http://financialrescuellc.com - Wedding is probably the most expensive event people spend for in their whole lifetime. Some of us even get into huge debts to be able to make this event memorable.

1. Tips for Managing Debt after Wedding
Wedding is probably the most expensive event people spend for in their
whole lifetime. Some of us even get into huge debts to be able to make this
event memorable…or for some, a talk of the town.
According to TheKnot.com, a wedding website that does an annual survey
of wedding costs, the average amount that Americans spend for a
wedding last year is as high as $30,000.
That’s pretty steep for a one-day event!
Indeed, it is. Yet many consider wedding a necessary luxury. After all, we’d
like to look back at the happiest memories in our lives so the gargantuan
spending is justified. It is for this reason that the wedding industry brings in
around $50 billion per year to the U.S. economy.
Nowadays, weddings have gone far beyond the necessary rituals and
probably into a show in order to portray the best possible image of our love
stories. From wedding gowns to venues, to photographers and video
editors, we want them all to be the best. Unfortunately, they don’t come
cheaply and may cause some of us to be indebted and to begin life
together by paying down debt.

2. If you’re in the same situation, what should you do? Here are some tips for
managing wedding debt.
Set priorities
How much is your total debt? How much is charged on your credit card?
Which debts have the highest interest rate?
It is important to set priorities in paying debts especially the ones that
carry high interest rates. In fact, it makes sense to prioritize paying your
debts first than taking out a new car loan or a house mortgage — a couple
things that newlyweds think are must-haves ASAP.
Understand that as newlyweds, you have to start somewhere and you can’t
have everything at once. For now, you have to make sacrifices like moving
to a cheaper place, getting a second job (and planning the next child) as
you work towards eliminating your wedding debt,
Penny pinching helps
Now is the time to be frugal because whether you like it or, it helps. The
savings you get from practicing frugality add up. They may not look big
enough but looking at the overall picture, they will still help you reduce your
debt.
Live way below your means and set your own standards for living. Who
says you need to keep up with the Joneses?
Budget, budget, budget
If you’re not used to pinching pennies or living frugally, it might make you
feel deprived. After all you’re supposed to enjoy your new life.
A good practice is to have a budget for enjoyment — and to stick to it
through thick and thin. Having a budget for leisure and vacation will make
you avoid compensating for the feeling of deprivation, which could
lead to overspending instead.

3. Work as a team
If you are to tackle a huge debt problem, you are to work as a team with
your backs against each other.
You have to devise a plan that will work for both of you: do you want to pool
your income together and pay one debt at a time, or do you assign a debt
to each one and tackle them separately. For instance, should both of you
pay for the gown or should the bride pay alone?
You might also want to take into account the monetary gifts you have
received from your wedding and decide how much goes to savings or
paying wedding debts.
However you choose to do it, it is important to support each other and
avoid digging the past.
Lastly, if you’re not yet married and are planning on a wedding, the best
advice we can give you is stay away from fad and avoid debts you think
you cannot handle. Sit down with your partner, grab a calculator, a pen
and paper and be realistic about it because starting life together with zero
debt also pays off in your relationship.
And like love, it feels good as well!