So, you’ve got the longest wish list in the world for your wedding and fabulous #goal worthy ideas from countless sources of inspiration (GfB, wink!)… Where on earth does the money come into all of this? It’s not exactly a pink champagne kind of topic, we skirt around it when we can! However, fear not! We’re here to take the weight off of that giant piggy bank floating above your head (somewhere in the clouds). It’s time to get savvy! With the friendly help of a money expert, we’re going to show you the ropes when it comes to counting out the pennies for that big wedding payout…
Have you been putting a little bit extra away each month? (rainy day, blue sky thinking!) Don’t be afraid to dip into those savings if you’re not already working towards a larger goal (your first home, for example) – we count this as a wonderfully cost effective way of carrying your wedding through the big day. Why? You’ll avoid those pesky interest charges from borrowing!
Short on cash in your pocket? No problem! Credit cards can be scary, but, opting for the right one and staying smart about it can be a great way to go finance-wise! The trick is to keep an eye out for a 0% purchases credit card with a long deal to-boot. With this up your sleeve, you won’t be paying interest on your purchases until the deal ends: If your deal is long enough, pay off the outstanding balance ahead of time to avoid the interest charge! Be sure to pay this off in full or scout out your options, for example, a balance transfer credit card to negate hefty and unnecessary extra payments.
Armed with a credit card, you have the added bonus of being protected when it comes to your spending! Any shopping which goes through on your credit card will have Section 75 Protection tagged onto it – this nifty little measure means that any spend from £100 to £30,000 will be covered by your provider, so, if *anything* goes wrong your money could magically make its way back to you (yay!).
If you’re using your own hard-earned cash, you’re still going to want some backup! To combine savings with Section 75, make your money go further with a rewards credit card. For going that extra mile, clearing the card balance every month with the money you have to hand can earn you tempting perks, for instance, cash back or airmiles which could go into the honeymoon fund! The thing to bear in mind with this one is being timely with your balance repayments – to avoid any mess!
Getting by with a little help from your friends? These days, convenient traditions where the bride’s family foots the bill are way less common – making way for the modern couple’s personal vision, which’ll involve covering the cost off their own back! If you’re blessed with public-spirited friends and family, give thanks for benevolence and altruism – small contributions towards the big day should be well-received and could even be asked for instead of gifts! Alternatively, a generous individual among your nearest and dearest might lend you the money on the condition that you pay it back gradually. With loans like this, be sure to carefully lay down the terms and agreement! A time frame for an upfront payment will help you steer clear from any internal arguments!
For a final option, if you’ve exhausted all the other avenues and can’t get a 0% credit card with a large enough limit, only then consider getting a personalloan. With one of these, you could borrow up to £25,000 over a 1 – 7 year period, however, the interest rates will vary across these loans. If you need to go for this option, be sure choose the lowest APR (the annual percentage rate – the amount of interest you’ll be expected to pay on what you borrow).
Monetary information and statistics obtained from Hannah Maundrell, editor in chief of www.money.co.uk ⭐️
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