2 Ways to Get out of Debt While Enjoying Wedding SeasonAug 29, 2017
It’s no secret that worrying about money and debt is common for many couples getting married. But what about wedding guests? The cost of attending a wedding can really strain your budget – especially if you’re invited to multiple weddings and especially if you already have debt. One of the best ways to enjoy the festivities without worrying about finances is to stick with your strategy to get out of debt.
Yes, you can continue tackling your debt even while you’re spending on gifts, travel, and other wedding expenses this summer. Just make debt repayment and savvy spending a part of your wedding season plan.
Make debt repayment automatic
Guarantee you’ll make your minimum payments — or more — by making your payments automatic. Set up an auto-withdrawal from your bank account so that debt reduction is your first priority.
In the height of wedding season, when you’re having a good time socializing and attending parties, it can seem less important — or less possible — to pay down debts quickly. But consider the impact of your debt.
The average student debt in Canada is around $25,000. That’s aside from all the other costs students or grads have to contend with.
Many Albertans are carrying household debt. The average in Alberta is over $27,000, making our province the most indebted compared to other provinces. And that number doesn’t even include mortgage debt.
All this to say that a lot of Canadians with debt are looking for ways to get out of it. Unfortunately, the added costs that weddings and celebrations might add can make that even more difficult.
Organizing your debt repayment to be a priority can keep you on track during times when spending might otherwise increase, including wedding season.
Know your spending limits
The costs associated with weddings can feel overwhelming. At the time, you might not feel like you have any other option but to spend now and pay it off later.
However, you might have a few cost-saving options available that could help you spend less. Check out these budget-saving tips for wedding guests. Chipping in with friends on a gift or splitting travel costs can make a big difference.
Weddings are celebrations of hope and possibility. Overwhelming debt can be a real source of anxiety for you, and can put a damper on your experience. One of the best ways to enjoy yourself stress-free is to tackle your debt head-on: stick to your plan to get out of debt and remember to spend consciously.
How does debt repayment fit into your season of weddings? Tells us on Twitter.