What Payment Mode Should Use for Wedding: Cash, Credit or Loans?

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According to an estimate if you marry in Canada, then your pocket should have at least $ 30,000. But when a father or family thinks about this expense, his mind also comes to know whether he should pay this amount to the student loan, pay for the loan taken for his new car or home, or else can do for the necessary things. But marriage is an opportunity that is very big and a memorable for every couple, and for this big day, you do not want to leave any stone unturned.

Well, if you can afford this then you definitely do but this amount is big, so do not rush into spending it. If you have $30000, it is a great pleasure for you, but make a proper plan to spend such a large amount because once the amount goes out of hand then can't be back. If you are not worth it, that you able to spend such a large amount or you can spend but not at one time then you can use a credit card or personal loan for the wedding day. But the questions are how to use them. We will discuss this in this article.

Prepare Wedding Budget and Expenses List

Wedding planning may be a very awkward feeling to you and may even bore you or excite you too. But when you are planning a wedding, you get many people who can ask you to join different types of things in your marriage. But you are well-versed with your financial situation, so consider well the items which are included in the wedding ceremony, think about it well. Now you have a wedding budget, after that you have to start a spreadsheet and write out from the DJ to the limo driver expenses. This is the first and important step for a perfect wedding budget. But keep in mind that your estimation and actual price can be different. Then cut it as per need.

If you have set a $30000 budget for your wedding which is to be done in the next 15 months, then you can save up to 2000 every month. Until the date of your marriage does not come. But sometimes it happens, some expenses come before other expenses such as venue deposit. So! You have to be prepared for it and to be honest with your monthly goal.

If your income is sufficient that you are keeping your savings then it is good, but if you are not capable of this, then you may go to other options for funding.

Use Credit Card or Not for Wedding Expenses

If you are planning to pay for marriage expenses by credit card then stop it because it can be expensive for you. Because credit card average rates of interest  9.99% to 30%. But there are some situations when payment by credit card is considered fair.

Suppose you have cash, but still you know the payment by credit card as better. This will be prudent, because credit card companies offer you bonus points and sometimes cash back or discounts on travel cost. But this is right when you are able to make full payment on your credit card every month.

Another option is the use of low-interest credit cards, but you do not get bonus points and interest is 8.99% - 12.99% on the purchase and its interest rate is still high.

When you get the final statement of your wedding expenses and are not in a position to pay. In that situation, you can think of using a credit card as the last resort to pay the balance.

Minimum monthly payments will be appropriate in this situation but you will have to pay a lot of interest for a longer period.

Is It Wise Decision To Take A Loan For A Wedding?

Marriage is such a moment that everyone eagerly waits to live. You can change on every date but do not want to change the date of marriage, even the budget that you have kept for your marriage can not be reduced because you have waited so long for this moment. But sometimes it happens that you can’t reach your planed budget even after full efforts and you understand the last option to take an express loan for marriage expenses. In such a situation, decisions should be taken not to be sentimental but to be sensible.

If your family is eligible to provide you some funds, then you can get an interest free financial assistance from them. But if your family is not in this situation, then you have only option to take a personal loan.

Whenever you fall into the circumstances that you have to take a loan, keep in mind that do not fall in the temptation of low interest rates advertisements of loan companies. Whenever you take a loan then thoroughly explore what the term and condition of the loan are and whether interest rates and duration are convenient for you or not, because these loans have different conditions, which are actually very much important to understand. Whenever you take a loan, try to pay it as soon as possible and if you have got cash at the wedding gift, then utilize it for loan payment.

Definitive Opinion

It is a good thing to pay off the wedding expenses and spend at least, but it is not that easy too. When taking a loan is the only option, then choose the loan which has a low interest rate and pay the loan as soon as possible.

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