‘Til Debt Do You Part? 3 Reasons To Avoid Going Into Debt For A Wedding
Many couples feel pressured to have big, elaborate weddings.
In Canada, the average wedding costs upwards of $29,000. Few people can swing this without either carefully planning and budgeting for over a long period of time or borrowing money. In fact, most young people are already starting out in life with debt from post-secondary education or credit cards and accrue even more due to the pressure of throwing an expensive bash.
However, as important as weddings are, they aren’t worth going into debt over. Here are three reasons to avoid going into debt when you get married.
1. It’s only a day
Getting married marks the beginning of your life with your partner, and that life shouldn’t start with needing to pay down a huge debt. Though your wedding day is undoubtedly one of the most important days in your life, it’s still only a single day.
Given this, you shouldn’t let friends and family convince you to have a big, elaborate wedding. Make a list of what truly matters to you and your partner and make a budget that’s within your means. Remember to take into account expenses for the honeymoon as well.
2. Wedding debt destroys marriages
Almost half of newlywed couples in wedding debt considered divorce because of money. Money-related disputes are one of the most common sources of long-standing relationship problems. If you go into debt for your wedding, you’ll start your married life with the stress of paying down that debt. You may also find yourself second guessing your choices down the line and potentially resenting them. This can eventually cause tension in your marriage.
3. Life is expensive
Chances are that you and your partner have projects, dreams and ambitions. Going into debt for the wedding could push those projects back many years and undermine your ability to lead the life you want. If you want to have children, for example, wedding debt could hold you back or cause you to have to go into deeper debt in order to provide for them.
A modest wedding is as much a celebration of your union as an expensive one and will allow you and your spouse to work toward mutual goals. Your life together won’t be diminished, and your relationship will be strengthened by the experience of planning the wedding you both want.
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Getting out of debt isn’t easy, especially when you don’t have help. If you feel like you can’t manage, or even if you’re only worried about your situation, call us at D. & A. MacLeod Company Ltd. Our services include debt consolidation, credit counselling and personal bankruptcy filings. To get a free consultation contact us today.