SoFi

You’re engaged and ready to plan your wedding. Along with plenty of excitement about your big day, you might also start to feel some sticker shock as you research prices for the ceremony and reception.

In 2022, the average wedding cost is $30,000, according to The Knot 2022 Real Weddings Study. More than one-third of the entire wedding budget (an average of almost $11,200) goes toward the reception venue alone, plus $75 per person for catering.

The average cost of a wedding is $30,000, according to a recent survey of couples.

Fortunately, there are a number of ways to save for the wedding of your dreams. Reducing the costs of the venue helps with one of the largest expenses.

There are free wedding venues, as well as relatively inexpensive wedding venues to consider as you’re creating your budget. Below are four affordable places to hold a wedding. By selecting one of them, and adding some unique personal touches, you can make the day truly your own.

Plus, if you discover that you could use help financing your wedding, we have suggestions for that, too.

Recommended: Wedding Cost Calculator With Examples

At-Home Wedding

This could be at your own home, or that of a parent, friend, or other loved one, which will likely be one of the most affordable wedding venues around. Benefits of this choice (besides the lack of rental fees) include the flexibility to have your ceremony on just about any day of the year, plus you have a ready-made shelter if the weather isn’t ideal. Want a pet-friendly ceremony? It doesn’t get any better than a home wedding for having your beloved dog be your ring bearer.

Also, any home upgrades made for the ceremony can be enjoyed for a long time afterward. Just decide how much of the event will be held outdoors, what rooms of the house should be made available to wedding guests, and how to ensure enough seating.

You can keep it simple by focusing on certain aspects for home improvement. For instance, if you envision yourself making a grand entrance by walking down a staircase in your wedding dress, you might think about a staircase remodel for your ceremony.

On the other hand, if your powder room could use a glow-up, you might want to concentrate your efforts there for a beautiful bathroom refresh. As a bonus, a project like this could add value to your home.

Check to be sure your officiant of choice is able to perform the ceremony, plan the parking logistics, find out how to comply with any noise ordinances, and so forth. Also, this could be a perfect time to do some outdoor landscaping that will beautify your special day and your home for years to come.

City Hall Wedding

A city hall wedding can be a very chic choice. You aren’t restricted to the city hall or courthouse by where you currently live. You could choose one that has special significance to your relationship, perhaps the city where you first fell in love.

Or, you can get married in the city hall where you’ll enjoy your honeymoon or your family vacation. As another strategy, you can choose the city hall based on its beauty. For instance, the city hall in San Francisco has a stunning white column and gold-capped roof.

The fee for a city hall wedding varies by state and municipality. Generally, it ranges from $30 to $88 or more. Call the location to learn the exact cost.

There are usually designated days and times for city hall weddings, so find out what they are in the location of your choice and how that would work in conjunction with your post-wedding celebration. Also, ask if there’s a limit to the number of wedding guests you can have, and whether you’ll be able to have bridesmaids and groomsmen, given the logistics.

Recommended: The Costs of Being in Someone’s Wedding

Park Wedding

Perhaps there are beautiful parks in your town or city full of unique flowers, landscaping, and more — or maybe there is one with special meaning to you, say, where the two of you attended college.

If that’s the case, you could contact the relevant parks department and find out any details about fees and permits. How accessible is the location for guests? If it’s a small park in the center of town, it’s likely to be fairly accessible. If it’s deep in the heart of a national park system, you may need to decide how to make it practical for guests to find and attend.

Other considerations for a park wedding include shelter in case of rain, having enough public restrooms (are they readily available or do you need to rent portable options?), and how comfortable you are getting married in an open space.

You might also need to find out what the park’s policy is on receptions. Can you set up tables and have food brought in? Or are you imagining a picnic complete with champagne? Dream it up, brainstorm details, and get confirmation from park officials.

One bride who got married in Glacier National Park wore her grandmother’s dress. In and of itself, that might not be unique — but the dress had been made out of the silk parachute her grandfather used in World War II! What unique touches can you bring to your own special park wedding?

Beach Wedding

You might consider a beach wedding, with its possibilities for one-of-a-kind photography, soft breezes, and tropical drinks. As practical considerations, do you plan to have a ceremony along the ocean on a public beach or will you locate a private beach? The permits you’ll need will likely be quite different if you plan to have just your ceremony there versus if you also plan to have a beachside reception complete with food, drink, and music.

You’ll also need to create a Plan B or otherwise have shelter available if the weather doesn’t cooperate. And, where you plan to have the ceremony, geographically speaking, may help to dictate what time of year your wedding should be scheduled. For instance, for a July wedding at your favorite beach, think about how far in advance to plan summer travel.

Then figure out the final details. Do you plan to have alcohol at your reception? That often isn’t permitted on beaches, but there are some that do allow guests to imbibe. Do you want to rope off a section of the beach? Build a bonfire? Again, you might want to ask what the rules and regulations are for the beach you have in mind and be flexible about modifying plans to help make it all come together.

Budgeting for Your Wedding

Even when you choose a free or inexpensive wedding venue, you’ll still likely want to come up with some creative ways to save money for the food, music, drinks, flowers, photography, video, and so on.

You can also explore different ways to help cover some of the wedding costs. For instance, a wedding loan might be an option to explore to help pay for your big day. Or perhaps your families might be able to help out financially with some of the venue-related expenses, such as catering.

During a discussion with your partner, you could both try to determine who will pay for what, and how much you’re willing to spend. It could help to discuss priorities so you’re in agreement about where to splurge and where you’re willing to compromise.

If, for example, you know that having beautiful flowers is important to both of you, that could rise to the must-have category. And maybe you want to spend more on photography and less on videography — or vice versa. What’s important is that you mutually create and agree upon a plan that’s unique to you and your special day.

Financing Your Wedding

When it comes to financing your wedding, a wedding loan could be a good option for your needs. These loans are unsecured personal loans used to cover wedding costs. Rates on personal loans tend to be lower than credit card rates, and they can offer more flexibility on the term of your loan and the amount you can borrow. Plus, you’ll get a fixed rate.

A personal loan from SoFi can be a fast, simple way to get extra cash for your wedding. You can apply online and, if you qualify, you can get the money as soon as the same day.

Explore a personal loan at SoFi — check your rate in just minutes!

---

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
SOPL0423010

Read more

You’ve champagne-toasted to your engagement, basked in post-engagement bliss, and happily researched the latest table decor trends on Pinterest.

It’s easy to get lost in the excitement of your wedding and focus on the fun parts, like trying on dresses. But before you get too far into planning, it’s a good idea to take a breath and crunch a few numbers.

In addition to being a joyous occasion, a wedding can also be a significant expense. While the price tag can vary widely depending on the level of luxury you go for and where you live, the average wedding costs $30,000, according to The Knot 2022 Real Weddings Study.

Besides the basic expenses like the dress, venue, catering, and rings, there are also lots of unexpected wedding costs, both small and large. And those can really add up. Being aware of these costs can help you plan ahead and save for your dream wedding.

Whether you’re paying for your own wedding, or getting help from loved ones, having realistic budget can help ensure that your wedding doesn’t wreak havoc on your finances.

1. Bachelor and Bachelorette Parties

Since these events happen in advance of the wedding, it’s easy to forget to include them in your initial budget. But planning for these festivities is crucial, since they can come with a hefty price tag.

Guests spend an average of $1,500 on these parties, according to Savings.com. When travel is involved, the cost can go up even more. For instance, those who flew to an international bachelor or bachelorette destination spent about $2,000 in total.

Sometimes the host and guests will opt to cover the cost of accommodations and activities for the bride and groom, but that’s far from guaranteed.

And even if your costs are partially covered, you may still need to chip in for your airfare, meals, and incidentals.

Recommended: The Costs of Being in Someone’s Wedding

2. Marriage License

In the whirlwind of wedding planning, it can be easy to forget about some of the more technical steps of getting married.

You’ll need to apply for a marriage license, of course, typically with the relevant county clerk’s office. Some states have a fixed fee, while others vary by county or city. The fees can range from about $10 to $115.

3. Insurance

You know that you’ll need to pay for a wedding venue, but you may not be aware that many of them require you to also purchase insurance. These policies typically cover damage to the venue or injuries to guests or vendors.

Some wedding insurance policies also reimburse you if something goes wrong, such as a venue becoming unavailable or a vendor not showing up. Wedding insurance costs range from about $125 to $550 for basic coverage, but the price can be higher for more expensive events.

Recommended: Smart Short-Term Financial Goals to Set for Yourself

4. Postage

If you’re mailing correspondence to your guests, don’t forget that you’ll need stamps, too. These can add up when you consider that you may need them for save the date cards, invitations, RSVP envelopes, and thank you cards.

A postcard stamp costs $0.48, and a First-Class Forever Stamp for an envelope costs $0.63. Let’s say your save the date is a postcard and your invitations, RSVPs, and thank you notes use envelopes. Mailing these items to 150 guests in the U.S. could cost more than $300.

5. Alterations

The perfect wedding-day outfit requires not only paying for a dress and a tuxedo or suit, but also likely shelling out for alterations.

Some stores and custom tailors include the cost of alterations in the price of the garment, but others don’t. For a wedding dress, changes such as hemming the gown, adding lace or beading, or taking it in can cost anywhere from $200 to $800 or more.

6. Beauty Treatments

You’ll want to look your best on your big day, and that likely requires spending some cash. Hair and makeup for brides costs $250 on average, and some stylists charge extra for a trial. If you’re paying for your bridesmaids to get hair and makeup done as well, the cost could also be around $170 per person for both services on average.

Brides may also choose other beauty treatments, such as facials (with an average cost of $50 to $100) and manicures and pedicures (the average cost ranges from $45 to $80). Body art, like mehendi for Indian brides, can cost hundreds of dollars.

The groom may also choose to pay for services like a haircut (an average cost of $30) and professional shave (about $15 to $50).

7. Gifts

You are probably expecting to receive gifts from your guests, but don’t forget that you may want to give some out, too.

It’s customary to give thoughtful thank you gifts to your wedding party, with especially nice presents going to the maid of honor and best man. Expect to spend $75 to $100 for each bridesmaid or groomsman.

You may also want to give tokens of appreciation to your parents and grandparents, particularly if they helped pay for the wedding. If you have friends who helped out, perhaps by doing a reading at the ceremony or serving as an officiant, you may want to thank them with a gift as well. And you’ll also want to give a gift to any children participating in your day, such as a flower girl or ring bearer.

Last but not least, it can be meaningful to exchange gifts with your new husband or wife. By including these significant items in your budget, or by exploring the option of a wedding loan to help cover them, you can make sure you can afford them when the time comes.

8. Wedding Weekend Events

Your initial wedding budget may not have included other gatherings you’re hosting, such as the rehearsal dinner, welcome drinks, or a brunch.

Depending on the number of guests, all of these events can cost a pretty penny. The average cost of a rehearsal dinner is around $2,400, while brunches can start at $22 per person.

9. Lodging and Transportation

You’ll probably be paying for a hotel for one or more nights if your wedding isn’t in your hometown, or if you just want to stay somewhere special.

You also likely won’t want to drive yourselves around on the big day. If that’s the case, factor in the cost of a limo or fancy bus to get you to and from the wedding locations. The average cost of a wedding limo is $75 to $150 an hour.

If you’re providing transportation for guests as well, expect the amount you spend on transportation to go up significantly.

10. Rentals

More likely than not, your wedding venue and caterer won’t provide everything you need. You’ll typically need to pay extra to rent linens, flatware, and glassware. You may also want to rent other items, such as heating lamps, a cake stand, string lights, candles, or a photobooth. These items can add hundreds of extra dollars to your costs.

Financing Your Wedding

So how do you afford all the wedding expenses — both the ones you plan for and the hidden ones that crop up? Here are some ideas for financing your dream wedding.

Budgeting and Saving

The first step is to a make a budget, but you’ll want to be sure to avoid some common budgeting mistakes. Add up all the anticipated wedding expenses, including the lesser-known charges above. Then, you and your partner-to-be can track your monthly expenses and income and see how much you have left over to save each month.

If that isn’t enough to get to your goal, see if you can find ways to reduce living expenses or earn extra cash. SoFi Insights, a complementary tool for SoFi members, can help you track your spending and cashflow in real time against a set budget, to help prevent you from going over — and help you save for the big day.

Trimming Expenses

If your wedding budget is more than you can afford, you may be able to find ways to lower some of the costs. For example, perhaps a friend can officiate instead of paying a professional.

Family and friends may be able to help you create DIY paper goods, bouquets, and centerpieces. Or you could send digital Save the Dates and invitations, rather than paying for printing and postage. Some couples even self-cater their weddings. There are a number of creative ways to save money.

Personal Loans

Along with saving and cutting costs, a wedding loan, which is a type of personal loan, could help finance your wedding. With SoFi, eligible borrowers may qualify for loans with interest rates that are generally lower than the interest rates charged by credit cards.

Personal loans are flexible and may be used for almost any purpose, so they can help you cover wedding expenses that come up. It takes just a few minutes to apply online, and these loans have fast funding and flexible repayment options.

SoFi personal loans offer low rates and no-fee options. Plus, if you happen to get laid off, you may also be eligible for Unemployment Protection: Your payments could be temporarily suspended for up to one year, while SoFi would provide assistance with finding a new job for qualified borrowers.

Learn more about using a SoFi personal loan to help you finance your dream wedding — including paying for any unexpected expenses.

---

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi’s Insights tool offers users the ability to connect both in-house accounts and external accounts using Plaid, Inc’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score provided to you is a Vantage Score® based on TransUnion™ (the “Processing Agent”) data.
SOPL0423012

Read more

If you don’t pay your credit card bill, you could face more severe consequences than you might think. Though it will depend on your credit card issuer, you can generally expect to be charged a late fee as well as a penalty interest rate which is higher than the regular purchase APR.

Life happens, and, from time to time, payments are missed, especially if you’re dealing with emergencies such as losing a job or a family crisis. In the event you have skipped a credit card payment, it’s crucial you understand what can happen. That way, you can take steps to reduce the odds of it having a major impact on your financial health.

Here, you’ll learn more about this topic, including:

•   What happens if you don’t pay your credit card bills?

•   What if you miss one credit card payment?

•   What happens if you only can make minimum payments?

•   How can you pay off credit cards?

What Happens If You Don’t Pay Your Credit Card?

Consequences for missed credit card payments could include being changed late fees and possibly losing your grace period. It may also negatively affect your credit score since issuers report your payment activity to the credit bureaus — in most cases after 30 days.

There may be other consequences depending on how late your payment is and whether it’s your first time missing a payment.

Accruing Interest

When you don’t pay your credit card, interest will accrue and will continue to do so as long as you have a balance on your card. In essence, you are paying more for your initial purchase thanks to that interest.

The longer you go without paying your credit card, the more you risk your rate going up. Your credit card issuer may start imposing a penalty annual percentage rate (APR), which tends to be higher than your regular purchase APR. If this happens, you’ll end up paying more in interest charges. The penalty APR may apply to all subsequent transactions until a certain period of time, such as for six billing cycles.

Collections

Depending on your credit card issuer, your missed payments may go into collections if it goes unpaid for a period of time. You’ll still continue to receive notices about missed payments until this point.

More specifically, if you don’t pay your credit card after 120 to 180 days, the issuer may charge off your account. This means that your credit card issuer wrote off your account as a loss, and the debt is transferred over to a collection agency or a debt buyer who will try to collect the debt.

Once this happens, you now owe the third-party debt buyer or collections agency. Your credit card issuer will also report your account status to the major credit bureaus — Experian, TransUnion, and Equifax. This negative information could stay on your credit report for up to seven years.

It’s hard to tell what third-party debt collectors will do to try and collect your debt. Yes, they may send letters, call, and otherwise attempt to obtain the money due.

Some collections agencies may even try to file a lawsuit after the statute of limitations expires. In rare cases, a court may award a judgment against you. This means the collections agency may have the right to garnish your wages or even place a lien against your house.

If your credit card bill ends up going to collections, take the time to understand what your rights are and seek help resolving the situation. Low- or no-cost debt counseling is available through organizations like the National Foundation for Credit Counseling (NFCC).

Bankruptcy

You may find that you have to declare bankruptcy if you still aren’t able to pay your high credit card debt and other financial obligations. This kind of major decision shouldn’t be taken lightly. You will most likely need to see legal counsel to determine whether you’re eligible.

If you do file bankruptcy, an automatic stay can come into effect, which protects you from collection agencies trying to get what you owe them. If successfully declare bankruptcy, then your credit card debt will most likely be discharged, though there may be exceptions. Seek legal counsel to see what your rights and financial obligations are once you’ve filed for bankruptcy.

Making Minimum Payments

A minimum payment is typically found in your credit card statement and outlines the smallest payment you need to make by the due date. Making the minimum payment ensures you are making on-time payments even if you don’t pay off your credit card balance. Any balance you do carry over to the next billing cycle will be charged interest. You can also avoid late fees and any other related charges by making a minimum payment vs. not paying at all.

What Happens if You Miss a Payment

If you can’t pay your credit card for whatever reason, it’s best to contact your issuer right away to minimize the impact. Let them know why you can’t make your payment, such as if you experienced a job loss or simply forgot. For the latter, pay at least the minimum amount owed as soon as you can (ideally before the penalty or higher APR kicks in).

If this is your first time missing a payment but otherwise paid on time, you can try talking to the credit card company to see if they can waive the late fee.

Some credit card issuers may offer financial hardship programs to those who qualify, such as waiving interest rates, extending the due date, or putting a pause on payments (though interest may still accrue) until you’re back on your feet.

15/3 Rule for Paying Off Credit Cards

The 15/3 payment method can help you keep on top of payments and lower your credit utilization — the percentage of the credit limit you’re using on revolving credit accounts — which can impact your score.

Instead of making one payment when you receive our monthly statement, you pay twice — one 15 days before the payment due date, and the other three days beforehand. This plan is useful if you want to help build your credit history and pay on time.

The Takeaway

Missing your credit card payment may not be a massive deal if it just happens once or twice, but it can turn into one if you continue to ignore your bill. While it’s not exactly fun to have to pay a late fee, you may be able to negotiate with the credit card issuer to waive it if you are otherwise a responsible user. Even if not, it’s better than being bumped up to the penalty APR or, worse still, having your account go to collections.

Are you looking for your first or a new credit card? Consider the SoFi Credit Card. With perks like cash back rewards on all purchases, no foreign transaction fees, and Mastercard ID Theft Protection, it may be just the right choice for your personal and financial goals.

The SoFi Credit Card: The smarter way to spend.

FAQ

How long can a credit card go unpaid?

The statute of limitations, or how long a creditor can try to collect the debt owed, varies from state to state, which can be decades or more.

What happens if you never pay your credit card bill?

If you never pay your credit card bill, the unpaid portion will eventually go into collections. You could also be sued for the debt. If the judge sides with the creditor, they can collect the debt by garnishing your wages or putting a lien on your property.

Is it true that after 7 years your credit is clear?

After seven years, most negative remarks on your credit report, such as accounts going to collections, are generally removed.

---

Photo credit: iStock/MStudioImages
The SoFi Credit Card is issued by The Bank of Missouri (TBOM) (“Issuer”) pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
¹See Rewards Details at SoFi.com/card/rewards.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
This article is not intended to be legal advice. Please consult an attorney for advice.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
SOCC0523007

Read more