Your wedding should always be the happiest day of your life, but it is no secret that they can be incredibly expensive with many costs to cover. In 2017, the average cost of a wedding in the UK rose to a staggering £27,161 which is up 10% from the previous year and the highest it has ever been.
This means that whether you are paying for the wedding yourself, contributing or you have offered to pay for your child’s wedding (an incredibly generous gesture), you may need to find a few ways to finance the day. It is important that it is a special event, so make sure that it lives up to expectations by properly financing it.
Co-Funding
Instead of bearing the brunt completely, many couples are now pooling their resources together to raise funds for their special day. This can be a great way to share the cost of a very happy day for everyone, so consider opening discussions with family and those closest to you about co-funding the wedding – many couples are also now asking their guests for contributions instead of a gift, so that they can all enjoy the day together.
Loan
Another good option is to take out a personal loan as these can be used how you wish and are an effective way to quickly get a substantial amount. If you have bad credit, consider improving your credit score before making an application to increase the chances of getting approved and also getting better rates. As always, just be sure that you can afford the repayments.
Home Equity
When it comes to home equity, one of the many ways you could spend money released from your home, is to fund your wedding. This could be so that you can buy the dress of your dreams, pay for the venue or even fund your honeymoon. You can learn more about home equity with Sunlife, for example, to find out whether this is an option for you.
Crowdfunding
It is amazing just how generous people can be, and crowdfunding is a great example of this. Crowdfunding involves asking for contributions to just about anything on an online platform, and then people from all around the world can contribute. There are some huge platforms to choose from as well as wedding specific crowdfunding websites to try.
Boost Your Savings
Finally, you can fund a wedding by boosting the amount of money you have to spend on the big day. You can boost your savings by supplementing your income, cutting back on spending, and selling possessions that you do not need. Additionally, there are always ways to cut back on the cost of a wedding which you may want to consider.
Your wedding day should be the happiest day of your life, and you do not want to have to worry about money. Weddings are also incredibly expensive, but the above are a few options that you have to fund the day, whether you are paying for it yourself, contributing, or a generous individual who has offered to pay for a couple.