A wedding budget can vary greatly. The happy couple can plan a simple inexpensive ceremony, something extravagant or a wedding that costs somewhere in between. Regardless of the budget, there are several ways to pay for it.
The key is to plan for it.
One approached is to spread the costs out over a long period. If you have a year to plan your wedding, pay as you plan. When you pick the flowers, pay for them over a few months, the same with the wedding dress and the venue, etc.
Put money into a special account every time you have a little extra cash and use that to help pay for the wedding. The separate account can also be used as a place to put all the money you receive as wedding gifts. Then the money can be used to pay any outstanding balance you have for the wedding.
Another way to pay for the wedding is to take out a credit card that allows you to earn reward points. Use the credit card only for the wedding. It will help you keep track of what you are spending and it can help you earn reward points or cash back based on the type of card you get. You may be able to help pay for the honeymoon airline tickets or purchase something for a new home.
If you take out a new credit card, it’s still important to stay within your budget. Don’t use it as an excuse to spend more money. Shop for the lowest interest rate you can get, pay off any outstanding balances each month when possible and keep it only for wedding expenses.
Be cautious if you use a credit card so you aren’t paying a lot in interest payments and so you don’t take longer than you should paying off the wedding. The best option is to pay as you go.
Last week, we gave you 10 tips to save money when planning your wedding. Saving money and having a plan for how you are going to pay for your wedding will remove some of the planning headaches.