Newlyweds swap vows promising to support each other in sickness and in health — and apparently in debt.
Then assess how far those savings will go in covering your anticipated expenses. Consider how much debt you'd need to take on, if any, and how long after the wedding it will take to pay that off, said Pamela Capalad, a certified financial planner and founder of Brunch & Budget in New York."Do these flowers matter as much as you think they do right now?" Capalad said.
If there's a gap between your expected spending and your savings, see what you can cut, both big and small. ExpertsThat might mean taking a do-it-yourself approach with certain things like decorations, Boneparth said, or looking for a low-cost venue such as a local park. Cutting the guest list can also help you save, reducing costs on expenses as varied as catering and invitations.If you do decide to take on debt related to your wedding , weigh your options.
But there are risks involved, Capalad said. High interest rates can make it tough to dig out, and a big balance could also ding your credit score. "A credit card might not be the thing to do, if you don't have the income to qualify for the limit that you need and you don't have the credit score to qualify for it," she said.A small personal loan may be the better option, Capalad said.
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