Getting married to your chosen partner may be one of your lifeâ€™s milestones. It is expected to be a happy and joyous occasion for the couple and their families. A marriage signifies the beginning of a different phase in a personâ€™s life. It is suppose to be great and exciting beginning to a new life with your loved one.
Most couples want to begin their married life auspiciously and free from the problems. However, it is not uncommon to hear about married couples who go into debt just to get married. Some of the possible reasons for this are:
#1: The couple is not ready financially
The couple may have just finished studying and have only worked for a few years. Financially, they may not be ready yet due to insufficient savings. They may have other obligations like a car loan, rental payments, etc.
#2: The couple wants a grand wedding
A wedding is supposed to be a once in a lifetime occasion. The couple may have no problem about spending whatever amount it takes to organize a special and a memorable wedding for themselves. They may decide to invite all their friends and relatives and hence need to accommodate a lot of people. They may decide to do their banquet at a four or five star hotel and choose one of the expensive packages like $1288 per table which does not include liquor charges.
In addition, the groom or bride may even decide to hold two separate banquets instead of just one.
#3: To satisfy the parentâ€™s expectations
The parents of the couple may expect a grand wedding celebration even though the couple themselves wanted a simple one only. The parents may want to show off to the relatives or friends and therefore expect no less than a grand wedding feast.
#4: There is no proper planning
A couple may decide to get married thinking they have sufficient savings fund to cover all the necessary expenses. However, they may fall for the various marketing gimmicks giving them the promises of the perfect wedding. The couple may end up paying extras for the wedding photos, the banquet, wedding rings or jewellery, clothing, preliminary celebration, honeymoon, etc. If they had a budget in the beginning, they may end up being over budget in the end.
The above are common scenarios on how a couple can get into debt when they get married. There are several ways for them to acquire the money and some of the common route is to use their credit cards, borrow from their parents or relatives, borrow from friends, take out a personal loan, etc. Depending on how big is their wedding debt, it may take years for them to repay or settle it.
Do you have a friend or do you know someone who has a wedding debt? What is your best advice for them?
Do you agree to the idea of getting into debt just to get married?
This article is guest-blogged by Jacquelyn from Wise Parenting Guide. You can subscribe to her newsletter to receive a free parenting ebook.
Photo by Ken Neoh.