Wedding Finance

Wedding Finance: I know that I have said to avoid this at all costs. However, in some circumstances needs must. If you are unsure on who pays for what, click on the following link: wedding etiquette. So, let’s consider the various legitimate ways in which you may raise finance for your wedding other than the ones I have already suggested in financing your wedding on a shoestring budget.

Raising Wedding Finance:

Before you approach anyone you will need to put forward a “Business Plan”. This is the financial case supporting why you need to borrow the money. A business plan should contain the following:

- a summary of your current situation and your financial situation needs
- a vision of your wedding, number of guests, style (formal or informal etc.)
- market analysis a breakdown of the costs to be incurred. It will be necessary to append a minimum of three quotes per item to support these costs.
- competitive analysis a demonstration of the opportunities to reduce costs, e.g., making your own wedding favours and decorations
- finances cash flow projection and repayment plan - a demonstration of how you will be able to pay back the money, or at a minimum how you will be able to meet the interest rates.

Ways in which to raise money:

- obtaining a credit card
- extending your current credit card limit
- a family loan i.e. from your parents
- trade in insurance policies
- a loan from the bank (click on the link for more information on wedding loans)
- extend your current mortgage
- extend your current loan
- sell any bonds you may have
- accept any overtime opportunities
- take on a second job
- take on a casual second job which attract higher hourly rates

Wedding Finance Repayments and Interest Rates:

It is a sad fact that you will end up paying more back than you originally borrowed. Whatever path you go down check the interest rate repayments and their volatility. A reputable bank should be able to provide you with this information.

Wishing you all the very best of luck.

Wedding Finance