The key to having the wedding of your dreams is proper planning and financing. You should get your finances in order very early in the process. Things to consider are:
If you are financing your own wedding or you are a parent financing your child's wedding you need to know where the funds will be coming from. Your financial plan should consider all expenses, starting with the engagement ring and going right up to the honeymoon and everything in between. If financing is going to be a joint effort, then you need to decide who will be responsible for what payments very early in the process. If you do not intend to take a loan for the full amount, you need to have savings set aside.
Things to consider: Saving for wedding expenses:
The best way to save towards specific goals is through automatic savings where you set up a Standing Order to automatically debit your salary account and credit a savings account that is specifically earmarked for a particular goal...in this case...your wedding.
We recommend that you give some serious thought to the financing required for the wedding and to help you settle after the actual ceremony. Decide how much will come from savings, well wishers, family, friends, etc. and how much you would need to borrowYou can borrow for all your wedding needs including:
There are some advantages of choosing to receive cash instead of, or in addition to, traditional gifts. The funds could be used: To offset the cost of the wedding; Pay for honeymoon expenses; As collateral security for a loan you may need at some future point As a down payment on the purchase of a home or a new car.
This is also ideal for couples who intend to migrate after the wedding, already have a furnished home, or simply prefer the flexibility of receiving cash which they can use to select their own household items from a variety of retailers. Also if you’re going abroad, you may need foreign currency and other secure payment solutions to book tickets and hotels online, shop etc.
There is a financial side to making your dreams a reality.
For example, if you’re planning to buy a car or a home, you need to have a down payment or if you want to take a dream vacation without taking a loan for the full amount, you need to have cash set aside. Understanding and supporting each other's goals and dreams are crucial to a successful relationship. Openly discuss and agree on your goals and finances and set up an Automatic Savings Plan to start saving for them immediately.
In addition to your dreams and ambitions, you have important decisions to make. Should you:
Sit with each other and talk through your plans as well as your dreams, and come to an agreement. Call us to set up an appointment for you and your spouse with our financial experts. We will speak with you to understand your specific needs and preferences and recommend a customized solution for you.
Finally create your checklist: