According to market research firm The Wedding Report, the average cost of a wedding in 2022 was $27,000. Unfortunately, many young couples have not saved up enough to pay for their entire wedding themselves. (For the most part, the days when a bride’s parents footed the entire wedding bill are over.)
Wedding planning is a tall order, especially with the aftermath of a pandemic, but it’s not impossible. Here’s a look at what you can expect from venues, vendors, and other costs as you plan this happy day.
A wedding doesn’t have to be a budget breaker, but an event with this significance does come with some costs that probably don’t easily fit into most budgets. Using a personal loan to pay for wedding costs is reasonable if you are financially able to repay it.
Personal loans tend to offer much lower interest rates than credit cards, which The Knot reports a significant portion of newlyweds use to fund their big day.
First, though, think long and hard about whether you really want to start out your married life in debt. Consider if you can actually afford to pay off the loan in a timely manner. If not, it might be better to cut back on your wedding budget, or take more time to save up.
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