Tying the Knot Island Style.
Don’t worry. Your wedding day will be special, whether it’s a 500-person party at a Waikiki resort or an intimate gathering with your friends and family.
But paying for your wedding will be your first financial challenge as a young married couple. Between the venue, caterers, photographers, dress, cake, flowers, and so much more, it’s easy to get tempted into racking up costs for your special day.
Here are five quick tips to think about when it comes to the financial side of planning your wedding. After all, you don’t want your dream wedding to turn into a financial nightmare.
- Start Saving!
While this may seem like common sense, every penny is going to count. Yes, you may get valuable help from your parents, but according to The Knot, the national average cost of a wedding and reception is $34,000 – and that’s not even counting the honeymoon. So start saving together now. A good start is creating a joint wedding savings account for both of you to contribute to.
- Have That Money Talk
Speaking of sharing a savings account, this could be the start of thinking of your finances as a team rather than as individuals. This is the time to get honest with each other about your money and come clean about your salary, investments, credit score, and debt. Talk about starting a joint savings account with each other, possibly combining debt, and creating a retirement plan. Wedding planning can also mean financial planning to build a strong foundation for your future.
- Stick to Your Budget!
Now that you’ve talked with your partner and have a clear picture of your finances, create a wedding budget. List all your wedding and reception wants, needs, and extras. Check online wedding resources to make sure you have everything covered. Consider all your sources of funding from your parents to your savings. Now think of how much you can pay now and how much you can pay off later. It’s easy to go over budget so stay disciplined!
- Look into a Personal Loan
With a firm budget and a goal of what you can afford, you may still need some help. Instead of maxing out your credit cards, consider whether a personal loan is right for you. You can get a lump sum quickly if you qualify for a personal loan. Depending on your financial health, many loans will also offer lower interest rates than credit cards. Personal loans also give you a fixed monthly payment and a predictable time frame to pay off your loan.
- Get Creative
If you decide as a couple that a loan isn’t for you, think about how you can creatively reduce expenses. Destination weddings may sound more expensive, but a lower guest count and combining it with your honeymoon may reduce costs. Perhaps using your wedding registry as an option for friends and ohana to help pay for wedding or honeymoon costs is an option. And you can always extend your engagement until you both feel financially stable enough to walk down the aisle together.
If you’d like to talk about wedding loan options or want to learn more, visit a Central Pacific Bank branch and speak to one of our helpful loan officers.