If you are part of the 42% of couples living in the Northeast who are financing their wedding themselves (like the Mister and me), I have one question for you: Cash or credit?
Staying in Your Financial Lane
"The way my bank account is set up, I got a checking and a savings, but all my money is in my savings so I gotta switch it to my checking..." - Comedian Kevin Hart
Most people like paying for things with cash. Cash is an easy concept. You either have it or you don't. With proper planning you can save it. The biggest advantage is that you are limited to what you can afford which helps you remain grounded and practical throughout the wedding planning process. After the wedding you can walk away debt-free. These are all compelling reasons to stick with cash when paying for your wedding expenses.
The Ease of Using a Credit Card
Using a credit card can also be an enticing option. Some may argue that the rewards and points you receive can go toward booking a honeymoon and/or offer great incentives. Others may find it easier to track wedding expenses when using one credit card. In some cases using a credit card just makes sense. What happens if your venue goes out of business before your wedding day? Putting a deposit on your credit card can offer you protection in the event of unexpected circumstances.
Throughout the wedding planning process I've been a fan of the 'Getting Married' podcasts hosted by MarketWatch's Kelli Grant and Wall Street Journal's Matthew Passy. These quick, witty podcasts offer helpful tips for all engaged couples.
Listen here for a recent podcast on the cash vs. credit debate.
Engaged couples: How are you paying for your wedding?
Married couples: Be honest. How many of you are STILL paying off debt from your wedding?
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