Inspiration

Should You Get a Loan or Charge Wedding Expenses on a Credit Card? – Black Bride

Little expenses can add up to a lot. Have you been secretly thinking to yourself, maybe I should get a loan or put some of our wedding expenses on a credit card? I can pay it off with the money we will receive as a gift for our wedding. Seems like it was yesterday, my fiance (husband) and I were bringing financial obligations to the table, how would we pay for the different things we wanted for our wedding? Do you get the loan or charge it on a credit card?

4 Reasons Why YOU DON'T Want to Take out a Loan or Charge your wedding expenses on a credit card!

1) If either of you are already bringing financial obligations (whether credit card payments, car payments or even medical expenses) to the marriage creating more financial obligations will only add to your financial stress within your relationship. Alternative: If you have not established your wedding registry – add those things you TRULY NEED to your Wedding Registry. Not your wants – because usually you can do without your Wants. Place your NEEDS on the Registry. If you've been together for a year or so prior to your wedding, let's face it you don't need another microwave.

2) Taking out a loan or even charging on a credit card in this economy is taking a risk. The job market is very unstable. People are not even working at companies five years or more. To take out a loan or charge on a credit card says that you are "borrowing" money today for a job you may not even have tomorrow. Let's keep it real! It's not about being Debbie Downer – think about it.. how many people do you know personally that have been affected by the job market which in turn affects their money. Alternative: I'm here to help you be SMARTER with YOUR money and not work harder. Are there certain expenditures (extras) that you could cut back on right now in order to have some of the extra money you need?

3) This could literally send a message to your future spouse that you are willing to live beyond your financial means even before you get married! For men, this could very well make them run from marrying you because you are not adhering to the financial budget the two of you agreed on. This is especially true if you and your fiance' are paying for your wedding. You may not be paying for 100% but even 80%. Alternative: Be honest with yourself and your spouse about the items for your WEDDING that MUST be in place. Second – think BIGGER picture. What do you want to see happen within the marriage when it comes to money – are you planning to buy a house within the first 18 months and how much could you save towards that if you don't overspend on your wedding?

4) There are some wedding debts that last longer than the actual marriage AND part of the break up is due to the finances. Do not put yourself in this position. One of the people that interviewed me earlier this week said she knew several people that charged money on credit cards and took out loans and they are no longer together, yet they have the bills. Don't even try to bluff me – you know that would make you mad and want to start fussing every time you had to pay that bill. Alternative: Know what each of you would like to see happen when it comes to money and wedding expenses. Make it your business not to go overboard. Actually if you can come in under in some areas, that will make your future spouse happy and yourself.

Marriage can succeed because of open and continuous communication about money. It's a lifestyle not a one time discussion.

 

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