Debt Options: How to Plan Ahead for a Destination WeddingAug 30, 2017
Millennials in Guelph are likely no strangers to the wedding scene. Every other summer weekend might have your schedule booked up to attend friends’ weddings or even be part of the wedding party. And, as the weather gets cooler, you may find yourself being invited to some exotic destinations in the name of love. As enticing as it can be to get away and celebrate, you must first decide whether your budget can handle it. Knowing your debt options so you can plan ahead is key. Here’s how:
Refer to your budget
Start saving now if you’re hoping to attend a destination wedding. Take a look at all your monthly expenses to see whether you can allot money toward a wedding fund each month.
One of the best options to help you get out of debt is to look for areas in your budget to cut back. The fewer expenses you have, the more ability you’ll have to save.
Finally, don’t ignore your other financial commitments such as long-term savings.
Consolidate debt loans
Are multiple, high-interest debt payments keeping you from saving enough each month? If you’re unsure about how to get out of debt, use a debt repayment options calculator. From there, a debt professional such as a credit counsellor or Licensed Insolvency Trustee can help you repay your debts and get back on track.
Think long term
Think about all your other upcoming extra expenses such as back-to-school shopping, Thanksgiving and holiday gifts. Will you be able to save up enough for these obligations between now and then in addition to a wedding? Use the financial goal calculator to see.
Is it in the cards?
We’re not talking about credit cards. Planning a trip shouldn’t be done on a whim, which means if you know you can’t afford a trip, you may have to stifle those feelings of FOMO (fear of missing out) and stay faithful to your finances. Your friends will likely understand and your budget will thank you.
Bottom line: Before you respond “yes” to that exotic destination wedding invitation, ask yourself, “have I researched my debt options?”