How To Reduce Your Wedding Day Debt

Home Budgeting How To Reduce Your Wedding Day Debt

If you're ready to get rid of your wedding day debt, here are the steps to take to help you pay off your big day.

Are you wondering how slay that massive mountain of wedding debt?

One of the biggest expenses millennial couples face is paying for their wedding.  And weddings are expensive!

There are so many things to pay for: a venue, food, alcohol, photos, flowers, music, etc. The list goes on and on; the expenses can really add up.  Even a “simple” wedding can cost thousands!

Paying for a wedding is especially challenging for couples who have other financial commitments like paying off student loans or trying to save up for a house.  When we got married last year, me and my now-husband ran into this challenge.  

So, we decided to use debt to pay for part of our wedding – and today I’m writing all about how we decided to take on wedding debt and how we paid it off relatively quickly.

Want free money?

  • Aspiration: Want to get spotted a $100 for free? Simply sign up for Aspiration, and the free banking app will give you cash for free, you just relax while it gives you $100 just for opening a new debit card. There’s no catch. This bank account is legit and only takes two minutes to sign up for an account.

How We Paid Off Our Wedding Debt

Here’s how we made a plan of action to pay off our debt fast.

Our Wedding Budget

The very first wedding planning conversation we had was about how we would pay for the wedding.  We quickly came up with our wedding budget and made our wedding plans based on the budget.  (Notice, we didn’t start with our “wedding vision” – starting with that would have gotten us in major trouble!)

Our budget was based on how much we would be able to contribute towards the wedding out of our monthly paychecks.  Together, we agreed to contribute $1,000 per month total towards the wedding.  And we committed to keeping up these monthly contributions for a total of 24 months.  So, our shared wedding budget was a total of $24,000. But here’s the problem: we didn’t want to wait two years to get married!

wedding debt

The solution? Debt.

Yeah, I said it: we willingly agreed to fund part of our wedding budget with borrowed funds.

Why Did We Agree to Go into Wedding Debt?

wedding debt

I’m a personal finance nerd, and I know that many personal finance experts out there caution couples about wedding debt.

But my take is a little different.

I believe that debt is just a tool – and when used responsibly, it can help you reach your goals.

Debt is not always a bad thing; it can be advantageous when used strategically.  And we were VERY strategic about borrowing money to pay for our wedding.  Our strategic decisions are what made it possible for us to pay off our wedding debt in a reasonable timeframe!  Let me explain our strategy a little further.

wedding debt

Three Strategies To Help with Getting into Debt for Weddings

Here’s what worked for us to get our wedding debt in control.

Want free money?

  • Robinhood is a free investing app for your phone. I really mean free all around – free to join and they don’t charge any fees to buy or sell the stock. You can get a share of stock like Apple, Ford, or Sprint for free when you join through this link (must complete application). The value of the free share may be anywhere between $2.50 and $200 and fluctuates based on market movements. You’ve got nothing to lose.

Strategy #1: We Borrowed Only What We Needed

Figuring out how much to borrow was easy: we let our budget and our wedding date decide for us!  We stuck to our original budget of $24,000, and we funded our budget from our paychecks every month up to our wedding day.  When we did the math, we figured that we’d have $15,000 saved up by our wedding day.  Which left us with $9,000 to fund with debt. So, we borrowed exactly $9,000.

We had the ability to borrow much more than $9,000, but we stayed within our budget and didn’t borrow a cent more than we needed.  And I must admit, that decision required a lot of discipline!  As much as we would have liked to borrow the extra money to take a more extravagant honeymoon – we preferred to keep our debt under control.

Strategy #2: We Made Consistent Payments

We stuck to our original plan of contributing $1,000 towards the wedding each month consistently. This took a lot of discipline because we had to cut back on a lot of regular expenses to make our contributions each month – we spent less money on dining out, traveling, and entertainment.  But it was SO worth it – if we hadn’t been consistent with our contributions, our whole plan would have fallen apart.

In the 15 months leading up to the wedding, we were consistent with our $1,000 contribution each month.  And after our wedding day, we continued to pay $1,000/month towards the wedding debt.  Since we had already been putting away $1,000 each month for the past 15 months, we didn’t feel like we were burdened by our debt after the wedding.  Rather, we just kept doing what we were doing, and we paid off our wedding debt in just nine months!

We were VERY happy to celebrate our first-anniversary debt-free and it felt amazing!  We felt so accomplished because we had just reached our first financial goal as a married couple.  And I truly think that our success and motivation to get out of debt helped to set a positive vibe for our future financial journey together as a married couple.

Strategy #3: We Paid Zero Interest

Our final strategy was to pay as little interest as possible – and we didn’t pay any interest at all!  Since I have such a high credit score, I had several offers for debt consolidations or balance transfer offers on my credit cards, and we took advantage of one of those offers.

We used a balance transfer which only cost us a one-time 2% fee (which was only $180) and it allowed us to borrow $9,000 for zero percent interest for the first 15 months!  Since we had already planned to pay off our wedding debt within nine months after the wedding, we knew this was a good call.  This saved us a lot of money during our debt payoff period.

Putting It All Together

Using all three of these strategies, plus coming up with a solid wedding budget well beforehand, helped us pay off our credit card debt quickly. I’d like to emphasize that coming up with our wedding budget before doing anything else is important.

We came up with our wedding budget before we did any other wedding planning and we committed to staying within that budget.  This was extremely helpful because by the time we started planning the wedding, and shopping for vendors, we already knew what we could afford, and we weren’t tempted to spend more – because we already had a plan in place to pay for everything.  It’s almost like getting pre-approved for a mortgage before shopping for a house!

Want free money?

Simply sign up for Aspiration, and the free banking app will give you cash for free, you just relax while it gives you $150 just for opening a new debit card. There’s no catch. This bank account is legit and only takes two minutes to sign up for an account.

The Bottom Line

I hope you can see that wedding debt is not as bad as they say it is.  If you’re smart about borrowing money, and if you have a solid repayment plan BEFORE you borrow – I think you’re in good shape.

I hope my experience with wedding debt has helped you recognize that debt is just a tool – and you can use it strategically to reach your goals WITHOUT being burdened by it.

Happy wedding planning!

The Best Apps to Save You Real Money

We are on our phone a lot, right? Wouldn't it make sense to save money with the best money saving apps?

AppAt a glancedownload
capital one shoppingBestow
★★★★★
Leave your family $1M. Who doesn’t want to be a millionaire? While we don’t all have trust funds waiting for us, there is still a way to provide protection for your loved ones with up to $1 million in term life insurance. You could do this for as little as $8 a month by getting a free quote from Bestow.
GET ESTIMATE
aspirationAspiration
★★★★★
Get a $100 bonus at Aspiration when you open and fund an account with $10 or more. Then use your Aspiration debit card to make at least $1,000 worth of cumulative transactions within 60 days of account opening.
CLAIM $100 BONUS
robinhoodRobinhood
★★★★★
Open a new account in the next 24 hours and you could get up to $200 in free stock.
CLAIM FREE STOCK
Truebill reviewTruebill
★★★★★
This free app delivers on its promise to save you money effortlessly. You can use it to lower your bills, cancel unwanted subscriptions and bill negotiations.
SLASH YOUR BILLS

About the author

Avatar
Katie Alvarez
Katie teaches busy people how to plan a wedding with straightforward, in-depth guides about saving time, money and stress.

On a similar note...

Explore More On

Our Favorite Apps

ImageDescriptionlearn-more
personal capitalThe First and Only Interest Earning Crypto Account
  • Receive up to $250 Bitcoin bonus when you make qualifying deposits over the first 30 days
  • Receive up to 8.6% annually on your crypto
  • Join the most trusted financial services for crypto investors on the market
GET STARTED
aspirationThis Company Will Give You $150 for Opening a Free Account
  • Boost your savings and earn up to 1.00% APY interest on your savings
  • Get up to 10% cash back on your purchases
  • Get $150 bonus when you spend your first $1,000 with your new Aspiration Plus Card
CLAIM $150 BONUS
personal capitalGet Up $500 in Free Stock for Joining
  • Commission-free stock, ETF and options trades
  • Get a free stock worth up $500 when joining (must complete application)
  • Simple, easy to use investor platform with no account minimums
CLAIM STOCK BONUS
sofiAll-In-One Investing That's Easy to Use
  • Invest in stocks, ETFs, crypto, or automated investing in all one app
  • No commissions for stocks and ETFs
  • Complimentary access to SoFi Financial Planners
INVEST NOW
personal capitalThe Smart and Free Way to Manage Your Money
  • Take control of your finances with the perfect union of technology and highly personalized service
  • Get access to free online financial tools, including retirement planner, investment checkup, net worth calculator and more
  • Digital-first wealth management advisor with 24,000 clients in 50 states
SIGN UP FREE
blooom401K and IRA Management
  • Start your free 401k and IRA management now
  • Find and reduce hidden fees
  • Improve your diversification
START NOW
citEnjoy the Benefits of a CIT Bank Money Market Account
  • A CIT Bank Money Market Account helps you get more from your savings with interest rates for maximum growth
  • Earn over 7x the national average with high-interest rates
  • It now pays to open a money market account with CIT Bank
OPEN ACCOUNT
Do NOT follow this link or you will be banned from the site!