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Should you borrow money to pay for your dream wedding?

stressed-brideSome people have a vision in their heads of their perfect, fairy-tale wedding – and nothing else will do. However, not all of them have the funds available to make this dream a reality.

In this scenario: what should you do? One solution would be to borrow the money you need – but is this really a good idea? Debt Advisory Centre has put together this guide to what you need to know about borrowing to fund your wedding, so you can make your own informed choice.

Something borrowed…

If borrowing is the only way you can fund your dream wedding – and you’re determined to do that – it pays to be sensible about it.

If you choose to take out a loan, you’ll need to be absolutely confident you can afford your repayments each month. Use a loan calculator to help you get a rough idea of how much you might end up paying. And remember – if you choose to repay what you borrow over a longer time, this will usually give interest more time to build up. That’s why it’s usually advisable to repay loans as quickly as you realistically can.

You might also want to consider a credit card with an interest-free period on purchases. As long as you pay off the total balance before the interest-free deal ends, you won’t pay a penny in interest. Again, though, it’s important you know you can pay it off in that time – or you can afford the interest payments once the interest-free deal ends (interest on these cards can be higher than on ‘normal’ credit cards).

Will paying for your wedding affect your marriage?

It’s really important to remember that your wedding is just the beginning of your life together. After that, you might have lots of plans together – for example, buying a house or starting a family.

These things cost money – and you might end up regretting splurging on your wedding if you don’t have anything left over to help you with these important goals. This is especially true if most of your spare income goes towards paying for your wedding, long after the ‘big day’ itself has passed. It’s kind of like going on holiday and spending all the money you have on the flights – then having nothing to spend when you actually get there.

Think really carefully about whether you’d rather have an amazing wedding or a financial head-start towards your important life goals.

If you start to struggle…

If you’ve already borrowed to fund your wedding, and it has landed you in some hot water, it can be immensely stressful. However, don’t worry. There are debt solutions available that can reduce your monthly repayments to a more affordable level, perhaps freeze interest and charges, sometimes prevent any further contact from your lenders and/or even write off a portion of your debt in some cases. You’ll need to talk to a debt expert to find out whether a debt solution is right for you.

However, don’t view this as a ‘get out of jail free’ card. Debt solutions are a source of help if you really need it, but they can also damage your credit rating, delay the day your debts are paid off and cost you more in interest. It’s therefore really important that you look through all your different options before making a decision.

Weddings on a shoestring

If you don’t fancy the idea of borrowing a huge amount of money to fund one day in your life, there are lots of ways you can cut the cost of your wedding – often without compromising on the quality of the wedding. This very website is full of great tips and suggestions to help you.

Here are just a few of our favourite tips we found on this website that could help you cut the cost of your wedding – so you might not even need to consider borrowing:

  • Ensure that every one of your guests absolutely needs to be there; more people usually equals more cost
  • Choose a naturally beautiful location so you spend less on decorations (unless it’s very expensive to hire the beautiful location, of course…)
  • Hire a local band instead of a professional DJ or wedding band
  • Buy an ex-display bridal dress for a big discount
  • Make as much as you can yourself – homemade invitations, buffets, décor…
  • Send wedding invites on Facebook / by email, and reserve the ‘paper invites’ for people who aren’t online
  • Ask around and see if any of your friends have any skills you can use – for example, floristry, cake-making or DJ-ing. is on twitter and Pinterest. If you really enjoyed reading this article, then do us a favour and share the link with your friends, and please get in touch if you have any budget ideas of your own to share with us. Thanks :)

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