Do you ever find yourself taking inspiration about wedding ideas when you’re at one? Well, this is something perhaps we’re all guilty of. A wedding, however, goes way beyond just the wedding day. There are a plethora of things that need to be planned to make that one day of your life, unforgettable. And yes, by planning we mean the hefty expenses that’ll come your way!
As of 2020, the number of money people spends on their big day averages to £24,000. Now the average income of a UK household as per FYE 2020 rounds off to £30,800.
But there aren’t many special days like this one, are there? So how do you keep up with the finances while planning your dream wedding? Can COVID-19 come in the way?
Learn more about how a wedding loan can help you finance your wedding during COVID-19, here.
COVID-19 and the Wedding Industry
By this time of the year, the wedding season would have been at its peak. Thanks to the pandemic, couples have had to postpone their wedding for good 7-8 months. The government rolled out certain regulations, limiting the number of wedding attendants. The safety and well-being of the public’s health naturally take precedence over everything else.
This year, the UK wedding industry has incurred a loss of £4.8 Bn due to the pandemic. Almost 80% of UK weddings take place between April and September. This year, there was a drop of 32% in the number of weddings that usually take place during this time.
Couples walking on the social high-rope are having to strike most people off their guest list. So unless the bride-to-be resides with her parents, the father cannot walk his daughter down the aisle. Singing and dancing are out of the question. The regulations say no to buffets, indoor speeches and encourage couples to wash their hands before exchanging rings.
As bad as all these sounds, there’s always a silver lining in everything that happens. The pandemic gave couples a chance to get a reality check on how much they spend on their wedding. Restrictions of the guest-list, limitations on venues, food, and minimal décor could take some pressure off of couples. Wedding extravaganza can cost couples a fortune. Right from the décor, to the food, to the guest list to venues – it’s a lavish affair!
This rise in demand for weddings will positively lead to rising costs. The cost of a service doubles or quadruples the moment you say it’s for a wedding – be it a florist or a makeup artist. Thus, the shift towards smaller, more down-toned weddings can be beneficial for couples facing a financial crisis due to COVID-19.
What to do if your wedding is scheduled during COVID-19?
If you’re someone who planned a 2020 wedding, don’t lose hope just yet. It is certainly a very ambiguous phrase for couples who invested months of planning into their wedding. Here’s a list of things you can do if your wedding is planned during Covid-19:
- Analyze your finances and reassess priorities. Has the pandemic affected your income? If it has, a wedding loan can help you cope with the costs involved.
- Create a budget and allocate money to each task judiciously.
- Seek a wedding loan to cover your wedding’s cost. You’ll need to have abundant savings after your wedding too. Don’t tap into your savings and spend a large chunk.
- If you’re going ahead with the wedding stick to the ‘30 guests only’ rule. This will surely help in reducing costs.
- If you haven’t already done it, get wedding insurance. Sure there are loopholes, but this might come in handy if something goes wrong on the wedding day.
- Look for wedding suppliers with a contingency plan in place, just in case of a cancellation.
Financing your wedding: Credit card Vs Wedding Loan
Credit cards and wedding loans are two of the most common ways to finance a wedding. Let’s take a look at the following comparison to understand how they both work out:
- Decent rates of interest compared to its counterparts such as credit cards and overdrafts.
- Fixed monthly repayments help you set aside a monthly amount.
- Larger borrowing amounts that can help you cover most of the wedding costs, without tapping into your savings.
- You receive the borrowed amount in your bank account within very few days once you’re approved.
- Wedding loans don’t require you to secure an asset against the loan.
- If your wedding gets canceled due to a mishap, you might be able to claim some amount if you insured your wedding.
Credit Cards and Overdrafts:
- Credit cards and overdrafts have lower borrowing limits. So there’s only so much you can borrow.
- Interest rates on credit cards and overdrafts are much higher than that of a wedding loan.
- You should try to avoid accumulating balance on your credit card due to the charges involved.
- Unauthorized overdrafts can be problematic. Make sure that you don’t resort to excessive use of this facility as the charges levied can be high.
- The monthly repayment amounts set on credit cards are usually really low. So you may end up paying for a prolonged period.
How can a wedding loan from Oyster Loans help?
If you want to make your wedding day unforgettable, but don’t have adequate funds, consider a wedding loan. A wedding loan can help ease your financial stress. As loan as you use the money responsibly, a wedding loan can help cover the expensive services. A wedding is a costly affair. A wedding loan can help you refrain from exhausting all your savings on the big day. After all, you do need adequate funds once you start your married life. Find your ideal wedding loan at Oyster Loans and turn your dream wedding into reality. The only thing to remember is that you should use your wedding loan responsibly and repay the loan amount in full and on time.