The holiday season has commonly been referred to as “engagement season,” marking the most popular time of year for proposals. Now that January has hit and the glow of the holidays have worn off, a lot of couples are doing the hard work of answering the question "How are we going to pay for our wedding?"
While thinking of ways to cut down on costs can go a long way, you may also just need a boost in income. In honor of engagement season, here are five surprising ways to earn extra money for your wedding.
1. Clean out your closet and sell your stuff
Most of us still have clothes, collectibles and other items in our closets we don’t need or want anymore. Instead of letting them sit unused, clean out your home to decide what you can get rid of.
Having a garage sale or selling your stuff on Craigslist is a great idea for bulky items like furniture and cookware that you don’t want to move yourself. For clothing and accessories, try a posting your stuff on an app or website like Poshmark or Tradesy, where you can list your items and ship them off (at no cost to you) to the buyer.
2. Refinance your student loans
Student loan debt can be hard to pay off, especially if you’re stuck with a high interest rate. But refinancing is one easy way to lower your monthly payment and interest rate.
Current refinance rates are as low as 2.58%, so if you’re paying more than 4%, you may be paying too much. On average, people who refinance their student loans save $259 a month.
To apply, be sure to understand your current loan terms and payoff balance, and keep paying your loans while waiting for refinancing approval. Then, the money you save can go straight into your wedding fund instead
3. Pick up a side hustle
Most of us have a special skill, whether it’s writing, crocheting or teaching. Go ahead and turn your skill into a side hustle.
Depending on your skill, you may be able to get started on your own, like getting tutoring jobs or writing for publications. Others might require the help of a platform, like Etsy, if you want to sell your crafts online.
Remember to take into account the time it takes you and any costs associated with materials or setup—and be sure your selling prices will make the side hustle worth it. Some platforms, like Etsy, also take a small percentage of each sale.
4. Barter services
If you have a special skill, consider asking vendors for a trade—they provide services for your wedding and you provide them with a new logo or a new marketing design.
The trade will cost you nothing, except time, and can save you a lot of money. Don’t be afraid of a little rejection; you will likely have to ask several vendors before getting a yes.
5. Rent out your home
AirBnB has become an extremely popular community for selling and renting lodging. The platform works as a middle man for homeowners and renters who want to rent their homes to travelers.
Especially if you live in a spacious home with an extra bedroom that you’re not using, AirBnB can provide extra cash on your schedule. Just take good pictures of your space, set up a profile and decide when and how often you want to rent out your room.
You can also implement on your own house rules. Remember that AirBnB charges hosts a 3% fee for reservations booked through the site.
Ready to get started?
Before you get started on any of these ideas, you and your partner should set a budget for the wedding and understand the cost of services for photography, food and venue. That way you have a goal in mind when you start earning extra cash.
Interested in refinancing? It only takes 10 seconds to see how much you could save with our ReFi Ready tool.