Every year, there are more than 150,000 weddings that take place in Canada. And one of the things that couples quickly learn when they’re in the process of planning a wedding is that it can be very expensive to put one together.
The average cost of a wedding in Canada is hovering right around the $30,000 mark at the moment. It can make it almost impossible for many Canadian couples to plan out their dream weddings.
Are you and your soon-to-be spouse scratching your heads right now and trying to figure out how in the world you’re going to be able to afford a wedding? Taking out a loan for a wedding might be your best option.
Just make sure that you take the right steps before you do. Here is how to map out a wedding while taking advantage of a loan to pay for it.
Start by Piecing Together the Wedding You Want
One of the reasons why the average cost of a wedding in Canada is so high is that there are so many different elements that make up a wedding. When you’re making arrangements for a wedding, you’ll have to plan to pay for:
- Dress and other attire
- Photographer and videographer
It’s easy to get overwhelmed by all of this right from the beginning!
Rather than worrying about how much your wedding is going to cost, you and your significant other should forget cost for a few minutes and focus on what you want your wedding to look and feel like.
Brainstorm ideas for your wedding and then starting piecing it together a little bit at a time without worrying about the cost of it just yet. Consider everything from where you want your wedding ceremony to be to what kind of food you want to serve during your wedding reception.
It’ll help you and your significant other get on the same page when it comes to wedding planning. It’ll also make it much easier for you to see how much your wedding is going to set you back.
Figure Out How Much Your Dream Wedding Is Going to Cost
Once you’ve created a blueprint for what you want your wedding day to be like, you can start to break down the costs associated with it. You can:
- See how much it’ll cost to rent a few different venues that you like
- Obtain quotes for food from several caterers
- Find out how much photographers, DJs, and other vendors will charge you
This part of the wedding planning process might serve as a reality check for you. What you thought was going to be a simple, low-key wedding that wouldn’t cost a fortune can turn into a very expensive wedding that will blow your budget in a hurry.
You may want to consider scaling back on some of your plans in an effort to save money. But you might also want to start thinking about taking out a loan to help pay for the wedding that you really want.
See If You Could Benefit From Taking Out a Loan for Your Wedding
At this point, you should know about how much it’s going to cost you to hold your wedding. Take the total cost that you’ve come up with and crunch the numbers to see if it’s a price that you can afford to pay in cash.
If your wedding isn’t scheduled to take place for another year or so, you might be able to save up enough money to pay for it outright. But if it doesn’t seem as though that’s going to be an attainable goal, you might also be in a position to take out a loan to start paying for the various elements of your wedding.
Speak with your significant other about whether or not they think taking out a loan is the right move to make. It’s one of the first big financial decisions that you’re going to make as a couple, so don’t be afraid to spend some time talking it over until you’re able to come to an agreement.
Find the Right Lender to Provide You with a Loan
If you and your significant other decide that you are, in fact, going to take out a loan to cover the cost of your wedding, it’s important to find the right lender for it. The last thing you want to do is work with a lender that’s going to charge you exorbitant interest fees and make taking out a loan a nightmare for you.
Look around at the different lenders that are willing to give you the money you need for your wedding. Ideally, you want to find a lender that will offer you:
- Online loans with great interest rates
- A quick loan approval process
- No mandatory credit check
- Easy loan repayment options
Depending on how much time you have left before your wedding, you may also want to track down a lender that can give you access to a loan right away. Some lenders can deposit money into your bank account the same day you need it.
This will come in handy if you need to pay off an outstanding balance with a wedding vendor at the last minute.
Come Up with a Plan for Paying Back Your Loan
If you choose to take out a loan to pay for your wedding, you don’t want that loan to linger over your head for years to come. You should come up with a plan for paying it back as fast as you can.
One easy way to do it is by setting aside a portion of the money that you receive as wedding gifts to pay back your loan. Most Canadians believe in giving newly-married couples about $150 as a wedding gift.
This means that, depending on the number of guests you have at your wedding, you should walk away with a nice chunk of change in your pocket when everything is all said and done. Think about using some of the money you get to repay your loan.
Don’t Let the Average Cost of a Wedding in Canada Get You Down
When engaged couples find out about the average cost of a wedding in Canada, it causes some of them to stress out. They’re not sure how they’re going to find the funds to pay for the wedding they’ve always wanted.
If you’re in this position right now, try not to let the cost of a wedding rob you of your excitement for it. By taking out a loan in the months leading up to your wedding, you can give yourself the money you’ll need to pay for it and put yourself in a position to pay that money back later.
Claim your cash today and make the wedding-planning process a lot easier on you and your significant other.