Your big day life can have an even bigger impact on your financial future.
A survey done by the popular wedding-planning website The Knot found that in 2016, the average American wedding cost a staggering $35,329, and that number rises every year. If you’re putting wedding costs on credit cards, interest charges can send you even further into debt – but it’s not all bad news. Confronting joint debt is a great opportunity for you and your spouse to work together toward a big goal.
Cut Back on Spending
The more of your earnings that you keep, the more you can put toward your debt.
That’s a lesson that Amanda Gillam, a personal finance blogger, took to heart while paying off the $40,000 debt she accrued for her wedding.
“Grocery shopping is one of the easiest areas to save, just by shopping around and buying cheaper produce,” she says. “Set a target amount to save each month and use that to pay extra off your wedding debt.”
Negotiate Your Bills
Again, freeing up more money will help you tackle those hefty wedding bills.
“There are often obvious ways to save money on phone bills, electricity bills and fuel bills that we ignore,” says Gillam.
Research the plans at competing companies, then call your providers and ask if they can match their competitors’ prices.
“Even a regular gym membership can be obtained cheaper, especially if you threaten to go elsewhere – that worked for me,” adds Gillam.
Become a Smarter Shopper
You can’t stop spending money altogether, concedes Natasha Rachel Smith, the personal finance expert at TopCashback, a cash back and coupon site, but you can save money by being a more deliberate shopper.
“Question the cost of products and services. Ask yourself if what you need or want has to cost that much. There are many instances where you can haggle the price of items or get things thrown in free, from groceries to beauty treatments to furniture,” says Smith.
Boost Your Earnings
“The best way to get extra cash is to put your skills and property to use,” according to Smith. “If you have an extra room available, consider renting it on Airbnb. If you have an empty garage, find someone to lease it to for a monthly fee. If you have a car, sign up to become an Uber or Lyft driver on the weekends!”