"My Fiancée Is Pressuring Me To Go For A Loan To Fund Our Wedding, Should I Do It ": Experts Advise

• A young Ghanaian man who is set to get married is in a dilemma over the demands of his fiancée
• The lady is urging him to go in for a bank loan to finance the wedding
• Patrick Abankwa and Ms Adwoa advise the young man on what he could do in his situation

"My name is Emmanuel, a 33-year-old with plans to get married in June this year. I work as a bank teller and my fiancée is a popular media personality. I initially proposed that we have a traditional and church wedding where the reception would be done at the church. The lady is however, pushing for the wedding reception to be held at a different location due to the number of people she has invited. Per my checks, the total cost of the wedding reception will exceed GH¢70,000. My bank is ready to give me a loan where I will use greater part of my salary to pay within two years. My problem is that, should I please the lady by doing what will make her happy or go ahead with my original plan. I am also thinking of cancelling the wedding?"

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Ms Adwoa and Patrick Abankwa advise Emmanuel

Ms Adwoa is a relationship counsellor currently based in the UK

Patrick Baah Abankwa is also a Chartered Banker and Chartered Global Investment Analyst with much insight into managing finances

1. Genuine love entails compromise

I would say that if your partner doesn't understand your financial circumstances, it's best not to pursue a loan which will deplete your income. Pleasing your partner is not conducive to building a healthy relationship. Genuine love entails compromise, understanding, and mutual support to ensure a successful wedding ceremony.

2. Debt burden

From a financial point of view, a GH¢70,000 loan will take a significant chunk of your salary for two years. This can strain finances and limit savings for future goals like a house or starting a family.

3. Interest costs

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Emmanuel, as a bank teller, you know that loans accrue interest. Over two years, that interest can be substantial.

4. Discuss a revised budget with his fiancee

I will urge you to prioritise what's important. Consider a smaller reception space, a less elaborate menu, or decorations. Negotiating with vendors can also help. Discuss with both families if they can contribute financially. This option is, however, far-fetched in terms of being realistic.

5. Discuss financial goals

Also, talk to your fiancee about your shared financial goals for the future. This will help you make decisions that benefit them in the long run.

6. Sleep on it

And finally, don't feel pressured to make a quick decision. Taking a night to think about the financial implications can help him make a well-informed choice.

Couple get married in a simple wedding

YEN.com.gh earlier reported that a Ghanaian couple left many in awe after a video of their simple wedding ceremony surfaced online.

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The couple opted to do away with the pomp and pageantry associated with weddings in recent times.

Things such as a plush venue, decorations, wedding receptions, bridesmaids and groomsmen were missing on the big day.

Disclaimer: The advice given in this article is general and is not intended to influence readers' decisions. They should seek professional advice that considers their circumstances before making any decisions.

Have a story to tell? Need an expert's advice? Feel free to contact us at ask.an.expert@yen.com.gh with Ask an Expert in the subject line.

Source: YEN.com.gh