(Closed) Are you taking out a loan to fund your wedding? If not, how will you pay?

posted 8 years ago in Money
  • poll: Are you?

    No - dipping into long term savings

    No - low budget

    No - parents are funding

    Yes - taking out a bank loan

  • Post # 17
    Member
    851 posts
    Busy bee
    • Wedding: May 2012

    We saved the money for our wedding and our honeymoon over the 18 months we were engaged.

    We had a medium budget for the wedding and a big budget for the honeymoon.

    His parents chucked in some money and so did mine, but we used that money to buy a brand new couch and fridge, the only things we still needed for our home (had old ones before), didnt actually go towards the wedding.

    Post # 18
    Member
    380 posts
    Helper bee

    I didn’t vote, because I guess it’s ‘other’??

    Once we’re engaged we’ll have a long engagement (3 years) during this time we’ll be saving $1000 per month in an interest bearing account (4.3%). By the time our wedding comes around we’ll have the money we need saved, plus about $6000 for a honeymoon. I’m not counting on any help from either parents, so anything we get from them or as wedding gifts will be a bonus 🙂

    Post # 19
    Member
    4654 posts
    Honey bee
    • Wedding: August 2013

    Long term savings and lowish budget.

    Post # 20
    Member
    1966 posts
    Buzzing bee
    • Wedding: September 2013

    We’re paying for most of the wedding.  My dad is contributing 3k. The rest is from savings, we’ve been saving for a while & are still saving every week. 

    Post # 21
    Member
    2902 posts
    Sugar bee
    • Wedding: March 2014

    I wouldn’t say we are dipping into savings. I would say we are saving money specifically for the wedding. We aren’t touching our long term savings. 

    Family are also contributing.

    Post # 22
    Member
    1302 posts
    Bumble bee
    • Wedding: September 2011

    We opened a shared savings account about a year before we got married.  That is what paid for our share (a little over half) of the wedding.  We didn’t touch our longer term savings or our retirement savings.

    Post # 23
    Member
    547 posts
    Busy bee
    • Wedding: June 2014

    There’s no poll option for me, and it’s for the same reasons several other PPs have said. We’re paying for nearly all of it ourselves and we are not dipping into any savings or any of the other poll options. We’re just working and any overtime or extra money goes into the wedding fund. 

    Post # 24
    Member
    348 posts
    Helper bee
    • Wedding: October 2013

    Our budget is $10,000 for the wedding and $3,000 for the honeymoon. Honestly, this was a little more than what we ideally wanted to spend, but we are happy with it. We opted for a small wedding of only about 30 guests which saved majorly on costs but still allowed us to splurge on important things [to us] like a really good meal and an open bar, and some other cool touches that a large guest list would not have allowed us to.

    My dad gave us $3,500.  My mom gave us $1,000 plus paid for my dress ($600). We are super grateful and surprised to have received these gifts from my parents, as we always expected to pay for our wedding ourselves.

    Outside of that, we are paying for the rest of it by saving, saving, saving!  We had a long engagement (27 months by the time we get married), so the extra time made it easier to save up.  We have about $3,000 left to save between now and October, so I picked up a second part-time job on nights and weekends, and 100% of those paychecks (about $150/week) is going directly into the wedding.

    Taking out a loan to finance a 1-day party was never even an idea that crossed our minds, let alone a consideration.  The only way we would end up financing something is if, somehow, a week before our wedding we ended up like $1,000 short or something — then I would put that on the personal line of credit or something.  This isn’t a forseeable issue, but it would be a last-ditch resort if we had to because something came up or whatever.

    Just realized — technically we are financing something, which is our rings.  We didn’t include the rings in our wedding budget.  Fiance has a credit card with our jewelry store (from when he bought my e-ring), and they allow financing on our purchases interest free as long as we pay it off within a year.  So we plan to buy our rings this August/September and pay them off within that time period.

     

    Post # 25
    Member
    2362 posts
    Buzzing bee
    • Wedding: September 2013 - B&B

    Our budget is around $14k. (I had hoped for $12.5k, but it will be such a stretch to get it there… depending on if we get any really really amazing deals on food and drink we might be able to get down to $13k).

    I would say that between my mother and I, we should be splitting it nearly 50/50. No loans or anything like that, and I can’t really say that we are dipping into savings, we are paying as we go. This was helped by the fact that I got engaged in Feb of 2012 and we had 1 year and 7 months to plan! So we could pay for stuff as we went along. His parents are also throwing the rehearsal dinner so that is at least a couple hundred dollars, so they are contributing too.

    Post # 26
    Hostess
    8572 posts
    Bumble Beekeeper
    • Wedding: October 2014

    Didn’t vote because there isn’t an option for me.

    We aren’t dipping into our savings, and we aren’t taking out a loan. We are paying for our wedding ourselves, and set the date accordingly.

    We set it up 10/31/14 to have plenty of time to buy things – we’re just buying as much as we can as we go along. We’re about $6000 in at the moment – everything together including the honeymoon will run around $20,000!

     

    Post # 27
    Member
    88 posts
    Worker bee
    • Wedding: August 2013

    We might take out a loan of $1500 to cover us for the wedding reception if I can’t find full time work replacement by May. I am responsible when it comes to debt repayment, and savings are a luxury. If we don’t have a wedding celebration now, we will never bother to renew or redo at a later date, so it’s worth it.

    Post # 28
    Member
    652 posts
    Busy bee

    @DeeWee:  I didn’t vote because it doesn’t apply to me either. no – saving right now since we just a combined account.

     

    i’m not a believer in getting a loan. first, the interest rate is extremely high. Second, if you have to get a loan to get married, then maybe it’s time to revisit your budget and lower it.m

    Post # 29
    Member
    1475 posts
    Bumble bee
    • Wedding: June 2013

    Our parents are funding our wedding – my parents gave us $30K and his gave us $15K. We will be paying for anything over that. For our wedding gift, my parents are paying for our honeymoon.

    Post # 30
    Member
    7627 posts
    Bumble Beekeeper
    • Wedding: June 2013

    I would never get a loan or dig into my long term savings. I would go get married in a court house or wait and save up money specifically for the wedding. Our parents are each contributing a third and we are paying the other third. However, even if our parents weren’t helping we still would have been able to afford the wedding (maybe cut out a few guests) without digging into savings.

     

    Fiance and I were very lucky to get extremely good jobs out of college so we make a bit more than others in their early 20s. Our budget is rather high but, we are doing it because we can afford it without putting financial stress on ourselves. 

     

     

     

    Post # 31
    Member
    190 posts
    Blushing bee
    • Wedding: July 2013

    Our wedding is being funded by all parties.  My parents are funding 15-20K for a variety of things, his parents are funding the honeymoon and rehersal dinner and we are doing the rest.  We are having 200+ so everyone is pitching in to make it a fun event.  I moved in with Fiance so I don’t have to pay rent cause he  makes enough.  My salary is funding our contribution to the wedding. 

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