How to know if you need to finance a wedding
Almost every girl looks forward to her wedding day. From the time we play dress up as a kid, to when we actually walk down the aisle — it’s the day we will always cherish. So how do you make it the wedding day of your dreams? How do you know if you’re going to need to expand your budget or consider getting a personal loan to finance your wedding?
Prioritizing your must-haves and your want-to-haves is imperative to determining your wedding costs and how you’ll pay for them. Here are a few examples of choices that can impact your wedding budget:
The average cost of a wedding dress in the U.S. is around $1,100, but for those us who love big, sparkling extravagant gowns, the cost can easily climb to anywhere from $2,500 – $4,000. This is where prioritization steps in. Do you choose to budget for that gorgeous gown or an open bar on your big day? The average cost for bartender service at a wedding reception is $2,800, according to the Bridal Association of America. The average number of guests is 170, making it approximately $16.50 per guest, so both these wedding day choices are in the same financial ball park. Do you really need an Italian silk dress with a train as long as the the aisle, or would you prefer your guests get to sip on their favorite drinks as much as they’d like?
Shoes. Ladies, we all know that shoes can be a weakness and our wedding shoes are no exception. What’s better than a beautiful pair of Jimmy Choo shoes to strut your stuff with as you head down the aisle? Although those gorgeous shoes may be a tempting splurge, the average cost for a pair of Jimmy Choo heels is $625. Would you rather cuddle those amazing shoes after the big day? Or perhaps, spend $529 with the love of your life in a luxurious night at The Ritz-Carlton instead? Decisions, decisions.
Last but not least – where does the honeymoon fall in your spending priorities? Do you stay close to home and enjoy the local scenery while budgeting for dinners at nice restaurants and relaxing outings during the day? Or do you prefer to jet to a tropical island somewhere and get your “tiki” on? The average cost of a honeymoon is between $4,000 and $5,000. That average includes couples who spend less to drive to a domestic destination as well as the doubtless higher cost for those who head to the Caribbean. The choice is yours, but these are the things to think about when trying to decipher whether you need to reprioritize your wants and needs, or perhaps get a personal wedding loan.
Don’t feel like denying yourself on your special day? You might want to consider getting a wedding loan from LendingPoint. We can help you say “I do” to a dream wedding by putting cash in your pocket before you walk down the aisle – to the beginning of the rest of your life.