How to Finance your Dream Wedding

Weddings are a big event, and for most people they represent the biggest and most important day in their lives up to that point. When planning a wedding, it is common for people to have grand ideas and dreams of what they want their big day to look like. It is also true that weddings come at a cost, and it isn’t usually a cheap one.
What are the different elements that go into a wedding that you’ll need to consider how to pay for?

• Cost of the ceremony itself
• The venue and transport to and from the venue
• Dresses for the bride and bridesmaids
• Suits for the groom and the best man
• The reception, and food and drink for all guests

That isn’t everything, but represents where the main expenditure will come from, while at this point you haven’t even considered the honeymoon, which can see the cost of a wedding double on the spot.
What options do you have available for financing your dream wedding?

Family Contributions

Parents of both the bride and of the groom may wish to contribute to the cost of the wedding. While traditionally, the father of the bride would make the biggest contribution and sometimes even pay for the whole thing, today it is commonplace for both sets of parents to help.
The one obstacle you do have here is that if it isn’t a conversation you’ve ever had in your family, even when you announced you were planning to marry, it might be a difficult one to bring up. If you’re uncomfortable doing so then you can go ahead and explore your other options, and you might even find that your parents mention it to you during your wedding planning, particularly if they take a close interest and are involved in helping you through the process.

Using Your Savings

Depending on how much money you and your partner have been able to save down the years, whether when together or when you were both single prior to meeting, your savings may easily be able to cover the cost of your dream wedding. If you choose to use your savings, you might need to compromise on various aspects of the wedding depending on how much money you have at your disposal.
If you would rather have a dream honeymoon over a dream wedding – or class the honeymoon as part of the wedding overall – then you may wish to use your savings on the trip of a lifetime and have a smaller wedding instead.
Before using your savings to pay for your wedding you should also consider whether you might want to use your savings for another purpose, such as buying a house if you have not already done so.

“If you choose to use your savings, you might need to compromise on various aspects of the wedding depending on how much money you have at your disposal.”

Take Out a Personal Loan

Constancy Wealth Management can find you personal loans to help couples enjoy their dream wedding, and if you’re able to repay a loan but don’t have the capital to finance a dream wedding upfront, it is certainly an option worth considering. You might choose to take out a personal loan to pay for the whole wedding and your honeymoon, or you may take out a loan to supplement any savings you and your partner have between you.

“You might choose to take out a personal loan to pay for the whole wedding and your honeymoon, or you may take out a loan to supplement any savings you and your partner have between you.”

If you choose to take out a personal loan using Constancy Wealth Management  to help pay for your wedding, either you or your partner will need to apply individually, as most lenders do not currently accept joint applications. If you are unsure whether you would be accepted for a loan, take the time to check your credit score prior to applying.


What you need to know

Constancy Wealth Management is an Authorised Representative and Credit Representative of AMP Financial Planning Pty Limited ABN 89 051 208 327 AFSL 232706 and Australian Credit Licence 232706. This information does not take your circumstances into account, so read the relevant disclosure documents and consider what’s right for you. If you acquire an AMP product or service, AMP companies and/or their representatives will receive fees and other benefits, which will be a dollar amount and/or a percentage of either the premium you pay or the value of your investments. Ask us for more details.

This post contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information