Let’s face it; weddings are expensive. Along with house purchases, home improvements and buying a car, they are right up there with the biggest pay-outs you’ll ever make. Planning the big day can be a relatively stressful experience, but one of the main things you don’t want to have to worry about is money.
For this reason, it’s always essential that you plan your budget in advance, and one of the main elements of the plan is knowing exactly how you’re going to pay for everything. There are a number of different ways of doing this, and making the right decision can indeed save you money.
Here are the main options:
• Pay Outright – In an ideal world, you’d pay for everything in cash. This would mean you pay no interest, and that you wouldn’t need to worry about paying off the wedding after it actually happens. The problem is that weddings are often very difficult to save for in advance, without planning a long way into the future.
• Credit Cards – Smaller purchases can be put on a credit card, but interest rates are often the highest for this method of lending. For this reason, it’s not generally wise to put large expenses on a card. You do get statutory protection for card purchases however, which means you could receive compensation from the credit card company if something goes wrong with the product or service you’re buying.
• Unsecured Loans – You can often get an unsecured loan for most of the cost of a wedding, which means that this can be an ideal type of lending for those who need some form of finance for the event. Interest rates can be high however.
• Secured Homeowner Loans – There are loans available to cover the cost of just about any wedding. Your home is at risk if you fail to keep up with repayments of course, but the trade-off is low interest rates and long loan durations. You should note that overall interest payments may be higher, however, because you’re borrowing over a longer term.
If you take your time about budgeting for the wedding, and working out how much everything is going to cost, then you’ll be able to decide how you’re going to pay. If you need a secured homeowner loan visit www.nemo-loans.co.uk.
It’s also worth noting that it may well be better to pay for certain pat of the wedding in separate ways. The venue hire for instance, might be better finances , but you’re likely to be able to pay for the wedding car outright.