Breaking It Down: The Modern Ways Couples Are Paying For Their Weddings

There’s no denying how difficult planning a wedding can be, but what’s not talked about nearly enough is how to actually pay for the wedding from start to finish. We all know that wedding planning is a stressful process that tends to become more manageable with a few helping hands. However, paying for the big day is one aspect of the wedding that doesn’t always come with support.

If you’re looking for smart and innovative ways to make your dream wedding a reality financially, we have what you’re looking for. To help you and your partner take control of your money and finance your wedding on your own, here are the top ways couples pay for their weddings.

It is quite common for couples to dip into their savings to some extent when it comes to paying for their wedding, but what if we told you there was a smarter and intentional way to save and withdraw your wedding funds? Enter SoFi Checking and Savings, that helps couples create up to 20 money vaults that act as an extension of your savings account. WIth a vault you can earmark funds for specific goals and start contributing a set amount of money into each one. By creating a vault specifically to pay for the engagement party, decorations, food, wedding attire, honeymoon, etc., you can track how much money you’ll need to save and what your savings can actually cover. It’s important to note that the money stashed away in your vaults can’t be accessed until you transfer the funds into your spending balance. This ensures that you won’t be tempted to spend the money you’ve set aside until you’re ready to do so.

When it comes to paying for wedding expenses, time is of the essence. Deposits need to be made early on if you want to secure a venue or a DJ in time for your wedding. The longer you wait to have your money ready and accessible, the easier it becomes to miss out on your window of opportunity. One of the main benefits to taking out a personal loan is having a lump sum of cash on hand to make any necessary payments. If your savings can cover a good portion of your wedding expenses but you’re still falling short, having the extra cash can make it easier for you to bridge those gaps without major sacrifices.

PRO TIP: With SoFi Personal Loans, paying for major wedding expenses doesn’t have to break the bank. To save couples from racking up high-interest credit card debt, wedding loans have become a popular option for financing any wedding-related expense – from engagement rings and venues to the wedding reception and honeymoon. The biggest perk is that couples can borrow anywhere from $5K to $100K and potentially receive their funds the same day. After choosing a fixed rate, you can pay back the loan later on in steady monthly installments. For couples who need accessible cash as they prepare for their wedding, taking out a personal loan may be the best option for you.

Refinancing can be an effective way for couples to pay for their wedding expenses. With  Student Loan Refinancing, couples can refinance existing student loan debts and receive a more affordable rate. This can reduce your monthly payments and potentially save you thousands of dollars in interest over the life of the loan. By choosing to refinance, you and your partner may be able to free up more money to put toward your wedding. Additionally, if you and your soon-to-be spouse have good credit, you may be able to qualify for a larger loan amount with a lower interest rate, allowing you to cover more of your wedding costs without taking on additional debt.

As much as you’d like to stay within your budget when paying for your wedding, it’s not uncommon to rack up unexpected expenses that leave you spending more than you originally planned to. However, if you and your partner have already started investing, going over budget may not hurt you financially once the wedding is over. By building a diversified portfolio of stocks, bonds, and other assets that can potentially earn you higher returns than a traditional savings account, you and your partner can replenish the money you’ve spent on your wedding, over a period of time. While investing always comes with some level of risk, you and your partner can choose between low-risk or high-risk investment strategies based on your individual risk tolerance. With careful planning and a disciplined approach, investing can be a valuable way for you to re-earn the money you’ve put towards your major life events.

Sometimes the best way to figure out how to pay for your wedding is to seek professional advice. Having skilled and experienced financial planners assess your current financial standing will help you prioritize your expenses to make sure you’re on track to meet your financial goals. This is a great option for couples who want to skip the trial and error process and instead have a customized plan presented to them.

When it comes to financing your wedding, there are more options to consider than borrowing money from friends and family or cutting back on the things you really want. Your wedding is a once in a lifetime event and should live up to your expectations as long as you make smart financial choices. With these useful tactics, you can hopefully take control of your finances and save for life’s important events, regardless of your financial situation.