Post # 17
Thanks for the advice bees! I agree that going into debt for the wedding is not ideal, so we will just continue doing what we are doing and try to stay within the confines of the money our parents’ are so generously giving to us. If we need to go over, we will try to keep it minimal. A lot of our big budget items are already reserved (venue, caterer, florist, photographer, dress, etc.) so it is really all in the details now, so we will try to save in these areas as best as we can! 🙂
Post # 18
I would be very strict and conservative with the budget as someone else mentioned. In fact I’d try to use less than 75% of what your families are gifting to you. Make that your budgeting starting point.
Hold off on a honeymoon too, and plan one for your first year anniversary when you can pay all cash for it.
My sister and her H both went back to school and lived the good life (trips galore, new cars, etc) while they were still in school. They racked upa a QUARTER MILLION in student loan debt between the two of them.
Granted they are going to start making $160k and $130k when they start full time work (which is next month), but who wants to be indebted all the time? What if something happens to you or the economy? You won’t be able to focus on retirement savings if you’re having to put money towards debt.
Post # 19
As a CPA a lawyer fiance (we both just graduated this year) I feel you and I have to say that for us it was EXTREMELY important to have a wedding that we could afford. That’s part of the reason why we waited 7 years to get engaged.
Plus prioritizing and making good financial decisions are important skills for the rest of your marriage, even though you’re both in high paying careers, money is never limitless.
So be very cautious before pulling out the credit cards. Living within your means is living within the means you have NOW not the ones you’ll have in a year or a month or whatever.
Post # 20
As a 6th year lawyer from a good school, I will tell you that my net income is extremely low….still. Student loan repayment eats up 1/3 of my pay, my mortgage eats up another 1/3 of my pay….leaving 1/3 for life. I was one of the fortunate ones to go Big Law immediately after graduation (pre-legal-field-meltdown), so my student loan debt is almost gone. I can’t say the same for many of my peers.
All of that is to say, if your parents are giving you a sizeable amount of money for the wedding STAY WITHIN THAT BUDGET. You will regret it for years, when you are both working ridiculous hours with large salaries…only to be cash poor.
Post # 21
We’re both students as well. I graduate this year, he still has a few years to go. However I’m crazy in debt from school while he is fortunate that his parents are able to support him.
I set the wedding a ways out from the engagement because I didn’t like the idea of having a wedding when I was not financially independent at all. This way I’ll have one year of (hopefully) employment to bring down some of my debt and allow me to pay bills. Also it gives me a looooot of time to plan, aka find cheaper ways to do everything.
We’re also going dirt cheap for the wedding. I have no “dream” weddings in my head to live up to, and I think it’s completely ridiculous to go into debt for one day. You will be so much happier using that money on a house or paying off student loans in the long run! So I’ve cut out everything that I can, including dinner and open bar. If people don’t like it and can’t be understanding that we’re poor students then I don’t need them there anyway.
So far it looks like we’re having a friday late evening outdoor ceremony at a city park ($75 booking fee, already beautiful, just need chairs) and then the reception at a community centre basically across the street (cheap, no transportation cost, no minimum spending requirements, can bring own food and booze, no staff required).
I’m wearing a Bridesmaid or Best Man dress in white and using balloons instead of flowers (a fraction of the cost). My (very talented) sister is doing my make up, my wonderfully obsessive compulsive close friend is my wedding planner, I have friends who just graduated in photography/video, and friends that are DJs. No wedding cake. Everything that I can DIY I will DIY.
Because this is all just stuff and we won’t care about any of it at all afterwards. We’ll just be happy that we got to be around our friends and family and join our lives together, and not start off our life together even more in debt.