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Moneygeek – “Expert Insight on Financing Your Wedding”

In this article from Moneygeek, Hallie Kraus, CFP®, CRPC®, Private Wealth Advisor at Treehouse Wealth Advisors, provides her experienced advice on budgeting and financing when it comes to wedding planning.

Some topics that Moneygeek covers in this article, to provide background and answer FAQs leading up to Hallie’s insight, include:

  • Wedding dates and wedding loans
  • Wedding loan interest rates
  • Wedding loan eligibility
  • Wedding loans’ affect on credit score
  • Who is responsible for financing a wedding

 

Hallie Kraus weighs in with advice for couples to determine whether a wedding loan is right for them, and how to maximize it if they do get one. She starts by defining “good debt” vs. “bad debt” and highlighting the fact that taking out loans is most effective, and considered “good debt,” when “it is used to build wealth or increase your income over time. Hallie defines “bad debt” as taking out loans “to purchase depreciating assets or for consumption,” and mentions that car loans and credit cards usually fall under this category. According to Kraus, these types of loans tend to leave you in worse financial shape over time, particularly due to current interest rates.

Kraus gives this context to say that weddings are not an event to go into debt over and advises scaling down wedding plans if you are not in the financial condition to cover your plans without a loan. A plan of action that Hallie suggests is to then start a savings plan to have a larger wedding event at a later date. In the case of still considering taking out a wedding loan, Hallie presents a set of questions to discuss between partners and sets a precedent for healthy conversations about money that can lead to a happier partnership over time.

Hallie recommends a few uncommon ways to work towards financing a wedding which includes reaching out to your surrounding community for support. Asking to borrow venue locations owned by people who may be connections around you, having someone donate materials, or lend their skills for building and decorating are some of Hallie’s suggestions.

Treehouse Wealth Advisors is a fee-only wealth management firm based in the San Francisco Bay Area, serving innovators, legacy builders, and impact makers. The firm provides personalized financial planning, investment management, and wealth advisory services, helping clients navigate significant life changes while working toward fulfilling and meaningful lives.

Written By
Treehouse Wealth Advisors Team

Treehouse Wealth Advisors is a women-led firm based in Walnut Creek, CA, dedicated to crafting tailored financial solutions for individuals and families. With a focus on long-term, relationship-driven approaches, we empower clients to invest their time and assets purposefully. Our team is passionate about challenging the status quo and embracing change to find better solutions.

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