The average wedding costs approximately $26,000
The average wedding costs approximately $26,000. No wonder many couples find themselves entering their new marriage in debt. Money troubles are the number one cause of marital discord and you don’t want them hanging over your new marriage. Here’s how to enjoy your life as newlyweds free from the shackles of debt.
First determine how much money was given as a wedding present. Many guests give money rather than a registry item. Instead of using this money on your honeymoon, or on other things that you want to buy, save yourself some interest charges and put that money towards your debt as soon as possible.
Put off the honeymoon. Couples are beginning to do this more and more as they see the advantages of starting their life together with a good cash flow. If you really want to go away with your sweetie directly after the wedding, consider going to a bed and breakfast somewhere within the country above jetting off abroad. This is extremely romantic and allows you to enjoy some alone time together without driving yourselves further into debt.
Sit down with your new spouse and create a budget
Sit down with your new spouse and create a budget. Every penny you make cannot possibly go towards paying off your wedding as you still have all of your regular bills and living expenses as well. Creating a budget will tell you how much you can afford to pay every month and where that money will be distributed. After setting your budget, it’s extremely important that you stick to it. Photos by: bryllupsfoto.info
When you are putting the figures down onto paper, see what loans have the highest interest rate. Usually these are credit cards with interest rates being as high as twenty-one percent! It’s important that you pay these off quickly otherwise, you will end up collecting huge interest charges every month and it will become increasingly harder for you to clear your debts. The next step is to pay off the loans with the largest amount. Decreasing the loan amount decreases your interest and the loan will become more reasonable, changing from the one that doesn’t seem as though it will ever be paid off to the one that can be paid off next month!
If the bills seem too overwhelming, seek professional help from a financial consultant. These people you can meet with to review all of your income and expenses and will help you allocate where your money should be going on a monthly basis. Remember an objective third party does not have the same emotional attachment to your money you do. Once they have given you a plan, make sure that you follow it.
The most important thing when it comes to wedding debt is not to argue about it
The most important thing when it comes to wedding debt is not to argue about it. It makes it very difficult on a new marriage when you not only have money troubles but are also fighting over them. You both enjoyed a wonderful day and you’ve both got to determine how you’re going to pay for it, together. Getting into a game of “Well you needed the most expensive (insert item here)” isn’t going to help anyone and will just add fuel to an already blazing fire. You have a lifetime ahead of you, having to figure out how things are going to be paid for. Now is the time to find out how you work together to solve the problem.