Debt Solutions So You Can Make That Destination WeddingAug 29, 2017
Heading to an exotic locale for a destination wedding can be thrilling. It can also be challenging for your finances. A trip that might seem affordable in the moment can turn out to be thousands of dollars outside of your regular budget, leaving you searching for debt solutions when you return.
So, how do you make that destination wedding without sinking your finances, and without needing help with your debt when you return?
First, get help dealing with the debt you have. Destination weddings are often planned months in advance. That gives you the opportunity to try and eliminate some of your debt before the journey. Less debt often means more ability to save.
There are a lot of debt solutions out there, so it’s important to do your research before you make a choice. Credit counsellors offer one-on-one management and debt management education. You can talk to your lender about a debt consolidation loan. Or get help with your debt from a Licensed Insolvency Trustee.
Second, focus on savings. The best way to tackle a large expense like attending a destination wedding is to save as much as possible ahead of time. If you need to put some of your expenses on a credit card, be prepared to pay off the balance within a month or two after you return. Here are a few tips that will help you pay up front and avoid credit card debt later:
- Embrace the budget. This budget spreadsheet will help you create a budget that works for you. If you’re invited to multiple weddings, GetSmarterAboutMoney.ca has a gift budget worksheet that might come in handy.
- Find ways to cut extra costs. This mom blogger details how she cut her family’s monthly expenses by 50 per cent.
- Pick up extra work if you can. Additional income from a side job could help you increase your ability to save.
Even with the right debt solutions and a good savings plan, the numbers may not add up. It can be difficult to say no to a destination wedding. But, if making the journey will leave you with significant credit card debt, you may have to decline the invitation.
The good news: by tackling your debt, focusing on effective #DebtSolutions and prioritizing your saving efforts you might get to accept that next exotic destination wedding invitation.