Destination Weddings: How to Stay Focused on Debt RepaymentAug 30, 2017
Are you having second thoughts about accepting a destination wedding invitation? One way to survive those wedding expenses is to plan ahead, focus on your existing debt repayment and avoid using your credit card.
Figure out how much attending the destination wedding will cost.
Flight, accommodations, vacation wardrobe, fun activities…the costs of flying off to a wedding can quickly spiral. Start by tallying your expected expenses. Now, add a line to your monthly budget for a “destination wedding fund,” and contribute to your fund each month. Hopefully, you’ll have a number of months to set money aside before the wedding date.
If you don’t already have a budget in place, this worksheet can help you build one.
Consolidate any existing debt to increase your ability to save.
Would putting money aside for a destination wedding risk your debt repayment plan? You could try a different repayment strategy.
For example, if you’re making multiple debt payments, consider paying off these debts with a debt consolidation loan. Here’s an overview of debt consolidation, along with other professional debt options that can help with debt and increase your ability to save.
Don’t use your credit card to increase your spending power.
Travelling for a destination wedding is difficult without a credit card. From the flight to the hotel room, you’re likely going to need a credit card to cover some of the costs of attending. But travelling with a credit card doesn’t mean you have to accumulate debt.
If you’re coming home to a credit card bill, make it a point to pay off your wedding-related charges within a month or two. Otherwise, your pricey destination wedding will be even pricier thanks to the added credit card interest you’ll pay.
Understand it’s OK to say no.
Attending a destination wedding is almost always more expensive than a hometown celebration. If you’ve built your budget and explored debt repayment strategies, but you’re still going to end up with too much post-wedding credit card debt — you might just have to say no.
Balance the risk of adding to your debt load versus the benefits of keeping your debt repayment goals on track. It can be a tough decision. If you have to decline a destination wedding invitation, have an honest conversation with bride and the groom and explain your reasons. Chances are they’ll respect your decision.
Has attending a destination wedding left you with too much credit card debt? Share your story. #DebtSolutions #destinationwedding