Crunching Dollars And Planning Weddings: How To Financially Plan For The Big Day
Crunching dollars and planning weddings: How to financially plan for the big day
Attending most weddings, with the exception of your creepy uncle’s third marriage, is great. You eat free food, get to dance to music and leave without having to take part in the cleanup or the costs.
It gets a little different when you’re the one footing the bill. Then you’re confronted with 127 different invitation styles, a guest list that keeps growing and awkward phone calls to cousins to tell them they can’t bring their bratty 7-year old twins.
Falling in love might have been easy and making the decision to spend the rest of your life together was probably a no-brainer. However, celebrating your love and funneling all that joy into one beautiful ceremony and one memorable party is where things get a little more complicated.
As a leader in creating credit scoring models and educating consumers on credit, VantageScore Solutions shares how important it is for couples to agree on how to manage their finances.
So let’s get into it and look at some of the financial topics you and your partner should go over.
Paying for your wedding
No doubt how to pay for your dream wedding will be one of the first conversations you'll have with your loved one. Some people have months, sometimes even more than a year to plan and save up for the big day. Other times you may need to make a deposit or pay for something upfront and you might not have the cash to do it.
This is when you reach for your credit card.
Even if you don’t plan to use a credit card, it’s more than likely you’ll have to put some things on credit. This might include just about anything you purchase online, from the cute decorations you find on Etsy or novelty gifts you find on Amazon. In addition, many venues require you to have a credit card on file.
The point is, it’s likely that at some point you’ll use credit to pay for your wedding. When you do this, both you and your partner need to be aware of the potential perils of racking up debt. Provided you can responsibly manage the debt and have a plan to do so, your credit score won't decline, which can lead to more purchasing opportunities in the future.
But first, you need to talk about credit with your partner.
Talking about credit might not exactly be a champagne and strawberries moment, but it is probably one of the most important discussions you can have.
Because it might be hard to get started on this topic, many couples find it’s easier to start by taking The Credit Score Quiz. This 12-question quiz is easy to take and can do a lot to reveal the knowledge gaps you and your partner may need to fill.
While the quiz is a great way to get started, resources like The Score, a monthly newsletter from VantageScore Solutions that covers all things credit, can help you continue on your conversation and guide you on your journey.
So while you’re debating what shade of off-white is right for your invitations, take the time to talk and use these credit-related resources. After the big day has come and gone, you’ll be glad that together, both of you were smart about your finances.