{"id":84537,"date":"2023-03-21T08:02:28","date_gmt":"2023-03-21T08:02:28","guid":{"rendered":"https:\/\/www.marriage.com\/advice\/?p=84537"},"modified":"2023-03-21T08:02:43","modified_gmt":"2023-03-21T08:02:43","slug":"wedding-debt","status":"publish","type":"post","link":"https:\/\/www.marriage.com\/advice\/finance\/wedding-debt\/","title":{"rendered":"10 Tips on How to Avoid Going Into Debt for Your Wedding"},"content":{"rendered":"\n

\"Plastic<\/p>\n

When dating partners want to take their relationship to marital status, a lot of planning goes into making their wedding day a success. In a survey by Zola, about 70% of couples ended up spending more than what they estimated. This is why some of them may ask, are weddings worth it?<\/span><\/p>\n

Hence, with the cost of weddings likely to increase, couples need to pay more attention to the intricacies involved when planning a wedding so they don’t run into debt. In this article, you will learn what wedding debt means and some tips on how to avoid massive debt during and after your wedding.<\/span><\/p>\n

<\/span>What is wedding debt?<\/b><\/span><\/h2>\n

Wedding debt is a sum of money owed, usually when couples spend more than they can afford. Because weddings are happy and memorable events, couples are likely to spend more than they budgeted. Hence, they could end up in some wedding debt. <\/span><\/p>\n

Couples can avoid wedding debt if they are intentional about proper planning and sticking to the budget, irrespective of some last-minute changes.<\/span><\/p>\n

Wedding debt is something that many young adults struggle with, and Fenaba R Addo reveals this in his research study. This <\/span>study<\/span><\/a> is titled Debt, Cohabitation, and Marriage in Young Adulthood. <\/span><\/p>\n

<\/span>What do couples spend the most on at weddings?<\/b><\/span><\/h2>\n

When it comes to what couples spend the most at weddings, it depends on how they want their occasion to be. People who are expecting a large number of guests, are likely to spend more on the venue because they need a big space to contain people. <\/span><\/p>\n

Additionally, they might need a central place where people can easily access it.<\/span><\/p>\n

Another thing couples spend on is food, which also depends on the number of people coming around. If it is a large wedding, couples can expect to spend more money than if they had a few people coming around.<\/span><\/p>\n

Couples who hire a <\/span>wedding planner<\/span><\/a> might end up spending more because they could be expensive. However, getting a wedding planner has big advantages because they take up most of the workload.<\/span><\/p>\n

\"Floral<\/p>\n

<\/span>How does marriage impact debt<\/b><\/span><\/h2>\n

Before getting married, one of the important things that you and your partner should discuss is your financial situation. You need to know if any of you is in debt so that you can create a repayment strategy. <\/span><\/p>\n

One of the common questions that people ask is what happens to debt when you get married. This question depends on the type of debt and the legal laws that apply in your country.<\/span><\/p>\n

If any of the spouses is in debt, they can discuss if they would help each other or not. It is important to remember that even as married partners, you might incur some new debts because your responsibilities will increase. <\/span><\/p>\n

If you’ve asked yourself questions like when you get married, do you share debt, discussing with your partner is the first step to finding a solution.<\/span><\/p>\n

<\/span>10 Tips on how to avoid going into debt for your wedding<\/b><\/span><\/h2>\n

While you keep thinking of how to make your wedding a memorable event, one of the things you need to consider is to avoid running into debt. Here are some helpful tips to prevent wedding debt as your special date approaches.<\/span><\/p>\n

1. Pick a feasible date for the wedding<\/b><\/h3>\n

Intending couples who do not want to run into wedding debt can avoid unnecessary expenses and outstanding payments to choose a convenient date that will allow you to raise sufficient money.  <\/span><\/p>\n

Even though you can’t wait to tie the knot with your partner, remember that it is better to finish your wedding without going into debt. You and your partner should put your heads together to select a date that will allow you to achieve your financial goals.<\/span><\/p>\n

2. Discuss with other married couples<\/b><\/h3>\n

Sometimes, listening to married couples could be beneficial because of their experience in <\/span>planning weddings<\/span><\/a>. They might have some valuable advice to give about what happened during their wedding and how you can avoid making some mistakes. <\/span><\/p>\n

Also, they could give you some planning hacks you might not have been aware of. Before or when you pick a wedding date, it is best to have some married couples in your corner that you can reach out to for advice.<\/span><\/p>\n

\"Wedding<\/p>\n

3. Begin to save ahead of time<\/b><\/h3>\n

If you plan on <\/span>getting married<\/span><\/a> and you don’t want to run into debt, you need to prioritize savings. It is best to start saving some months or years before your wedding so that you won’t be overwhelmed by the expenses you might incur during that period. <\/span><\/p>\n

One of the ways to make your savings more effective is to cut down on some of your expenses.<\/span><\/p>\n

Since you have a <\/span>long-term goal<\/span><\/a> in mind that must be met, you might have to focus more on urgent expenses. Some people might consider opening a separate account where they can drop a particular percentage of money to prevent them from touching it. <\/span><\/p>\n

Knowing how to save money for a wedding fast may often start with saving ahead of time. <\/span><\/p>\n

Watch this video on how to save and manage money as a couple: <\/span><\/i><\/p>\n