(Closed) Debt Free or Wedding Fund?

posted 12 years ago in Money
Post # 17
Member
311 posts
Helper bee
  • Wedding: October 2008

It sounds like your debt isn’t too bad – unless it’s all on high interest credit cards.  You can transfer to lower interest cards to help a bit.  I say pay off some of the debt, but use some to splurge on a few important to you wedding things too.  As long as you both keep your focus on paying off the debt after the wedding – and possibly use some of the money you get from the wedding gifts to help with that, it’s okay to start with a little debt.  Yes, of course, debt- free is great, but so is almost debt-free, on the right track, and happy with your fabulous wedding.

Post # 18
Member
16 posts
Newbee
  • Wedding: September 2006

i think i’d partially pay off the debt, particularly high-interest stuff like credit cards.  if it took you a year to save $8000 using all your might, i’m going to guess you could probably save another $4000 with less effort in another year.  so you can use half your savings now toward debt and the other half toward the wedding.  then after saving more money after you get married, you could be debt free in another year.  that’s just a guess…if your entire debt is from credit cards, then i’d pay it all off now.

Post # 19
Member
179 posts
Blushing bee
  • Wedding: August 2007

I have to say DEBT FREE! Debt/money issues WILL BE a very huge strain on a marriage. It’s wonderful that your parents will help you out. If there is stuff you want out of budget, ask them if it’s okay to "borrow" from them and pay them back with your wedding gift money.

Post # 20
Member
236 posts
Helper bee

Lots of great advice.  Personally I would pay off the debt.  When you think about it you can recoup some of the savings amount much more quickly if you are not paying on the dbt and you won’t be paying interest.  This way you will still be able to have some extra money for the wedding even if it’s not as much as you had saved.  If you has been saving $250 per month and paying $600 on your debt, now you can save $850 per month.  If you had been saving for 12 months you can recoup that savings in 5 and you aren’t paying interest!  Plus, you can earn interest.  Many banks have rates as high as 4.5% right now.

Post # 21
Member
2 posts
Wannabee

I am strugling with this myself

I guess I may be a bit more fortunate than others may be, as my career (IT / Web development) allows me to do work outside of my day job

I have taken on some side work that actually pays as well as my day job, sometimes better, so I am striving for both

My debt is a little more significant than my Fiance’s as due to my career, my computers tend to be on the bleeding edge

We have 3 years till the wedding so i definately have time, but its going to be tough – who wants to work from 6:30am till 11pm 5 days a week ? …

Because we’re planning so far in advance, its making it difficult to decide where to put money – do I pay off the ring or put the money towords a school loan… down payment for the photographer or wait another year and put the money towards a credit card ?

Its definately a personal decision – debt does no one good (i work for a collections agency so i know) – but this is your wedding, and if you don’t do it right, i’m sure you’ll regret it.

 

Post # 23
Member
78 posts
Worker bee
  • Wedding: October 2008

Good choice! You will be so much happier in the long run…and I LOVE the fondant house line. There’s nothing like a well-grounded guy to bring some perspective to this whole ridiculous process. You’ll sleep so much better at night being DEBT FREE!

And, not sure if you still HAVE to have The Image Is Found, but I found the photographer I’m excited about through the WPJA. He’s often a second-shooter for the best, most expensive photographers in town, but since he does it on the side and isn’t as "famous," I am able to get a great price (like, $2,000 instead of $5,000). Plus, we’re not ordering albums or anything…just the digital negatives. We can make inexpensive prints and do the fancy album later on if we want. 

Here’s someone in SoCal who starts at $1,750: http://www.sundiegophoto.com/ 

Post # 24
Member
343 posts
Helper bee
  • Wedding: August 2010

I agree that it depends on the debt! I would probably go with the debt-free marriage. I only wish that was an option for us!!  Law school loans for both of us make that a fantasy LOL

Post # 25
Member
1119 posts
Bumble bee
  • Wedding: July 2009

It’s really a personal choice, but knowing my tendency and my husband’s we wouldn’t hesitate to be debt-free over a wedding.

Post # 26
Member
3226 posts
Sugar bee
  • Wedding: October 2010

It’s really your decision…but especially these days, I would say debt-free is the way to go!

Post # 27
Member
604 posts
Busy bee

DEBT FREEE!! ha With the way things are, you should skimp here and there, and have the certainty that you don’t have creditors coming after you if you can’t manage to pay this or that because you spent extra on flowers or make-up. I’m sure you want to own a home or if you do then you would want to be able to sleep soundly at night knowing that you won’t have people after you because you couldn’t pay your mortgage. Remember a wedding is only a day a marriage is for (hopefully) for life. The number one cause of divorce is money. And no one wants to end a marriage because of something they could have controlled themselves. In the end, it is your decision. I hope that everything works out to your liking GOODLUCK!

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