Planning a wedding while simultaneously working to pay off student loan debt can be a daunting task. Here are some tips on how to budget for a wedding and still make a dent in your debt.
Figure out how much you can afford
While we all want to create the perfect moment for our wedding day, the reality is that student loans and other obligations must be considered when piecing together the costs you’ll need to cover.
The first step is to figure out how much you can afford. This includes everything from the cost of the wedding itself to your typical monthly bills. This will help you determine how extravagant you can get before applying for wedding personal loans to supplement your savings.
Create a savings account for the wedding
Once you have an idea of how much you can afford, it’s time to start saving. Create a savings account specifically for your wedding and put aside money each month towards the cost of the wedding. Not only will this give you a good idea of how much you’ll have to work with, but you’ll also utilize the power of compound interest to make your money go even further.
Money may feel tight, and setting up another thing to fund can feel stressful, but try to start small so that you get into the habit of putting money away for big events like this. Start with $1 or 10% of every deposit into your checking account, or ask your bank if there are automation options available that can round up your purchases to the next dollar and deposit the change into a savings account. You’d be surprised how quickly small steps like these can add up
Find ways to save money
There are many ways to save money for your wedding. Think about things like choosing cheaper florists or caterers, DIYing table centerpieces and decorations, and using discounts available online or at local stores.
If something unexpected comes up, like things going out of stock or inclement weather approaching, be flexible about how you plan your wedding. This way, you’ll still be able to have the wedding of your dreams without having to resort to diverting money from your student loan debt.
Consider consolidating your student loans to help pay for your wedding
When planning your wedding, it’s essential to consider all the costs associated with the event and where you’ll find the money to cover everything you’ll need for your big day.
If student loans are causing you enough stress that you’re not sure how you’ll afford to pay both them and your wedding expenses, it might be time to consider consolidating your loans. Debt consolidation works by combining several smaller loans into one larger loan that you can pay off more easily. This can help reduce your overall payments and make the entire process more manageable.
The bottom line
Planning a wedding while simultaneously working to pay off student loan debt can be done, but it will take some planning and effort. Give any of these tips a try and see how you can stay financially responsible while celebrating your perfect wedding day.