to do is search for a Fast personal loans provider in NZ online, and you can check out some reviews to see which loan provider could help you out in the best way.
Save Money
If you want to buy a designer wedding dress, it is time to stop consuming high-end coffee. On the plus side, ditching the Frappuccinos will complement your weight loss efforts. There are a lot of different things you can do to reduce your costs. You may start with bringing your lunch to work, carpooling with other people to save money on gas, reducing your subscriptions to online streaming services, and so on.
To keep your wedding funds separate and avoid the temptation of spending them on anything else, you can open dedicated savings account for your nuptials. Many banks offer a substantial interest rate on their savings accounts. It will also give you the option of setting up automatic transfers, directing a predetermined portion of your monthly salary straight to your saving account.
Just keep in mind that every little bit helps and that no amount of money is too insignificant to put away. This could be a short-term cost reduction strategy, but it also has the potential to be adopted as a long-term savings technique. Get on the same page with your partner and collaborate with each other to avoid making impulsive purchases.
Earn Extra Income
Add some extra cash to your wedding budget by starting a side business on top of your regular job. Seek out patrons who could benefit from your skills. For instance, you could try babysitting if you have a natural rapport with children. In this role, you will be responsible for the health and hygiene of the children in your care. Following are some more examples of side hustles that might turn out to be an excellent way to finance your wedding:
- Dropshipping: Dropshipping is an excellent way to test the waters with a product line, such as a line of branded t-shirts or mugs, without the overhead costs of stocking inventory or investing in manufacturing facilities. After you have designed and uploaded your merchandise, a dropshipping service will handle the printing and shipping for you. If you haven’t heard of dropshipping before, you can get a general idea by reading this guide by Ecommerce-Platform.
- Teaching: Do you have a degree from an accredited college? If yes, consider teaching in the neighborhood. Since offline and online tutoring businesses are constantly hiring, you can approach them to find employment.
- Social media management: Every company in existence today has a profile on at least one social media platform. As a social media manager, you can make roughly $1,000 or $2,000 per month by providing your services to a few clients. The best part is that you can pre-schedule a month’s worth of content in one weekend, thanks to the slew of scheduling tools.
Use Credit Cards
Using credit cards is another popular financing option that can assist you in paying for the wedding. We are not suggesting you take on a $30,000 credit card balance for your wedding. But opening a rewards credit card may be worthwhile if you have a high enough credit score.
By signing up for a top rewards card and spending a certain amount within the first few months, you will receive a generous sign-up bonus. You can use this bonus money to pay for smaller wedding expenses (like the vendors) and then redeem the travel rewards (a.k.a. a free honeymoon).
Like any other type of borrowing, you should not get into more credit card debt than you can comfortably pay off. Make it a point to shop around and compare different credit cards to find one that offers the most favorable interest rates and rewards for your spending.
Get Rid Of Your Old Stuff
When you replace something with something new, what do you do with the old one? In most families, old possessions are passed down through the generations or stored in a dusty corner. Guess what? You can sell the unwanted stuff in your house to get a financial cushion for your wedding. Among other things, you may sell video games, shoes, clothes, toys, etc. Nowadays, most business is conducted online, making it easy to quickly unload your unused belongings.
Conclusion – Can Finance Your Dream Wedding
You and your fiancé have recently gotten engaged, and now that the dust has settled, you are likely beginning to think about wedding plans. Whether throwing a huge party or inviting just a few close friends and family members, even the most modest celebration will cost a pretty penny.
But the good news is that you can finance your dream wedding if you walk the tight line of the steps listed above.
