Finance

I’m getting married. Should I get a loan to pay the bills?

The beginning of a life to two has many costs, ranging from the wedding ceremony to the purchase of a property of its own. Before the expected “yes”, many choices should be made and planned together. The same goes for a loan, if any, because an ill-chosen debt will also influence the joint financial life of the couple. Before you decide, it’s worth to understand all the choices and see what to do in each situation:

  • What is the priority? Wedding party or honeymoon trip?
  • How big is the wedding party?
  • Will the honeymoon trip be national or international?
  • Are they going to live for rent or buy their own property?
  • Do you plan to have children?

Wedding Loan

Wedding Loan

It is essential that your choices and the answers to these questions agree with your financial reality – and that you plan to get there consciously and without taking a step higher than your leg.

For the wedding party and the honeymoon, it may make sense to take out a personal loan. But carefully evaluate how important you are to each of these items and consider the pros and cons. Spending too much at this stage can decrease the comfort of life to two early in the wedding. It is time to confront the dream with reality, to do the math and keep in mind that each choice may mean that some other important goal is left for a second moment.

When choosing the villa, it is also essential to look with magnifying glass at the two options. Financing a property right away brings that sense of conquering the home itself. But with the level of the interest rate in the country, you can come out at a disadvantage. In many cases, it is interesting to stay in the rent for a period and accumulate a reasonable value of at least 30% of the total of the property to give entry.

Know in advance that it will not always be possible to accomplish everything at once. Choose priorities and goals that you want to accomplish in the short term and leave the others for later. If you decide to take out a personal loan, use it for a specific purpose and plan the repayment. After all, nobody wants to start a new life in debt, does not it? Understand here what are the 3 signs that indicate that you really need a loan.