Throw your special girl a once-in-a-lifetime celebration.
For this coming-of-age celebration, it’s not uncommon for families to go all out. She’ll want a new dress. You’ll want a venue that can host the memories you’re hoping to create. Not to mention adding to the fun with enough food and drinks for your family and loved ones.
As you organize your Sweet Fifteen, you might struggle to find ways to pay for these expenses. A personal loan is just one option that can open up your budget to cover just about everything your little girl desires on her special day.
What kind of loan could I get?
The type of personal loan you qualify for depends on your overall creditworthiness, financial history, requested loan amount and other factors. You may want to look beyond your local bank to compare online lenders, who might have easier eligibility requirements or faster turnaround times.
Overall, you’ll want to borrow only the amount you need — taking out a loan for the exact amount of your costs can mean lower monthly repayments and less interest paid over the life of the loan.
Compare personal loans
Consider your local credit union for decent rates
Not sure where to start? If you have an account with a credit union, it may offer affordable loans with flexible repayment terms. These personal loans are similar to loans from banks or other lenders, but they typically come with lower interest rates.
Plus, many credit unions offer loans of smaller dollar amounts. So you may be able to borrow less than $2,000, which is most online lenders’ minimum.
How else can I pay for a quinceañera?
- Ask for help from loved ones. A quinceañera is a big event for the whole family, and you could find that your family is willing to help with venue cost, the perfect dress or any of the other expenses that come with this celebration.
- Put some costs on a card. While a credit card likely won’t cover the full cost of a quinceañera, putting some of the expenses on a credit card can offset the initial price of smaller items.
- Build up your savings. Quinceañeras don’t come as a surprise. Ask around to find top venues in your area, and get estimates with local services ahead of time. By planning ahead, you can start building toward the amount you need for your honored girl’s big day.
How much does a quinceañera cost?
Costs can quickly add up to $5,000 or more, with fancier affairs as high as five figures.
One way to estimate how much the quinceañera you’re hosting will cost is to write out potential expenses. List the basics — your venue, the dress, invitations, a caterer, a DJ and any beauty perks for the girl of the day and her friends. Consider flowers, decorations, party favors and other smaller costs, as well as the cake, transportation to and from the reception and a photographer, if needed.
A quinceañera is a once-in-a-lifetime occasion, but you may not want to break the bank for a party. Plan early, and don’t be afraid to barter for services. You can throw a great party on a budget by keeping it simple before costs get out of hand.
4 tips to save money before the quinceañera
Before you take out a large loan, consider ways to decrease the expenses that come with coming of age. Ask yourself these four questions:
- How can you save on food? Many families have a chef — aspiring or professional — who can help out. A sophisticated potluck could also help you save money.
- Know a photographer? If you have a budding shutterbug in your family or circle of friends, they could be a solid alternative to hiring a professional. Just be sure to set aside a bit of cash for their services — they’re still working, after all.
- Have a crafty hand? DIY decorations and hair styles can save hundreds of dollars you’d otherwise spend at boutiques and salons. It can also be a great way to bond with others, as well as give the honored girl some control in the looks of her party.
- Any good sales coming up? Save money by hunting down dress sales or borrowing clothing and accessories from a chic friend or relative.
Consider opening a separate savings account for the quinceañera far ahead of the special day, if possible. Stashing away money early could take off some pressure and maximize your budget enough to avoid a large loan.
Plenty of people have thrown large quinceañeras on a budget. If you’re interested, try searching online forums to plan a spectacular celebration without spending too much.
At the end of the day, a quinceañera is a tradition that can cost you thousand of dollars. If you have a large family, want a fun venue or simply don’t have the savings for the blowout you’re looking for, a personal loan could make your quinceañera preparations affordable.
To find the best rate and terms you’re eligible for, compare multiple lenders before applying. You may want to consider savings tips and letting your family pitch in before taking on a big debt.