Even if a cool calculation and planning take away much of the romance of a wedding day in advance, it is well-advised to set it up anyway. As a newlywed, nobody wants to deal with unanswered financial questions of considerable magnitude.
Calculate – ideally with experienced spouses or a professional wedding planner – the expected costs. Be a little more generous in estimating and plan a small buffer for the unforeseen.
Determine how much of this amount you can easily and independently use your savings without getting into financial difficulties. Also, note the time from which any money invested would be available.
If you can count on support from your parents or parents-in-law
They will signal this to you on their own. A direct question can put both sides in an uncomfortable situation: If the parents are currently not financially (for whatever reason) rosy – or if the fiancee has excessive expectations.
However, should financial support (formerly traditionally from the bride’s father, now common for both parents and in-laws) be expected, clarify the amount openly and have the amount paid out in good time for better planning. Alternatives, in which, for example, the bride’s father pays the bill at the end of the wedding, must be clarified in advance.
The remaining difference between expected costs and available own funds must now be financed – for example via a wedding loan. To do this, they must agree on how high the monthly rate that you can and want to pay comfortably can be. This results in the term of the loan.
This should not be more than two years. This is how long you will be reminded of this one day month after month. This can be romantic, but you could also do other things with the money. Also, keep in mind that the longer you pay off the loan, the more bottom-line interest you have to pay.
Let at least three branches and direct banks create a loan offer for you
An online loan comparison should also be tried. Also pay attention to ancillary credit costs, such as residual debt insurance, and whether you need them.
You can also be assured of the right to free special repayments on a loan: If, for example, the monetary gifts turn out to be more generous than expected or relevant sums become free within the term of the loan, you can then use these directly to pay off the loan.
You should avoid using Credit Checker information! This not only serves your own financial security but also makes the loan more expensive in most cases. If you cannot afford a loan besides the wedding, you should think about celebrating the wedding in the narrowest circle or only as a couple – and then in a few years to make up for the wedding with all the important people. Wait for the binding loan approval and ideally the payment of the loan amount before buying or booking expensive things.