Do You Need Options to Avoid Wedding Guest Debt?Aug 30, 2017
There is an abundance of debt advice for couples planning a wedding, but what about options for wedding guests?
Many people are invited to multiple weddings during the year. With the cost to attend a wedding ranging from a few hundred dollars to a few thousand dollars, attending just one wedding each year can add extra stress on your finances. The good news is there are a variety of debt options that can help.
Perform a financial health check to see where you stand.
Without knowing the current state of your finances even the best laid plans can go awry. A financial health check can help you identify if you need to take further action to reduce your debt and adjust spending habits to improve your financial health. It’s quick and easy and can be beneficial regardless if you have zero, one, two, three, or more weddings to attend this season.
Estimate all of your wedding-related costs and then integrate those costs into your monthly budget.
The good thing about weddings is you usually have at least a few months’ notice, which can give you time to reduce debt and start saving. Estimate all of your wedding costs such as gifts, outfits, transportation, accommodations, etc. so you can build a savings plan into your regular monthly budget.
Even if you can’t save enough to cover everything it’s better to try and save as much as you can rather than taking on credit card debt to cover costs. You want to celebrate at the wedding, not worry about a debt hangover the next day.
Find opportunities to increase your savings.
The good news is there are many different ways you can make changes to increase your ability to save. Change your daily spending habits or cut back on expenses like cable or your cell phone plan. It’s also worth your while to look into any debt options that can help you solve debt problems and save at the same time. For instance, a debt consolidation loan could save you from paying higher interest charges.
Yes, you can make it through wedding season without breaking the bank — and without adding to your debt. It’s worth your while to plan ahead and explore your options.
Do you plan ahead for wedding season spending? Share your tips. #summerofweddings #DebtSolutions