Falling in love is a beautiful thing, getting married and having the wedding of your dreams is a lifetime memory that never fades away. After poring over the many wedding blogs and finding the right setting, theme, and dress for your big day; all that awaits is finding a planner, paying and setting a date. Hold that thought for a minute, have you considered home ownership? What’s better; splashing lots of money on a luxurious wedding, or using that money to pay the deposit for a home mortgage for your new family? This is the dilemma that many young couples are facing, do you get a loan or pay via a credit card for an amazing wedding that lasts a day or do you stay debt free by holding a simple inexpensive event and begin life together while financially sound?
Mortgage vs. Wedding
Don’t get us wrong; no one is against having a wedding to be remembered for eons, that will be put in wedding blogs, magazines and shows. If you can afford a fancy wedding and buying a house, then by all means go have fun, if you cannot, a compromise will have to be made that will keep you financially healthy after tying the knot. Ask the older generation how they managed and the advice you will get is; pay for your wedding in cash, the only loan to have after your wedding day is the mortgage. Find a good mortgage broker, get the best rates possible by looking at different plans then sign up and begin your path into being homeowners. You can also postpone the mortgage and rent while planning the next step.
Can you manage both?
The average cost of a wedding in recent times has been about $20000, for many young couples this may be a substantial amount. With student loans weighing down many, and family not chipping in for weddings like before, a choice has to be made on what’s important. Financial institutions have taken advantage of this and are offering wedding loans; our advice is desist from such. Many marriage troubles are brought about by finances and starting your happy ever after experience with a substantial debt should be discouraged. For those who already have homes, you can take a home equity line to finance the wedding, although many mortgage brokers would advise you not to. The only way you can manage a fancy wedding and a home mortgage is if you can afford both. If parents, family and friends are willing to pay for the wedding then by all means follow all the advice and tips in the fancy wedding blogs.
Many marketers know that people aren’t afraid to break the bank when it comes to wedding plans and will throw everything at you. Consider these tips to prevent you from getting things you don’t need to impress people who will have forgotten everything by the next day.
- Make a budget with a firm ceiling that cannot be surpassed. This amount should be manageable and realistic.
- Consider some DIY projects for decorations; you will surprised at how much you can save on flower arrangements by doing it yourself. Most wedding blogs have a ton of advice on simple yet effective decorating ideas.
- Consult before making any purchases, that way it is easier to know if the purchase is really necessary or how much your partner wants it.Good luck on your wedding, create memories and never let the love bubble burst.