(Closed) Paying for a wedding-what a headache!

posted 7 years ago in Money
Post # 3
Member
516 posts
Busy bee
  • Wedding: November 2010

I would try and get pre-approved for a loan because that way you will know you can get the money asap if you need it. Good Luck

Post # 4
Member
2867 posts
Sugar bee

Oh yikes!  Could a family member help out?  Fiance and I are paying for everything as well and it SUCKS.  I found out last week that one of my student loans came due b/c I switched universities and it’s wiping out a big portion of my savings/future earnings towards the wedding…so much so that we had to change our date, which is pretty frustrating.  I sympathize….

Post # 5
Member
1403 posts
Bumble bee
  • Wedding: August 2010

Personal loans are pretty easy to take out, but their interest rates are typically almost as bad as credit cards.  My plan is actually to start putting regular living expenses on my credit card and carry a balance for the next couple months.  That way my savings will build up enough to pay the catering with cash.  Shortly after the wedding, I’ll be able to pay down the credit card back to the zero balance I normally keep it at.

Post # 6
Member
14 posts
Newbee
  • Wedding: September 2011

My finace and I are also paying for our wedding. Fortunately, we have the time for planning and major bargain hunting. Sounds like it’s crunch time for you though.

You don’t mention, and I totally understand that some things need to remain private, but how much is a “small loan” for you? Taking out a loan is not a great idea…what about changing what you are offering for food or beverages.  Have you talked to the caterer ? I’m sure they want you and your guests to be happy (especially in these economic times) and may have suggestions for you. Or are you locked in because of your venue to spend a minimum amount on food and beverage???

Things do have a way of working out

 

Post # 8
Member
339 posts
Helper bee
  • Wedding: July 2011

I’m sorry you’re dealing with this – what about selling any wedding related objects after the wedding?  If you do have to take out a loan (which, naturally, I sincerely hope doesn’t need to happen) then maybe you could at least recoup any interest that has accurred by selling those items.

Post # 9
Member
2006 posts
Buzzing bee

What about taking a “loan” from your parents if you aren’t comfortable taking the money as a gift? You could write up a formal contract, and even pay them a small amount in interest if needed, that agrees to monthly payments and how long you have to pay them back.

In my opinion this will ultimately be better than taking a loan from the bank because family is generally more forgiving, especially if you have another “bump” in the road.

Good luck!

Post # 10
Member
913 posts
Busy bee
  • Wedding: August 2009

We had to take a $6000 “loan” from my younger brother to cover the catering costs – they also don’t take credit cards and I didn’t realize it.  We were totally on track money wise but FI was out of work for 2 months following an accident and (along w/ his horrible spending habits) all of our savings for the wedding was depleted.  Iam beyond stressed right now and hate thinking about bills.  My brother was sweet enough to loan us the money and if he didn’t I don’t know what we would have done!

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