If you took out a loan to cover your big-day expenses, you aren’t alone. Approximately 74% of couples take on debt to pay for their big day. That means starting your lives in the red.
With that in mind, here are five simple ways to pay off wedding debt.
1. Take on a Side Hustle
You might not relish the thought of reporting to a second boss after punching out of your full-time hustle. However, one benefit of the gig economy is the freedom to choose your hours if you sign on as a contractor with a service like DoorDash or Postmates.
Your stomach might turn at the thought of attaching your favorite hobby to money — but what would you rather do with your time? Spend it on the links teaching others the noble game of golf or dream of the greens while you field customer service calls from your home office?
If you live to craft, why not open an Etsy shop to peddle your wares? Those who enjoy working with their hands can start a side handyman business.
4. Rent Out a Spare Room
With the pandemic numbers improving, people are anxious to return to travel. However, many aren’t boarding planes yet. Those who do book tickets find no vacancies at hotels in many popular tourist destinations.
Why not rent out a spare bedroom on Airbnb or VRBO? It isn’t as frightening to host when you’re no longer single, and you can meet new friends from all over the globe. With the hordes as anxious to get away as they are presently, you should have no shortage of guests.
5. Keep It Real
Finally, the less debt you incur in the first place, the less you have to repay. It sounds simple, but it’s true.
Take a long, hard look at your wedding budget and your choices. Maybe you always wanted a gown with an enormous train — but do you have to serve steak and lobster at the reception? Paring down on those things that matter less to you can reduce your initial debt load, making repayment easier.
Pay Off Wedding Debt These 5 Simple Ways
Besides infidelity, money is the number one cause of marital trouble. Learn how to pay off your wedding day debt quickly with these five simple tips.