3 Things That Will Help You Reduce Debt After Wedding SeasonAug 30, 2017
Attending multiple weddings over the summer can definitely take its toll on your wardrobe budget and your finances. If you’ve overspent, how do you reduce your debt before your next big expense comes along?
Let’s face it, the cooler weather will soon be here, which means before you know it, we’ll be hearing sleigh bells instead of wedding bells. The good news: there’s time to reduce your wedding season debt and start saving for other goals, such as the holiday season (it’s not that far off).
Wedding guest blues
Wedding season usually goes from May to October, which means you might not be out of the woods yet. An American Express survey from 2016 found that an average wedding guest spends up to $930 on clothing and gifts and attends three weddings per year.
If you still have another wedding or two to attend this year, or you’re expecting more wedding invitations in 2018, it’s important to plan now for future spending.
3 ways to find debt relief after a summer of weddings
- Get acquainted with your budget again. In the summer, it’s easy to justify overspending because the warm weather doesn’t last long. Unfortunately, when the summer winds down, you’re left to deal with the aftermath.
Use a budget calculator to get all your financial facts straight. Look at areas where you’ve overspent by calculating receipts or bank records. Notice a trend? Take some time to eliminate unnecessary costs.
- Don’t neglect your savings. You’ll be less likely to overspend or add to your debt when you have the money saved in advance. For the next wedding you’re planning to attend, save up the cash and skip the debt. This will also give you time to find a gift at a cheaper price (Groupon, RetailMeNot).
Make sure you’re thinking of long-term, short-term and medium term savings goals. Use this Financial Goal Calculator to get started.
- Consolidate your debt. You can either combine your credit cards into a lower-interest line of credit, or speak to your bank about a consolidation loan. Both options can reduce your interest charges and allow you to save more cash.
If you’re looking to reduce an unmanageable debt load, do your homework. There are many debt relief options available to you. Or, it may be possible to reduce debt on your own (like personal finance blogger Jordann Brown).
How many wedding have you been invited to this summer? How do you reduce debt after a summer of spending? #DebtSolutions #SummerOfWeddings