"I'm getting married" are the words every parent both longs and dreads to hear come from their daughter's lips. The news that their precious little darling is now a grown woman is usually met with surprise, then mild sadness or nostalgia – maybe tinged with a little relief – and finally happiness and excitement as you set to work planning the Big Day.
The trend nowadays is for couples, especially those who've lived together for a while, to plan and pay for their own wedding. You may even have traditional parents who insist on contributing a large portion of the cost. But weddings can be expensive, so you or they may need to enlist extra help.
Talking with other family members and asking them to contribute is a good way for everyone to feel involved, and take some of the financial burden off you. This is common in close-knit families, but wouldn't work for everyone.
Applying for a loan to cover the costs is another viable option. If you're a homeowner,
secured loans would be the best type to apply for as you can usually borrow more than you could on an unsecured loan. The average wedding costs in excess of £11000, and it can be hard getting a personal loan for more than £10,000, especially if you've had financial problems in the past.
Secured loans allow you to borrow a larger sum as they are secured against your property. They are also an easier option for homeowners with a less than perfect credit score as the use of your house as security makes you less of a financial risk. They can be finalised relatively quickly too, especially handy if you're planning a wedding in a short space of time.
If you decide to use
secured loans as a way to pay for the nuptials, it's best to sit down with pen and paper and work out exactly what you'll need it to cover. Buy wedding magazines, look through the internet and talk to married friends to get an idea of just what you'll need. Obviously a lot will depend on what type of wedding you want. Civil weddings tend to cost more than a church wedding, but they can have the advantage of a built-in reception venue. Consider all aspects before applying for any loans, and get a maximum amount in mind – ensuring you could afford the repayments.
Its helpful if you have members of the family with certain skills that you would otherwise have to pay for. Perhaps your uncle is a great photographer, or you have an aunt who was 'born to bake', and can produce a spectacular wedding cake. Don't be afraid to ask your family and friends to fulfil certain roles to help cut the costs. After all, they're going to be having a great day too, with free food!
