It Takes Both Love and Money for the Perfect Wedding Part 2
written by Credit-HQ ExpertThe idea of getting wedding expenses under control is hardly a new one. In fact some of the most notable publications in the country including Time, The Wall Street Journal and USA Today have published articles and guides to how to downsize a wedding without losing any of the elegance and meaning of the ceremony. There are ways to save thousands of dollars if you do your homework tapping the wisdom of print and internet sources to get those wedding expenses under control.
But there is no denying that the day of your wedding is a day that most girls dream of from childhood on. So it might be inevitable that the wedding of her dreams might run up quite a tab. If you have a rich uncle or you win the lottery, then you can go crazy on wedding planning. If not it might be time to consider…
Getting Family into the Act
The idea of somehow begging or cajoling family into paying for the wedding is probably distasteful if not entirely out of the question for lots of brides and grooms to be. But you might be able to work out a way to get family members to finance the wedding by structuring a loan with the parents of the bride or groom that works like a bank loan but it benefits both the borrowers and the lenders involved.
One way to set this up is to borrow the amount you need from parents or someone in the family who can afford it but still pay interest and even fees on the loan. You can work out an interest rate that is below what a bank or Credit Card Company would hit you with. But that interest rate can still be well above what your loved ones would make if they put that money into a low interest CD. In this situation both the wedding couple and the parents come out ahead. And it is a way that your parents can be involved in the wedding so you keep it “all in the family” but you are not “pinching” them for money. No hurt feelings and you get the wedding of your dreams while putting some money into your parent’s pockets. That’s a nice deal.
If you do go this route, go the whole distance by drawing up a loan agreement that everyone signs. That contract makes sure you pay that loan just like you would any other credit account. You might even negotiate late fees that would go against the loan value if you miss payments or are quite late paying your monthly amount on that loan. But make sure everyone is ok with the terms and that you are not going to mess up Thanksgiving if you have to pay a late fee to mom and dad according to the contract.
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