As the cost of wedding planning continues to rise, more and more couples face the harsh reality that their finances may not be able to cover their dreams for their special day.

According to a recent survey conducted by U.S. News, nearly half (45%) of respondents revealed that they experienced credit card debt before tying the knot. Furthermore, almost two-thirds of respondents – 65.9% – said their credit card debt impacted the budget they could set aside for the wedding.

It’s proof that having a money conversation when planning a wedding is critical so newlyweds can navigate paying for a wedding while simultaneously paying off debt, too. But how do you broach the subject, and what can you and your partner do to help pay for your wedding? Here’s what you need to know.

Should you avoid going into debt to pay for your wedding?

Considering the long-term implications of going into debt for a wedding is essential. Sure, it may seem like a great way to have your dream wedding, but the reality is that you could end up paying for it for years to come.

Before deciding, weigh the pros and cons of going into debt for your special day. Consider what payment terms are available and if it’s worth the long-term commitment.

Think about other options you have to pay for your wedding without debt. Do you have enough saved up? Could your family contribute? It’s important to be realistic with your budget to ensure you don’t overextend yourself.

Remember that your wedding day is special but doesn’t define your future. Take the right steps when planning your wedding.

How to talk to your partner about debt before getting married

Money conversations can be difficult, but they are essential when planning a wedding. Before tying the knot, having a conversation with your partner about debt is crucial.

First, understand each other’s financial situation. Talk openly and honestly about your current debt and any debts you expect to take on in the future. Discuss how you’ll handle issues like credit card spending, student loans, and other financial obligations.

Next, establish a plan for managing your finances as a couple. This could include setting a budget, creating a savings plan, and working together to pay off debt.

Finally, create a plan for the wedding itself. Talk through the wedding details and decide who will pay for what.

It is important to remember that you will impact each other’s finances going forward and that open communication is vital. Start these money conversations early and ensure they are part of your wedding planning process.

The bottom line

With the rising costs for wedding-related items, it’s important to have open and candid conversations about money on your part. Consider all possible options and make practical decisions – even if they mean compromising on your “dream” wedding – to ensure your marriage is never strained because of debt.