Saving for your wedding with a bad credit report
Are you engaged to be wed and struggling to visualise where the money for the wedding will come from? It can be difficult when all of your expenses start racking up, from the wedding and bridesmaids' dresses, suits for men in the bridal party, meals for guests at the wedding, invitations and even hotel rooms1.
Focusing on organising a wedding as well as paying off your debts can be a struggle.
It can be even harder to get everything under control if you have a bad credit report. When you have debts hanging over your head and you're struggling to pay them off, it can impact your ability to take out other loans and even get a mortgage so you can move into your own home with your spouse. Focusing on organising a wedding as well as paying off your debts can be a struggle - it can be even harder if you don't know why you keep getting rejected by loan providers. That's where an Equifax credit report comes in handy.
How can you save for a wedding if you're constantly paying off debts?
Without a clean bill of financial health, it can be difficult to put money aside. But that's just the thing - saving lots of money is a difficult process. Paying off debt is a difficult process, but you still have to do it. Focusing on getting rid of any financial burdens before you even set a date for your wedding can help reduce stress if you haven't paid your debts and the big day is only a couple of months away.
Give yourself time to pay what you owe, and then more time to save up for the special day. Saving for your wedding means budgeting first, because it's easy for the costs to blow out. Figure out how many guests you're inviting, the design of the wedding dress, the style of venue you want and what sort of food you'll be serving, then set a limit for what you'll spend on each2. You can do the same for every wedding expense, but these tend to be among the most expensive.
Once you have a budget, stick to it, and be strict. It's going to be hard to pay off debts and repair your credit report, then go straight into putting even more money aside for your wedding, but don't be disheartened. After all, you get to marry the love of your life at the wedding of your dreams if you get your finances together!
Work at paying off your debts, then you'll find it easier to save for your special day. Make sure you get a copy of your Equifax credit report today.
Disclaimer: The information contained in this article is general in nature and does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstance before acting on it, and where appropriate, seek professional advice from a finance professional such as an adviser.
1Bridal Guide, 30 Unexpected Wedding Costs Brides Forget to Budget For. Accessed January 2017.
2MoneySmart, Wedding saving and budgeting. Accessed January 2017.