Don’t let finances get in the way of your big day

Published on November 27th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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When it comes down to ‘something borrowed’ for your wedding day you can breathe easy with a personal loan that will help keep your wedding bells ringing without the stress of a hefty bill that you cannot cover. We all know that weddings come at a price, but when it comes to financing it the best way is to always choose something that is affordable and flexible. Here are five tips on how a personal loan can be used to fund your wedding.

A loan that comes with flexibility

With so many things that need to be done the last thing that you need is to stress over finances that will be sufficient to cover you and your guests. Personal loans are very much that. Personal. When looking to find finances for personal items you have the choice of choosing an unsecured personal loan. This allows you more flexibility to use the amount with no restriction. A personal loan is adaptable for both small and big weddings. Find a loan that works with your budget to help cover all the important bits, so you can spend more time enjoying the moment.

It comes with adaptable terms

Finding that perfect loan doesn’t have to be tricky. If you are looking for a loan that matches your budget and isn’t one size too big or small for your current financial situation then a personal loan can sort out this issue. Depending on how much you will need, the repayment term on your loan can range from one year up to seven years for you pay off giving you the much-needed breathing space after the honeymoon phase has cooled down. To manage your payments, it is advisable that you check the loans interest rate before signing on the dotted line. It will also be in your best interest to ask about any hidden fees before you are smacked with a hefty bill.

Choose something that you can both afford

According to Honey Nine, wedding costs have increased by 5% in Australia with the average wedding costing anything between $48,624 to $51,245. Prior to taking out any loan, you will need to discuss it with your partner to ensure that it is something that you can both afford to pay off. It is also best to agree on the length of the loan before even heading off to sign contracts. When it comes to checking if a loan will work for the both of you, consider if you will still be able to afford the loan should the interest rate spike by one to three percent.

Know how much financing you will need

No matter the size, weddings come with a variety of expenses that need to be covered. Both you and your partner need to discuss what needs to be budgeted for. Final wedding costs are usually 53% of what was initially set out in the budget. This also includes budgeting the borrowed amount from a personal loan to make sure that you do not underfinance or overfinance your big day.

At the end of the day, it is your special day. Try to avoid playing keeping up with the Jones and go for something that will leave you without the financial woe when the party is over.

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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

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