One 2018 study put the average cost of an American wedding at a staggering $44,000.
If you're in a long-term relationship that looks like it might be heading toward marriage, you could be forgiven for taking fright at this number. Not many young people have that kind of money lying around.
However, there's no need to worry. If you're really struggling, wedding grants may help to make up the difference when you're not sure how you're going to pay for your big day.
Read on to learn more about wedding grants and how our company can help you fund the wedding of your dreams.
What Are Wedding Grants?
There are grants for many different things nowadays. If you're engaged, you might be glad to learn that weddings are one of these things.
Grants for many things come from the government. If you own a business, for example, you might get a grant for research and development.
However, the federal government does not grant money to individuals. While financial relief is available in the form of social security, there is no such thing as a government wedding grant.
Wedding grants come instead from nonprofit organizations. They benefit people who are getting married in unusual circumstances, such as where one person is terminally ill.
These organizations often work solely with donations.
How Do I Get a Wedding Grant?
Picking up a wedding grant isn't a simple exercise. Because most wedding grant nonprofits rely on donations, their funding is likely to become increasingly scarce as the American economy deals with the fallout from COVID-19.
Therefore, the competition for grants is considerable. Even if you feel you qualify for one, you may not succeed in securing it.
To get a wedding grant, you'll first have to satisfy certain basic eligibility criteria. The most important consideration will be whether you would be able to get married without some kind of grant; if there is some way you could afford it yourself, your application is unlikely to be successful.
Some charities reserve their wedding grants for people with terminal illnesses. Such people will often have specialist requirements, as well as financial obligations that would make paying for a wedding impossible.
If you are in this position, you should seek a nonprofit that specializes in funding weddings like this.
How to Fund a Wedding Without a Grant
As you can see, securing eligibility for wedding grants isn't easy. The nonprofits that provide them have a lot more demand than they can meet, so you may not succeed in getting one even if you meet the basic criteria.
With that in mind, you should consider alternative means of payment in case your grant application falls through.
Making a Budget
Even if you will be relying on outside funding for your wedding, it's a good idea to save as much as you can yourself. The best way to do this is through a solid wedding planning budget.
Once you've set a date for your wedding, come up with an estimate of how much it will cost. Decide what percentage of this number you'd like to be able to pay without borrowing money.
When you've decided on the amount you want to save, you need to set smaller targets. Calculate how much you can afford to put away each month, and the cutbacks you can make to reach this figure.
The longer you give yourself, the more productive this process will be. Try to start saving as far in advance of your wedding as possible.
Getting Help From the Family
Traditionally, the family of the bride took care of paying for weddings. This is a tradition that has carried on since the time of dowries.
Times have changed significantly since then, and most modern couples split the cost of common wedding expenses between them. However, if you're struggling to balance the books for your upcoming nuptials, it might be worth asking your family for help.
Where the bride's family does agree to pay for the wedding and the reception, a groom's family may return the favor by paying for the rehearsal dinner or the honeymoon.
While not everyone is in a position to ask this of their families, it can be a great way to close a financial gap in the lead up to your marriage.
Wedding Loans
If you have no viable way of putting enough money together for all your wedding items and services, you'll need to consider a wedding loan. These are loans like any other, except that providers design and market them specifically for wedding funding.
This means that they'll be for an amount between $500 - $50,000. The specific amount you borrow should depend on your needs, as well as the amount of money you'll be able to save.
Our wedding loan service is quick and affordable, and you can apply online!
Many couples worry about the effect a bad credit history will have on their wedding loan application. In many cases, these fears are well-founded. Not all lenders are willing to work with people who have a poor credit history.
However, we are committed to working with every loan application we can. If you've had no luck with other lending institutions, try applying with us.
Getting the Backing You Need for the Wedding of Your Dreams
Getting married might be rewarding and fulfilling, but it isn't easy. The organization of a good wedding can take months on end.
However, financing is one prenuptial headache you can avoid. Wedding grants or loans can take away the stress of not knowing how you'll pay for the big day.
To learn more about how we can help you pay for your wedding, contact us today.