Pay for the Perfect Wedding With a Side Gig
You found the love of your life, you’re engaged, and you’ve set the date. Everything should be perfect, but there’s one small detail — financing. According to research, the average wedding costs about $28,000, which is no small sum for most couples. If you don’t have the cash to pay for these costs upfront, you can borrow from parents, take out a personal loan, or max out your credit cards — but none of these is a particularly appealing option. Luckily, there’s another path to pay for your nuptials — a side gig. Meant 2 Be Events explains how you can earn extra cash and fund the wedding of your dreams with your talents.
Budgeting for a Frugal Wedding
In order to determine how much you need to earn from a side gig, you need to establish a clear budget for your wedding. There are many costs you’ll need to take into account, including a venue reservation, equipment rentals, food and drinks, and attire for the soon-to-be spouses.
A side gig can offset many of these costs by allowing you to earn extra income. The best part of a side gig is the fact that it lets you capitalize on skills and talents that you already have. If you love photography, you can make additional money by scheduling photo shoots. If you have a knack for baking, you can start selling cookies.
Finding the right side gig requires more than just a consideration of your talents, though. You should also calculate how much time and investment may be needed before it’s profitable. If you need to buy a new camera lens before you start a photography side gig, for example, it may be counterproductive. Look for a side gig that aligns with both your talents and your resources.
Turning Your Side Gig Into a Business
Once you start earning money, it’s important to budget appropriately for your wedding. You also need to start budgeting for taxes. Your income from a side gig will likely be reported as self-employment income or independent contractor income, and both of these classifications entail tax liability. You may find that your side gig is successful enough to grow into an established business. Once you attract loyal customers and build a reputation in your community, your revenue is likely to increase.
At this point, it may be advantageous to start an LLC, or limited liability corporation, for your business. This business structure offers an array of benefits to gig workers, including legal limits on your personal liability. An LLC will also usually demand far less paperwork than other business types, and the tax liability may be lower, too. You should check with your state to understand its LLC regulations. Consult with a lawyer or avoid expensive fees by working with a formation service to get started.
Earn Money and Make Your Wedding Dreams Come True
Even if you’re frugal and you budget extensively, there’s no escaping the fact that weddings are expensive. You want to have a good time and celebrate with your guests, so some extra income could go a long way. You can earn extra money by utilizing your skills and taking up a side gig. Identify your marketable skills and leverage them to save for your nuptials. When you’re ready, you can take your side gig to the next level by turning it into a business and forming an LLC.
Don’t become overwhelmed with wedding planning. Instead, trust Meant 2 Be Events with your wedding designing, managing, and organizing needs!
Guest Writer: Christopher Haymon