Post Wedding Paydown: How To Juggle Your Wedding Loans As Newlyweds
Posted on: 23 June 2016
The average wedding in the United States costs around $26,000, not including the post-wedding honeymoon or traveling phase. Much of this also does not include any after wedding moving that you may be doing as a couple or any gifts that you choose to give to one another. With all of the expenses that crop up during the wedding and honeymoon, many couples choose to take out personal loans to pay for their big day and to have a little money afterwards for their big honeymoon. Once you get back from your honeymoon travels, your first loan amount may be due. Here his how you can deal with paying off your wedding loan without putting stress on your new marriage.
Go over the gifts
Make a pact with your new spouse that you will spend the money for your wedding responsibly. This means paying down any debt that you may have accumulated first. Go over the financial and tangible gifts that you have received. Many wedding goers provide financial gifts or give items that come with a gift receipt in the event that they need to be returned. After you have drafted any thank you cards, take back any gifts that you do not need to receive the cash. This can help pay down your loan.
Set up an automatic debit in a joint account
If you have not set up a joint account yet, this is a good time to create a joint account. Contribute either an equal amount or an equal percentage of your monthly incomes into the account and use this to pay off your personal loan. This can be your first foray into combining your finances. If you are able to successfully contribute together this will actually help to strengthen your trust in one another.
Hold a 'so long, single' sale
After you move in together as spouses, plus receive items that you have registered for as a couple, you may have two or three of the same items. Hold a 'so long, single' sale and get rid of the items that you have multiples of or items that you don't need for your new married household. Use this money to help pay off your wedding personal loans. Be sure to talk to one another about major items that you may not need anymore, such as big screen televisions, extra furniture, or electronics that can be shared instead of holding onto multiples.
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