(Closed) is anyone else taking a loan for their wedding?

posted 7 years ago in Money
Post # 3
Member
10288 posts
Sugar Beekeeper
  • Wedding: October 2011

Nope. I’m very against wedding loans. I don’t believe in entering into marriage with unnecessary debt. 

Post # 4
Member
3788 posts
Honey bee
  • Wedding: July 2011

You may want to put a poll.

We’re not taking one.

Post # 5
Member
455 posts
Helper bee
  • Wedding: November 2011

We are not… spending every last penny we have saved but no loan.

Post # 6
Member
2373 posts
Buzzing bee
  • Wedding: July 2008

 I’m all for living within your means, but seriously, if 3k gives you the event you want I’m all for it. In the grand scheme of life a happy memory is worth 3000 dollars.

 To answer your question though, we did not. My parents were very generous, without them we wouldn’t have had a wedding.

Post # 7
Member
2702 posts
Sugar bee
  • Wedding: November 2011

No we’re not

Post # 8
Member
3012 posts
Sugar bee
  • Wedding: October 2012

I, personally, wouldn’t take out a loan, but I also don’t see $3,000 as a huge debt.  I would at least begin to save now for the loan so you’re not paying a lot of interest in the end.

Post # 9
Member
3758 posts
Honey bee
  • Wedding: September 2011

I have a budget of $1000 so we don’t go into debt

Post # 10
Member
8353 posts
Bumble Beekeeper
  • Wedding: March 2011

Absolutely not!!!

We are paying for our wedding ourselves and making do with what we have. There is no way I would take out a loan for our wedding. I would cut something out before I would even think about doing that.

Post # 11
Member
1830 posts
Buzzing bee
  • Wedding: July 2011

I’m on the fence with this one – personally, I wouldn’t take out a loan for a one day party as I’m pretty big on living within your means.  That being said though, $3000 is not a huge amount in the grand scheme of things.  I would look at how much debt you have overall – i.e. do you have student loans?  car payments?  mortgage?  credit card debt?   If you have loans that are more than a third of your combined annual income, I would seriously think about the necessity of adding to your loans. 

Sorry, I’m not sure if you were asking what we thought about it and I just threw my two cents in.  Please don’t take offense, just offering some things you may not have thought of.

Post # 12
Member
1927 posts
Buzzing bee

No!!  I really really really suggest you look into finding ways to scale back the wedding rather than taking out a loan.  Taking out a personal loan for a wedding is A LOT different than taking out a loan for a car or a house.  Those loans are backed by an actual asset.  Can’t keep making your car payments? You can sell the car and pay off the loan. But a loan for wedding is not giving you an asset.  It’s just giving you debt.  It’s not worth it.  If you can’t afford the wedding, don’t have it.  Or put it off until you can.

Post # 13
Member
67 posts
Worker bee
  • Wedding: October 2011

In planning our budget, I didn’t even look at taking a loan out as an option. It’s just one day, you know? It’s just a big party. Going into our marriage debt free is more important to us than having a huge wedding. If something came up that we really wanted but couldn’t afford, we would move some things around or pick up an extra job or just do without. We’re comfortable, but we’re not wealthy, and we’re not princesses… so, no use going into debt trying to trick people into thinking we are for one day.

Post # 14
Member
1205 posts
Bumble bee
  • Wedding: December 2011

We’re not taking a loan, but I would say that if you’re living within your means outside of the wedding and feel comfortable and confident that you’ll be able to pay it back…3,000 isn’t the end of the world.

If one of you were for it and the other one thought a loan was terrible, it would be a different story, but as long as you have a realistic payback plan and you’re both in agreement, you’ll be fine.

We already have a mortgage so I’d be uncomfortable taking on extra debt (especially since my own job situation isn’t ideal), but everyone is different! A wedding is a big deal.  In my family, you only get one; within your realistic comfort zone I think you should try to have the wedding you want.

Post # 15
Member
28 posts
Newbee
  • Wedding: May 2011

No way. I don’t want to enter my marriage with any unnecessary debt. There are sooo many ways to save money and still have a fabulous wedding. Try DIY projects and try to cut costs. Remember to plan for after the wedding, too! 🙂

Post # 16
Member
575 posts
Busy bee
  • Wedding: July 2011

$3000 isn’t that much, I would do it if I needed to.  But, we have the money for the wedding, so don’t need to take any out.

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