Getting married! Should I get a loan for my wedding?
Do you have $36,200? That’s the average wedding cost in Australia. But, before you decide whether or not to get a loan for your wedding, there are some important factors you need to consider. First– your wedding budget. Second– your capacity to pay for it.
Are you and your fiancée feeling nervous about your forthcoming wedding? Feeling like you have actually made the best decision in life but you may have made a mistake in planning your wedding budget?
If you answered yes, then it’s time to face your pre-wedding jitters by thinking of the basic expenses that would help you determine if you should get a wedding loan or not. Remember that for most couples, a wedding is a huge financial event that could set the pace of how you handle your money during your marriage. So, that means—budgeting cannot wait. So, let’s get started with the common entries in your wedding list budget.
What is the type of wedding you want? It is important to visualise it to get started with the nitty-gritty details and expenses. Think about the theme, decorations and of course, the location. There is a huge difference between a wedding in a five-star hotel and in your own backyard.
Your wedding budget should include the following:
- Legal fees. Don’t forget the fees for notice of marriage and registry office service. You need to do some paperwork before you can get married in Australia. Weddings require a notice of intended marriage a month or less (depending on the prescribed authority) before the actual wedding date, and other documents. Celebrant fees also vary. You should also request for a copy of your marriage certificate after the wedding ceremony.
- Wedding planner. Have you and your fiancé thought about hiring a professional wedding planner? A wedding planner could cost up to $10,000 depending on the reputation, location and type of services you’re looking for. Think about your budget and needs, before hiring a full-service planner who will arrange every wedding detail. You can also opt for a planner to assist you in choosing your wedding venues and contacting vendors.
- Wedding dress and suit. The cost depends on the brand, materials and accessories. You can opt for thousands of dollars worth of wedding dress/suit, or several hundreds. What’s important is that you feel comfortable and stunning on your wedding day.
- Venue and Full-Service Catering: It should include the food, tables and chairs, alcohol (optional) and service staff.
- Other expenses include:
- Flowers and Decor
- DJ or Band
Now that you’ve made your wedding budget, do you have enough money to pay in cash? If not, you have two choices–take out a loan or downsize.
What are the advantages of getting a loan for your wedding?
First, you can have the wedding that you have always dreamed of.
Second, you can use it to build your credit. If you take out a loan at NSW Mortgage Corp, pay it on time and manage your finances wisely, your scores would go up.
Third, you can use the extra money to start your life as a couple. Got a business idea in mind? Why not use some extra cash from your wedding budget to put it into work?