Avoid using loans to wholly fund the big day
If one of your life long hopes is to eventually get married, but you haven’t considered the financial implications of the big day, it may be wise to start giving it some serious thought.
It is suggested that an average wedding in today’s modern society, is likely to fetch a price tag of somewhere within the region of £10-15,000 pounds. New research reveals that cost’s associated to the big day will prove to be a burden for the happy couple, for approximately 10 years into their married life.
Surprisingly, 1 out of every 3 marriages is funded almost entirely by the bride and groom. Today’s young couples will use a mixture of savings and financial gifts from relatives to fund a small proportion of the wedding, with the remainder coming in the form of a personal loan (which is where the problems begin).
A spokesperson for one of the UK’s largest wedding coordination firms, has advised any couple’s who are actively planning a wedding, to save as much as possible. The firm has also advised that thorough planning and budgeting will also shave a considerable sum from the final bill.
However, it is taken as a given that the majority of couples will have to source a certain amount of credit, in order for their wedding to take place. For those people who have no other choice than to use a personal loan, it is advisable to be through with your search in order to attain the best possible deal. Usually, the couples who are worse affected by wedding debt will be those who agreed to the first offer they were given…which typically is never the better deal.
