Saying “I Don’t” to Wedding Debt

married pig banks“Something old, something new, something borrowed, something blue.” This popular saying is nothing more than a sentimental wedding tradition, unless the “something borrowed” is thousands of dollars to pay for the big day!

Weddings, which average a $27,000 price tag, can range from the simple backyard barbeque to the extravagant Country Club setting. No matter your style, here are practical tips to help newlyweds avoid post-wedding money troubles.

Create a budget. You won’t be in for a shock if you determine ahead of time how much you can afford and then stick to your plans. A number of websites offer printable and online wedding budget planners. Or look back to our blog’s January 31, 2013 post on wedding budgets.

Don’t forget about miscellaneous expenses. Small forgotten expenses can wreak havoc on even the best-planned budget. Be sure to factor in tips, the marriage license fee, attendant gifts, thank you cards and all the other smaller-ticket items that can add up fast.

Pay off credit cards as you use them. Using a credit card to pay for deposits and things in the months leading up to the wedding can be smart, but pay them down each month. If you don’t, it’s just too easy to wake up after the honeymoon to find you’ve gone over budget and are starting out your married life with big debt. Our Visa® Platinum credit card offers a low, fixed rate and you can make payments via It’s Me 247, CU by Phone or at any Unison location!

Don’t count on cash gifts to pay for your wedding. Racking up wedding expenses based on expectations of cash gifts is a mistake. Spend only what you can afford to on your own and use any money you receive to get a head start on your future financial goals.

Communicate with each other. In the months leading up to the wedding, talk often and openly about the wedding budget, bills to be paid and choices to be made.

Unison offers numerous accounts and other financial services to help you throughout your wedding preparation and into your marriage. Savings, sub-share savings, checking, home and auto loans, health savings, retirement – at Unison we start with you and we stay with you. We also love wedding cake, so save us a piece!

 

Copyright 2013 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.
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