Many couples start planning their wedding a year in advance - finding the hall, selecting the menu, ordering dresses, invitations, flowers and so on. But one of the most important things they can do early on is develop a plan to pay for it all.

"Everyone has ideas for planning a fabulous wedding, but sometimes reality sets in when they realize what they can afford," says Angel Hale-Frater, assistant vice president and financial center manager with Fifth Third Bank. "Today, many weddings range between $15,000 and $30,000, and handling these costs can seem much like buying a house."

This month, Angel's branch is featuring a wedding planner as its 'business of the month.' "Many times, the wedding planner, couple and I meet in my office and the first thing we discuss is money. I generally encourage couples to save up as much as possible ahead of time and finance the rest," she says.

Setting a savings goal
To help couples save successfully, Angel encourages them to open a Fifth Third Goal Setter Savings Account. With this account, money is automatically withdrawn from a savings or checking account and deposited into the Goal Setter Savings Account on a biweekly, monthly or bimonthly basis. Friends and family members may contribute to these accounts, too.

After the initial deposit, couples earn interest on their balance every month and receive a bonus after they reach their goal. "With the bonus included, the interest earned on the Goal Setter Savings Account is actually higher than it is with most savings accounts," says Angel. These accounts have no minimum balance or monthly service fees. Bonus interest is paid on balances up to $50,000. To qualify for the bonus, the account must be open at least 185 days.

Financing options
Financing options depend on the couple's overall financial picture and ability to repay debt. If one partner or the couple already owns a house, they may qualify for a home equity loan or line of credit. In some cases, couples may use a home equity loan or line of credit to pay off existing credit card debt and take out additional cash to finance the wedding. Couples benefit because the interest from an equity loan or line of credit is usually lower than credit card interest - plus, it may be tax deductible. Consult your tax advisor regarding deductibility of interest.

"Couples without a house or home equity may want to consider a Fifth Third Platinum MasterCard®, which offers a low interest rate for a year on purchases," continues Angel. "It gives them the opportunity to pay down as much of the balance as they can with minimal accrued finance charges."

Angel encourages couples to come in and discuss the most appropriate solutions for obtaining financing and developing a repayment plan. "Here at Fifth Third, one of our primary goals is to help people build for the future," she says. "Then, when they're ready to pursue their next goal in life, they'll know who to see for advice."

For more information on financing a wedding, contact Fifth Third at (866) 475-4201 or visit the Fifth Third website.

Loans are subject to credit review and approval.