You don’t have to pay for the best day of your life for the rest of your days.
It’s very easy to get carried away when it comes to paying for your wedding day. Everyone wants their big day to be memorable and for many of us that means that wedding debt is now part of the process of getting hitched. After all the fuss has died down and the honeymoon tan is fading this can start to feel like a big mistake. But it doesn’t need to be – there are ways to pay off wedding debt quickly so that you can free up your income for the next life event.
Streamline your lifestyle
The most drastic way to pay off wedding debt, fast, is to really cut back on your spending. Sit down and take a good look at your lifestyle – what could you do without for 6 – 12 months to get you back into a good place financially? Holidays, fancy clothes, dining out, alcohol and gym memberships are all good options for cutting back on your monthly spend. What about trying to be vegetarian for a year or going coffee free? You could halve your monthly food budget by switching to veggie options and both of you cutting out your daily coffees could save you over £2,000 during a year.
Switch everything to low or 0% interest
Once you’ve taken stock of your wedding debt, work out where you’re paying the most interest on borrowings. The more interest you have to pay, the longer it will take to clear the debt, so switching to a lower or zero interest account will give you a significant advantage. Do some research into personal loans, credit cards and overdrafts and see if there are any better deals out there that could cut the interest so that you pay your wedding debt off faster.
Start living rent/mortgage free
The most controversial option here is to suggest that a newlywed couple move in with one or other of their parents. Not ideal, however a year without rent or mortgage payments is a huge relief financially and could not only help you pay off your debt but even help you save for other important payments too, such as the deposit for a home of your own. If that’s simply not an option then why not create space in your home to take in a lodger or rent out a room via AirBnB – the additional cash could reduce your monthly outgoings and leave more to put towards paying off debt.
Make money on the side
The successful debt repayment equation has two key elements – the first is cutting back and making savings and the second is increasing income. Look for any ways possible to boost the money you have coming in, from asking for a pay rise at work, to freelancing on the side. Go through your possessions and see if anything is saleable – apps like Shpock are essentially a car boot sale in your phone – and look for ways that you can create value from what you already have, whether that’s driving a taxi at the weekends or selling all your Star Wars figurines. It might seem like a sacrifice at the time but to be quickly debt free after a wedding? It’s definitely worth it.