I recently married (similar to engagement), planning our wedding and starting a new life with my spouse.
Where we live we use two currencies, the GBP and a local one (XXX) that is getting harder and harder by the day to convert to GBP, as it's losing value, currently GBP:XXX 1:3.5
Recently, my job at a local bank allowed me to get an easy access personal loan through it (in XXX), at a lower interest rate (than I would get as a normal borrower in my country with any bank).
Over the recent years (before this job), we had kept safe savings in GBP, to retain the value of our savings so that when this wedding came, it would be easy to pay up providers.
Noting the growing instability of XXX, we're thinking this might not be a good time to use our GBP savings, as we may need them if the situation with XXX gets worse and also if GBP rapidly gets stronger than XXX in the immediate months to come. We don't want our wedding to wait, though. We want to get it done!
Ever since, we have not been the likes who naturally use debt, as we were not particularly acquainted with the art of it; but we need to start now, taking out good risks.
- Generally, is it profitable to use a loan versus using savings?
- Should my spouse and I use our GBP savings or take out a loan in XXX, use that for the wedding?