Can You Afford Your Dream Wedding?

eloan PRESENTED BY $28.73 Super-Saver Tips if you're serious about shaving costs, do this-not that: $25.63 Use a passionate amateur-not a pro Hire a DJ- not a Band Average 2011 U.S. Wedding Cost Send an Evite- $18.90 not an invite $15.20 In 2011, the average wedding band costs $3,081-the average DJ cost only $900 $25,630; Want to avoid the $351 the Does your younger cousin think he's the next Spielberg? Does your neighbor know his way around iMovie? Let one or both take video at your wedding. The average couple pays a videographer $1,463, but you can save 100% of the cost by enlisting the help of capable friends. average couple spent on sending out invitations? Send out a wedding Evite for free! this exceeds the median U.S. Out of Options? household income $2.24 The amounts at right are in thousands 1945 1990 1999 2007 2011 Uh alright. If you still can't afford your dream wedding without taking on too much or bad debt, shift your focus. Splurge on what's most important to you, and let other things go. Check out our Super-Saver Tips. Source: The Wedding Report, Inc. Whatever you say. Pshaw. l'll be fine I can tap into someone My 401k loan will cover all of it Congratulations! These excess savings will cover all of it else for cash Enjoy the stress-free satisfaction of your dream wedding, paid in full. Uh-oh. Better scratch that I still need some other way to come up with the rest of I sill need some other way to come up with the rest of the money I still need some other way to come up with the rest of the money the money The groom's parents or some other family member can pay the balance The bride's Between early withdrawal penalties and taxes due, taking from retirement accounts may leave you with as little as $0.60 on the dollar. It's rarely a good idea to dip into savings unless you have a good safety net in place. Don't use savings to pay for your wedding unless you have enough to fall back on. Just because you have access to credit doesn't mean you should use it. Say no to high interest rates and parents or some other family member can pay the balance don't stack more debt on top of debt. Great idea! You'll only be paying yourself back, and with interest at that. Just make sure you don't plan to leave your job before the loan is repaid-if you do, the balance might be due If you have extra money beyond your rainy day fund, and it's not earmarked for some other lifelong dream, go ahead and spend it on your wedding. Can You Afford Your Dream Wedding A personal loan can be a great way to spread wedding expenses out over time if the cost of borrowing is low enough We need to come up with the rest of the cash We need to come up with the rest of the cash ourselves all at once when you quit. ourselves I have a savings account, Access to cheap credit is a great asset to any financial goal. But, remember: most revolving credit interest compounds daily. Even low rates may turn into high dollars over time. Try considering a personal loan, which has a fixed interest rate. The money I have existing credit card debt, and more credit available to put toward my wedding, if I need it My If you have no experience with credit cards, your first purchases probably should not be big ones What we What I've saved in my we save from But they'll But they'll lord it over save from our My wedding fund will emergency fund totals at each paycheck between now and the wedding Only if my fiancé signs a prenup Only if my fiancé signs a prenup l'll use a l'll take a The sky's lord it over The sky's wedding fund won't be paychecks will get us closer, but won't be but not a us for the rest us for the rest of our lives 401k loan withdrawal least 6-months the limit the limit cover all of it 6-month of our lives of monthly will cover all our emergency fund enough enough expenses remaining costs T have existing credit card debt, I have no credit card debt, and credit I've been I have great credit and can l'll take I'll dip into my 401k or other My credit is fair but I think We'll save socking away cash for my dream wedding for years I have never used a credit card, but think I can get one and more credit from my savings They will pay for all of it They will pay for some of it They will pay for all of it They will pay for some of it cash between available to put toward my wedding, if I need it I can get approved get a stellar interest rate retirement now and the available at an account account wedding interest rate <5% My fiancé and I will pay all or part of the cost, using... Someone else LONG-TERM SAVINGS SHORT-TERM SAVINGS CREDIT CARDS PERSONAL LOANS WHO IS PAYING? will help pay... PARENTS OF THE BRIDE PARENTS OF THE GROOM Copyright © 2012 E-LOAN, Inc. All rights reserved. Source: The Wedding Report, Inc. - http://www.theweddingreport.com/. http://www.huffingtonpost.com/2012/05/21/cost-wedding-27000_n_1533464.html. http://wedding.theknot.com/wedding-planning/wedding-budget/qa/what-does-the-average-wedding-cost.aspx. Source: http://www.xogroupinc.com/press-releases-home/2011-press-releases/2011-03-02-2011-real-weddings-survey-results.aspx