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Would You Try Crowdfunding These 5 Major Life Expenses?

August 20th, 2014 · No Comments · Crowdfunding

by Kristy Welsh

(Last Updated On: February 26, 2018)

Would You Try Crowdfunding These 5 Major Life Expenses?You’ve likely been asked a time or twenty to support a crowdfunding campaign for a friend or family member.

But would you ever ask the same?

The possibilities are pretty much endless, and can include the most inconsequential of goals. But crowdfunding at its best funds things that are life-changing, some of which may feel more appropriate than others, subjectively speaking.

Any of these life-changing crowdfunding campaigns you’d give a go?

1)      Getting married.

Couples spend an average of $25,000 on their wedding, not counting the cost of the honeymoon. Unfortunately, for many this means starting their marriage deep in debt. While the obvious alternative is to only spend as much as you can afford, be it $20,000 or $2,000, some couples prefer a third option – crowdfunding their wedding and their honeymoon.

Crowdfunding for your wedding and/or honeymoon is something you can do on one of the general purpose sites, like GoFundMe, IndieGogo, and Fundrazr.

While you can certainly try to fund a $25,000 wedding in this manner, you might get a better response with a more modest budget, say on the $10,000 side.

Of course, if you’re not comfortable with the formal crowdfunding route, you can go with a traditional registry limited to your honeymoon fund via sites like Wanderable and AllAboutHoneymoons.

2)      Help having children.

For couples who need help having children, the cost of fertility treatments or adoption is notoriously expensive and out of reach for many. Rather than forego their dream family, some couples are turning to crowdfunding for help.

Again, this is something you can fund via a general-purpose crowdfunding site, like GoFundMe, IndieGogo, and Fundrazr.

3)      Funding a creative project.

Do you have a great idea? For a movie, a book, a fashion line, or just about any other creative endeavor?

If so, you’re in good company, and quite a lot of it. Kickstarter is all the rage these days for just these kinds of funding campaigns, with creative projects that fall into one of the following categories:

  • Art
  • Comics
  • Crafts
  • Dance
  • Design
  • Fashion
  • Film & Video
  • Food
  • Games
  • Journalism
  • Music
  • Photography
  • Publishing
  • Technology
  • Theater

Of course, the Kickstarter model is all-or-nothing. If you don’t reach your goal, you don’t get any of the contributions. That’s perhaps balanced by Kickstarter’s reputation and reach. But if you’d rather err on the side of caution, Indiegogo is a great alternative, minus the all-or-nothing requirement. That said, if you do fail to reach your goal on Indiegogo, their take is greater than if you had.

4)      Paying for medical expenses.

Even with health insurance, the cost of necessary medical care may be out of reach. Under these circumstances, people have historically turned to family and friends for help. It’s just more formalized now via online crowdfunding campaigns.

GoFundMe has proven a popular place for such endeavors. Others specifically geared toward medical crowdfunding include GiveForward and YouCaring.

5)      Paying for college.

Average student loan debt is close to $30,000. That’s not the most encouraging of liabilities to be hanging over a new graduate’s head when they’re just starting out. It’s bad for their bank accounts, and it’s bad for their morale. That’s why every effort should be made to minimize student loan debt.

Again, GoFundMe is a popular site for raising money for college tuition. You should also check out niche sites dedicated to this category, like GradSave and GiveCollege.

That said, crowdfunding should only serve as a supplement to other sources of revenue for college:

What do you think of crowdfunding for major life expenses like these? Any you’d try (or already have)? Any you’d never dream of? Why or why not?

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