(Closed) How is the economy effecting YOUR budget?

posted 10 years ago in Money
Post # 3
Member
48 posts
Newbee
  • Wedding: July 2009

YES!!!  Many month ago we booked a downtown venue with the idea of a wedding of 200 guests at about $140/person.  We all discussed our options/financial situation at the time and felt comfortable that this would work.  Now that the stock market continually declines, my dad’s job is "in transition," everyones lost money, I was laid off for a bit and took a salary cut in a new position, and my parents are now very reluctantly contributing to our wedding fund (which I feel so guilty about accepting the $ when they lost so much in investments). 

My wedding is 4 months away and I have no vendors booked except the catering/venue- because our entire budget is now basically covering catering.  I don’t know what to do anymore and I feel like vendors are just not lowering prices to keep up with economy.  I am constantly researching photographers, thinking of ideas for non-floral centerpieces or other DIY ideas (which is fun to research). 

 The worst part is that eventhough everyone was with me/agreed many months ago when I signed the dotted committing to the venue/caterer and the guestlist – they all (especially my mom) seem to blame only me for choosing to have a big fancy expensive wedding. and constantly remind me that we are spending our savings on a wedding when we could be buying a house – it makes the whole situation uncomfortable. 

Post # 4
Member
62 posts
Worker bee
  • Wedding: January 2010

It hasn’t effected us much really. The FH actually even got a raise this past December.  I am actually getting a bonus this year, though it will suck. I’m still surprised we’re getting anything, so I’ll probably put that towards the wedding.I’m more concerned about my parents who are paying for the wedding. So far, they both still have their jobs *keeps fingers crossed*

My parents were planning on using my leftover college money to help pay for the wedding, but it was all in stocks, and well, we should have taken the money out once I graduated. There’s still some left, but it would have been a much nicer chunk of change. The ‘rents do have money though, so we should be OK.

 I’m saving all my money for a house, so if something were to happen, I could use some of that, but everyone would rather I save it.

 

Post # 5
Member
397 posts
Helper bee
  • Wedding: June 2009

Well it hasn’t affected *us* yet.  But it is effecting our wedding.  My parents have owned a business for over 20 years that is directly hit (a lot of our work is on new homes!).  We were counting on them for at least half the wedding costs.  Now I feel bad even asking them for money, even though they still really want to help it’ll be a lot harder to come up with money 🙁  OH, and I work for the company too.  So I’m hoping I’m not out of a job anytime soon.  Wishful thinking we’ll get through this tough time.

Post # 6
Member
72 posts
Worker bee
  • Wedding: June 2009

I am lucky to have not been affected at my job yet, but my father’s company got rid of bonuses, stop matching 401Ks and is making all of their employees take a week without pay 🙁  My parents said they are going to pay for the reception but I feel really guilty now, especially since I found out they lost over $100,000 on his 401k.

Post # 7
Member
199 posts
Blushing bee
  • Wedding: June 2009

in a horrible way- the economy is helping our budget.  FI’s british- and we had budgetted for total guests of 160.  b/c economy many brits won’t be coming, so we’re down to 120 or 110.  which is great from a budget standpoint, but a shame emotionally.

Post # 8
Member
65 posts
Worker bee
  • Wedding: December 2009

I agree – the overall morale of the country/world is down.  I have come to realize that no job is completely safe – having gone through the internet bubble burst in the late nineties, early 2000’s I was in constant paranoia of getting laid off. 

That feeling has returned, and I feel the stakes are higher this time because I have mortgage payments and we are paying for the wedding ourselves.  I joke with my FH that just our luck that we decide to get married in an economic downturn!

I did my wedding budgeting by working backwards, I came up with my number and then broke it down by month on how much we would need to stash away.  We also came up with a realistic "cost of living/come to Jesus" moment on how we could live to meet our budget. Less eating out, no sporting events, more budget conscious living decisions.  

The way I’ve approached handling the uncertainty and stress is acknowledging that getting married is the true end game – having the celebration/party can always come later.  Getting married comes down to going to city hall – mega cheap. 

Currently I’m still moving forward with my original wedding plans, but came up with a "wedding lite" budget – going vendor by vendor what I can cut.

In wedding lite, photobooth, favors, candy bar, shuttle service, Out of Town hotel bags all get nixed.  I am also looking by vendor on what can be downsized – number of hours for photo coverage, smaller flower budget, moving to passed appetizers versus a full meal, limiting my alcohol choices (in wedding lite it’s only beer and wine). 

Another area to consider is to cut the guest list or put restrictions on the +1s (ie-only allow the +1 if they are married or have been dating for 6 months).

My advice if the wedding/reception will go on no matter prioritize your wedding vendors/purchases.  Is photography at the top or is the food more important to you?  Each bride/groom will have a different opinion but you want to pull off a wedding that isn’t going to cause hard feeling between your FH or your family.   

I also looked at my sunk costs (ie-deposits) and am considering how much I would lose if I did postpone the reception. 

I would avoid using credit cards to pay for wedding expenses.  One way to work the system if you don’t have immediate funds to pay for a vendor is to use the credit card, but then open a new credit card that has a promotion 0% interest on transferred balances.  You may have to pay a fee based on the total you transfer, but this will be much less than monthly interest you would pay with a high interest rate card – usually the fee is maxed out at $199.00.

Hang in there – I think many of us are feeling the same anxiety!

 

Post # 9
Member
7081 posts
Busy Beekeeper
  • Wedding: July 2009

Well, we were lucky in that we booked (and paid) our vendors before the economy totally tanked… so those things are set.

Instead of getting floral centerpieces, we’re going to be doing some big diys. And instead of fancy invites, we’re doing ours ourselves. I’m taking this as an opportunity to bond with friends and fiance… 

I also anticipate that many of our 150 guests won’t be able to make it 🙁

Also, I am coming out of fellowship in June, and the job market isn’t looking that bright for academics right now.  I’ll have a job, but it probably won’t be what I hoped for.

Post # 11
Member
132 posts
Blushing bee
  • Wedding: September 2010

So far it hasn’t affected our budget, but it has affected my stress level regarding the budget!

 I am paying for 100% of the wedding, all of our household expenses, and my fiance’s business school tuition.  Our company has discontinued the profit share bonus that I was expecting (~20% of our salary), and it’s unclear whether we will get our 6-month review bonus in April. Other offices in our company are mandating they take off 2 months out of the next 6, which is effectively a 33% pay cut. 

As of the beginning of the wedding planning, I did the budget and determined I could take on all of these expenses on my own, max out my 401K, and still have ~$50K in savings for a down payment on a house by the time I quit my job next April.   

Now, I’ve stopped putting money in my 401k (my company doesn’t match contributions) and I’m worried about all of these expenses.  I’ve saved up enough to cover all of my fiance’s tuition, and I’m still 90% sure I’ll be able to pay for the wedding as we’ve budgeted, but there probably won’t be nearly as much left over. 

Being the sole breadwinner is definitely not what it’s cracked up to be.

Post # 12
Member
159 posts
Blushing bee
  • Wedding: August 2009

Things are okay now…unless, of course, Groomsmen goes down the drain along with hourly retiree pensions.  Then, my parents will experience a considerable economic shift.  Not sure what we’ll do then.  Fortunately, a lot of payments have already been made.  I’m paying for a few things like my dress and invitations.  Basically, I’m fine with cutting out items like favors and an extravagant cake.  It’s all about getting married and having fun anyway!

Post # 13
Member
398 posts
Helper bee
  • Wedding: February 2009

The economy really didn’t effect our wedding at all.  We had budget what we already had saved so we didn’t count on incoming money.   This was our conservative approach to wedding planning…but it worked.

It seems though that the wedding industry is not coming down in prices while everyones income is crashing (if it even exists).  I suppose people still continue to get married so these vendors aren’t really concerned about lowering prices, because there will always be someone around to pay them…

Post # 14
Member
86 posts
Worker bee
  • Wedding: June 2009

I’m like meggles and Pinot Grigio, I’m looking at how the economy will hit our guest list.   We’ve invited 120 and are hoping to get it down to 100-110.  My fiance is from Indiana (Rennselaer) and many of his relatives/friends are coming. Two of his best friends are considering leaving their families at home and may come by themselves.  We live in San Francisco and are having our wedding Monterey, about 2 hours south.  MANY people are going to be coming.  I’m really happy that they’re able to make it but I am hoping that some of them won’t be able to make it!

Post # 15
Member
209 posts
Helper bee
  • Wedding: May 2010

It is nervewracking to be in the beginning stages of planning and wondering if/when Fiance or my dad will lose their jobs (or myself for that matter!).  Part of me thinks I should push ahead and hope for the best; the other part of me says "Screw it, let’s get married at City Hall and honeymoon close to home."  I’ve already started saving money for the wedding and have a slim budget now when times aren’t bad job-wise for us, but I know that I won’t have extra money for wedding stuff; I need it to pay for school!

 

Sigh

Post # 16
Member
101 posts
Blushing bee
  • Wedding: September 2009

We are both fortunate in that he just got a big promotion, and I just started a higher paying job than my last one. However, the economy makes it incredibly hard for most of our guests to travel for our wedding. So this means we’ll have it back where we grew up instead of where we live now because we really want those important people to share in our day. Pretty much it means we will end up spending more instead of asking our guests to spend the money on travel.

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