(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 # 32
    Member
    283 posts
    Helper bee
    • Wedding: June 2015

    My parents are covering the wedding (30 000 – 40 000) including my dress, and my husband to be an I are paying for the honeymoon!

    Post # 33
    Member
    8434 posts
    Bumble Beekeeper
    • Wedding: April 2013

    Our wedding is costing us about $12k (includes tax, tips, rings, honeymoon, etc), so I voted for “low budget,” although I would probably consider it more of a modest budget.  It’s not a small amount of money, but it’s not as extravagant as some of the weddings that I’ve heard on here.  Both of our moms helped a bit, but we’re paying for about 80% of it.

    Post # 34
    Member
    1597 posts
    Bumble bee
    • Wedding: September 2013

    Well I didn’t vote because we are funding our wedding using 3 of those 4 options.

    1) Fiance and I have saved up for a LONG time for this wedding and the house we just bought, so some $ is coming from there.

    2) My parents are paying for the food and alcohol but we are paying for everything else

    3) Although our wedding will be kinda huge (guest list is 290) we are being very budget friendly. Our total spent (with parents’ assistance included) will probably be around $13,000ish?? That’s about $3,000 more than we wanted to spend but with a guest list that big, I think we did quite well!!

    I would never take out a loan for a wedding, considering we have loans on our cars and just bought a house. (and just bought furniture yesterday, but luckily that’s 0% financing for 36 months and the payment is only, like, $36/month). lol

    The only thing we might have to do is put the honeymoon down payment on a credit card just until we replenish our savings after the wedding, etc, but it would only be a few hundred dollars.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Post # 35
    Member
    1589 posts
    Bumble bee
    • Wedding: March 2014

    When I got my first full time job, I started saving for what I called, “wedding or house, whatever comes first.”

     

     

     

    The only thing I will say is that most

    people gift cash in this area so there’s a good chance I’ll make what I spent.

     

    Post # 36
    Member
    15288 posts
    Honey Beekeeper
    • Wedding: June 2011

    I guess the closest option would be long term savings – separate from retirement accounts or emergency funds.  But we already just had the money in a savings of some sort that wasn’t really allocated to anything.  We also don’t really budget toward things though and just determine on a case by case situation on if what we want/need is worth spending money on.  The wedding was definitely a “necessary” expense. =)  But in the end my parents did end up paying for the reception, which was about half and saved us a ton.

    Post # 37
    Member
    294 posts
    Helper bee
    • Wedding: May 2014

    I’m lucky – I thought we were going to pay for the wedding all ourselves so we started out with a low budget ($10,000) and a wedding date in 2016 so we had plenty of time to save.  My FMIL-in-law then offered us $10,000 to use for the wedding and honeymoon. So, we pushed the date up to 2014!  FMIL requested that we move up the wedding date since FH’s grandma is really really old. Then, since my family doesn’t like to be “outdone” my maternal grandma wound up offering us $10,000 as well.  My parents are divorced so then my dad’s side offered up to help with stuff too to the tune of about $1,000.  But, I want to keep my budget to $10,000 like I originally planned so we can save the extra money for a down payment on a house and/or a “second” honeymoon! I am still using my own money for the deposits and incidentals (all the etsy shit I am buying) but when the big day comes? They will be cutting the final checks to vendors.  I am so grateful as I had not anticipated that at all. 

     

    Post # 38
    Member
    637 posts
    Busy bee
    • Wedding: February 2014

    Parents and my long term savings account!

    Post # 39
    Member
    1848 posts
    Buzzing bee
    • Wedding: April 2015

    Our wedding will probably be between 20K and 22K. 

     

    We’re paying for it by having a long engagement.

     

    28 months to save up, plus some savings I had previously.

    Post # 40
    Member
    9123 posts
    Buzzing Beekeeper
    • Wedding: August 2013 - Rocky Mountains USA

    Budget is about 13k – my parents are paying for about 11k of it and his parents are paying for about 2k (from a total 5k wedding gift they’re giving us).  I suspect I’ll end up putting in about 1k of little extra stuff.  We are super appreciative that they’re funding our wedding!!!

    Post # 41
    Member
    388 posts
    Helper bee
    • Wedding: October 2012

    Our wedding and honeymoon combined cost us approx £21,000  (think that’s about $32,000). We got approx £6k from parents and then we just saved each month to fund the rest. We didn’t have savings to start from  – as DH had just bought a cracking ring with them 🙂

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