Post # 1
So I am trying to plan my wedding and of course it has to be the most spectacular event ever. The problem is that I graduated from college right at the top of the 2008 recession and I did not have a job secured when I finished. ( I had spent the last semester working at Disney) It took me about three years to find a full time job and all the while I am getting calls for my student loans. Long story short I now have a poor credit score, hardly any savings, and I am more financially stable the my immedeat family.
Who can help us budget for the wedding? No one that I know and Fiance family can’t either.
So are there any bees that relate to this? I should mention I still am trying to have a great event, but just watching every penny along the way.
Post # 3
I can relate! My family has a lot of money problems. I developed good money skills in reaction to that. They wanted to help a LOT with the wedding but coming from my more responsible perspective I knew that wouldn’t be a smart decision for them. I had to save them from themselves, if you know what I mean.
the best thing you can do is realize the greatness of the event isn’t totally dependent on how much money you spend. If you are creative it won’t make a difference, and I don’t mean finding creative ways to save. I mean focusing the day on the spiritual aspects of getting married (not necessarily religious!) and celebrating its deeper meaning… at the end of the day it will be much more satisfying to you and to your guests too.
Post # 4
@Clutterqueen: It sounds like you either have to majorly change your ideas about this wedding (ie BEST event ever), or you just have to put this off for 2+ years while you get your finances lined up.
You mentioned that you’re getting calls from your student loans. Does this mean you are not paying them at all? Are you behind? There are things you can do if you are.
I am more financially stable than my family members as well. However, in the grand scheme of things, that doesn’t really affect your situation now. My father was the worst with money out of any person I’ve ever known. Now I’ve become the most responsible person with money I’ve ever known! Your finances are your own; family doesn’t predict what you’ll do with your money.
Do you know your very basic income versus expenses? And in do you have a positive or negative cash flow?
How does your fiance’s fiances look? Is he responsible with money?
Post # 5
@Clutterqueen: Ouch. You know that student loans report the longest on your credit score, right? 30 years, compared the usual 7. So if you’re not paying them, my advice is to start now. Did your college make you take a student loan seminar or anything like that before graduating? They generally do, and in those they talk about different payment plans….Like, if you couldn’t afford the standard 10 year plan, you could go on an income-based repayment plan. You pay longer, but hey, your credit isn’t screwed for the majority of your life.
Talk to a financial advisor/credit advisor at your bank/credit union and see what you can do to turn around your credit. Right now, your focus shouldn’t be the wedding, but getting your credit in shape so that later in life you can buy a car, a house, get a loan if something unexpected comes up…..etc.
For right now I’d work on saving up some cash so that you can have a modest affair that does not leave you in debt.
Post # 6
Never fear, I am most definitely paying on the student loans. I was just talking about that period of three years when I was only working part time or not at all. I have some savings plans in place and my Fiance is great with money.
I was just giving some background and as far as the credit score, it is one of those things where the damage is done and now I am working towards correcting things. The last couple of years I have been living a cash lifestyle. If I don’t have the money for something then I just don’t get it right then. I was just wanting to hear from other Bees that may be in the same situation and hear how they are working on it and towards a great wedding.
I work in event planning so I was kinda j/k about the spectacular event thing. Besides who needs a whole fireworks display and 10 course meal.
Post # 7
Absolutely I can relate! We our paying for our event ourselves. The first thing we did was slice our guest list. After pricing the food alone, I said no. We are doing a small intimate wedding with seated lunch at an upscale restaurant. I’m very excited! I feel much less stressed.
Oh & I’m paying student loans, one of which is behind due to nearly a year of unemployment. I don’t care about my credit score although its not horrible. Could be better I’m sure. But it’s not how I choose to define myself.
Post # 8
@Clutterqueen: Ok, well that paints a different picture than the first post!
So at the moment you’re working on building your savings and your credit.