Post # 1
Hi Bees –
I had mentioned this in another post, but I hate to hijack another bees thread. I got engaged one month ago, and have been planning the big stuff – date, venue, etc. We’ve already made some compromises to save money (for example, site was free in March but 3K in April, so I moved it from April to March), just to be on the safe side. I’d been fully aware that my job was in jeopardy, and yesterday was let go with an ok severance package. I have an appointment Friday to sign the contract with our venue – $500 deposit – with the rest due in December. Am I crazy to go ahead with putting the deposit down? I really want to continue with the wedding planning, but I don’t want to "screw up" my future either. My fiance’s job seems ok for now (though I know you never know for sure), and he can cover all living expenses, car payments, etc. (we live together). We also have about 4 months of living expenses in savings, and 5K of our estimated 10K wedding is being paid for by his parents. No debt aside from our mortgage and the cars (and we’ve been working to get the cars paid off).
Maybe I’m in better financial shape that it feels like, I have to admit even expecting a job loss it still hurts when it happens, I’m sitting here crying as I type this. I’ve always been a superstar at work – promoted every year, raises, bonuses, and I have to admit it hurts the ego. Would appreciate any words of advice on if I should go ahead with the deposit or if I should hold off, save the $500 and put wedding planning on hold until I have another job.
Post # 3
I’m so sorry about your job loss. My sister just lost her job and she was in a similar situation – very happy, always promoted, had a feeling the layoff was coming but was just hoping she wouldnt be a part of it. It all stinks in this current economy.
One idea that just came to my head was what about pre-paying (saving) your wedding debt. Think about it as another monthly car payment between now and next March. Open up a new bank account and once a month when you are paying other bills transfer money into that account. If you pre-pay/save $200 a month over the next 12 months that is $2400 … nearly half of what your wedding costs will be. Once you haev the wedding you continue to pay it off (either with wedding gifts or continue with the $200 per month) and you will have gotten rid of your wedding debt in just one year.
Also if you are currently able to live off your fiance’s salary – do it! Then once you get another job all of your salary will go into savings. The best thing we ever did was start living off of my fiance’s salary and saving mine. We didnt even realize how it was possible to save all that money!
Good luck! And congrats on your engagement and wedding! 🙂
Post # 4
Thanks! Appreciate the kind words. I should have mentioned that we technically have our portion of the wedding covered as soon as we get our tax returns – we normally break even but with the deductions related to buying the house we’re getting a lot back. The plan was to put that in wedding savings (we have a separate account) along with the money from his parents, so we’ll have it all sitting there, I just don’t know if it is responsible to commit to spending that money not knowing how long it will take for me to get a job. I work in marketing and advertising – not a good industry in a down economy.
Post # 5
First, a big huge :::hugs::: for you! I’m so sorry for being laid off but I’m a firm believer that when layoffs come sometimes the best employees get laid off first because they might also be higher paid employees.
That being said, I think you are on the right track on saving money on your wedding. And honestly, you sound financially more solid than a lot of people I know, with or without a job. I vote for go ahead with the wedding and I’m sure you’ll be able to find more ways to save money on for the wedding. And who knows you’ll probably have a new job by then.
Best of luck!!
Post # 6
Aw, I’m so sorry to hear about your job loss — that’s a pain for anybody. My Fiance was laid off last Nov but after 3 months got a new (better paying even!) job so it’s possible you will! Good luck 🙂
As for the wedding, you sound pretty financially stable to me. If I were in your position, I’d go ahead with the wedding. If you do major belt tightening you can do it. Plus it’s helpful to have your parents contribution – in the worst case scenario if you can’t manage to save enough, you have theirs and will just find a way to make your wedding fab with what you’ve got. If you and your Fiance think his job is stable and that you two can weather a period of unemployment while managing to savefor the wedding, go for it.