How to finance a wedding


Alternatives to wedding loans

Credit cards

If there was a class called How to Finance a Wedding 101, the first thing you would learn is that credit cards are a dangerous way to pay for a wedding. Imagine that you financed $10,000 of your wedding costs with a credit card that charges 15% interest. Even if you make monthly payments of $225, it will take you 66 months to pay the card off. In addition, you will pay an extra $4,688 in interest. Even if you use a 0% intro APR credit card, you need to be certain you can pay off your balance before interest comes due.


Marriage comes complete with special challenges, such as learning how to blend two lives that were once independent. Even if you have lived together, there is something about being married that changes the flavor of the relationship. Adding debt to the mix is, at best, fraught with risks. In a perfect world, you would save up enough cash to pay for your wedding and begin the new chapter of your lives together with one less financial burden.

Family contribution

Maybe you can’t afford to pay for the entire thing yourselves. Why not ask your parents and grandparents to pitch in what they can? As long as you don’t raise your budget accordingly, you may be able to pay for the remaining portion in cash, or at least push the wedding back long enough to come up with your portion.

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Decide how much you can afford — today, without a loan. Do you have $1,000 cash that is not earmarked for something important (like an emergency fund)? Do you have a credit card with a 0% promotional rate that you could tap and pay off before the promotional rate expires? Could you spare an extra $50 a month to put towards your wedding fund? Move the financial pieces around like a Rubik’s Cube. The more money you can pull together, the less you will have to borrow.

Anyone who has been married for years will tell you that a great relationship is built on many things, including mutual respect, shared goals, and trust. No one ever looked back after decades of marriage and said that the wedding was the best thing about being together.

If your big question is how to finance a wedding, chances are, you are already feeling stressed. Why not go easy on yourself and build a wedding around what you can afford? The people who care about you will celebrate, no matter what.

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