Post # 17
I have a very live in the moment kind of outlook and would say do it! However, do it only if you’re getting 0% interest and you can afford to pay it all off before the interest kicks in. And if you’re okay with spending the money and enjoying the honeymoon and not worrying about how much it is costing you.
Post # 18
I guess it depends on how much debt you plan to go into. I’m living in Australia right now, and as an American from one of the most expensive counties in the country, I can say that everything in Australia is SO expensive so I can understand not being able to put away extra money. If you’re going 5k or less into debt, I say do it. If not, I would probably reel it in a little! We’re doing a 3k trip to Mexico for our honeymoon (from Chicago) because we hate debt, just bought a house, need to buy EVERYTHING including furniture for our home, and plan to have kids in the next 5 years- but like other have said, if you don’t mind it and don’t have any big expenses coming upthen thats fine.
Post # 19
NP & Hope This Helps. 🙂 If your emergency funds are smallish, then I would say you might want to get more information about a credit/loan protection plan so that if you lost your job they could suspend the payments, and in extreme cases they will even write off a portion or all of the debt (illness, etc). It’s usually a few extra dollars, but it might be worth paying for that rather than interest charges and knowing that you could have the peace of mind in case something should happen. My grandmother actually had this on some of her credit cards before she passed and that most of her accounts to just being forgiven, but here in the states when we file taxes then we have to record that as “income” for the year since it was a forgiven debt (still way better than paying the whole debt). When I saw that it was actually legit and worked, I added it to my credit card and it’s about $3 a month for me, but it varies based on the size of the debt/type of plan/etc. Since your jobs are secure, it wouldn’t be too big a deal, but if you aren’t used to carrying debt at all then you don’t want to kill your peace of mind either. Good luck! 🙂
Post # 20
I personally would not go into debt for pretty much anything. But that is for me and my life situations. If this is something you want to do then I think you have every right to do it. Just make sure you stick to your plan on paying everything back 🙂
Post # 21
It seems like financial responsiblity is something that is important to both you and your Fiance, and going into debt for something like a honeymoon would ultimately cause you a lot of stress in the long run. Just going somewhere tropical and beautiful, and being able to get away from everything and just soaking in starting your life as husband and wife is already an amazing experience. Point being, you don’t need a lavish honeymoon for it to be memorable and fantastic. If you are already having second thoughts about it…follow that intuition.
Post # 22
We were in a similar situation. We both saved and worked really hard to be able to pay the majority of our wedding off without using credit cards (a few things went on here and there but it’s almost completely paid off). We both have really good credit so we applied for credit card that gave us 12 months interest free. We got a fairly high limit ($10,000) and decided that our honeymoon budget would be 1/2 of that. Then we just took $5,000 and divided it by 12 which means our monthly payment was going to be about $420 a month. We can feasibly make that work with all of our bills and still have a nice chunk of money to put in savings so that plan worked for us!
Post # 23
@ScarletBegonia: Although you say at this point that you KNOW you can keep saving as you have been, and that at this point in time you believe that you could keep paying off that debt, in all reality you simply can’t know that. Emergencies happen. What if a loved one were to pass away suddenly, and you were left to pay for funeral expenses, and possibly the care of their dependents? What if one of you becomes suddenly seriously ill or injured, and medical expenses are added to what you are already paying? You said yourself that unexpected car trouble now has you paying unexpected monthly fees. This could happen at any time.
To me, a honeymoon, however lavish, is not worth the risk going into debt presents. If you believe that you can keep saving as you have done this year for the next year, why not push your honeymoon back a year? Many couples don’t have their honeymoon right after their wedding. If you can keep saving for just one year, you may have saved up enough to have the honeymoon of your dreams without going into debt, albeit a year later than expected.
To me, financial security is far more important than a vacation.