Recent surveys have found that Americans are willing to budget around $7,600 for their wedding, but the average American wedding costs around $30,000. Although some of the difference between these two numbers is likely caused by the difference in the surveyed groups and influenced by people at both extremes, it shows that there is a difference between what people expect to pay for their wedding and what people end up paying for their wedding.
If you are about to get married, you may find that the slightest detail can rock your budget, sending you slightly over what you expected to pay for your special day. While some people can cover these unexpected costs on their own or with the help of family members, you may find yourself facing the choice between forgoing your wedding cake or taking out a small loan to cover the cost of your deposits. If you take out a payday loan to help cover the cost of your wedding, there are a few tips that you should follow to help reduce your stress and keep your loan from becoming your first marital financial burden.
Make a Concrete Payment Plan
As the day of your wedding approaches, you may find that you have a lot of planning and organization to complete. With the added stress of seating arrangements, helping out of town guests find hotels and transportation, and last minute questions from your caterer, you may find that small details slip through the cracks. After your wedding, you may be on your honeymoon and unable or unwilling to immediately handle your responsibilities at home. This can make it easy to forget about your loan.
If you are unable to repay your loan on time, you will be faced with collection fees that will make the loan cost you more than it should. To avoid this, you should set up a repayment plan. Ideally, you will schedule and approve a withdrawal on your bank account for a time when your paycheck has already been deposited into your account. If you do not have direct deposit, you should arrange with your work to have a trusted friend deposit your check for you to make sure the balance of your loan is available when the withdrawal is made by your lender.
Take Out the Loan as Close to Your Wedding Date as Possible
Most payday loans are granted for a two week or one month period. Ideally, you will be able to pay back your loan after your wedding, so you will want to take out the loan close enough to your wedding to not have to roll the loan over into a new payment period. The exception to this rule is if you are using a payday loan months in advance to secure a venue or vendor for your wedding date. You should still pay the loan back on its original due date, which may be before your wedding.
Another reason to take out the loan as close to your wedding date as possible is because you may have multiple unexpected expenses. It will be more cost-effective for you to take out a single larger loan than several small loans as you realize you need them.
Do Not Rely on Monetary Gifts from Guests to Pay Back Your Loan
Many couples receive monetary gifts from guests at their wedding. However, you should not depend on this to pay back your loan for several reasons. First, you may receive gifts after your loan's due date. Second, guests may elect to purchase you gifts as opposed to giving cash and you may receive less cash than you expected. Finally, gifts of cash are intended to be used to start your life together and some guests may be offended to hear their gift actually paid for the wedding instead.
A small payday loan can help you achieve the wedding of your dreams, but you should always remember to make informed decisions about borrowing and only borrow within your means. Visit sites like http://www.1stchoicemoney.com to learn about other factors that will affect how you take out and pay back a payday loan.
Share3 September 2015
One thing I have always been good with is money. Even in high school, I always had a savings from my allowance and from working for the neighbors. I created this blog to help other young people understand the importance of financial responsibility even at a young age. If we start our adult lives knowing about financial responsibility, we can make it further in our lives before we suffer from the devastation of financial mistakes that can take years and years to pay back. Hopefully, what you learn here will help you avoid those financial mistakes and maybe help you recover from the ones you've already made.