(Closed) Loan for wedding

posted 7 years ago in Money
Post # 3
Member
6892 posts
Busy Beekeeper
  • Wedding: March 2012

I think loans for a wedding is a really bad idea. “If you can’t afford it, don’t do it” is my philosophy. 450 people is a HUGE guest list, and to each his/her own, but cutting that will drastically reduce the cost of the wedding.

I just don’t think going into debt for one day is a wise way to start your life together.

Post # 4
Member
70 posts
Worker bee
  • Wedding: August 2012

Although I have heard of people doing this I also have been told that starting a marriage in debt is often extremely difficult for people to deal with.

Is there any way you can either cut the guest list, move the wedding back, ask for help from families?  I would try all other avenues and getting a loan with the absolute last resort.

Post # 5
Member
3255 posts
Sugar bee
  • Wedding: October 2011

You are at a point in your lives where you are just financially getting started as a couple. We don’t have a lot of money, which is why we are cutting costs where we can. I understand the desire to have your dream wedding, but don’t do it at the expense of your financial stability.

Post # 6
Member
1328 posts
Bumble bee
  • Wedding: July 2011

I agree with PP that is the single worst thing you could ever do for your financial life.  We had to wait to get married for 2 years so we could save up and afford it.  I presume this is the same advice you’ll get from 99% of bees here

Post # 7
Member
389 posts
Helper bee
  • Wedding: July 2011

IT’s a terrible idea.  Take out a loan for a house, not a one-day party.  If you can’t afford a big wedding then don’t have a big wedding.

Post # 8
Member
263 posts
Helper bee
  • Wedding: July 2011

@AmeliaBedelia: I’d have to agree. 

If you were able to cut your guest list in half, would you still need to take out a loan?  Who are most of the people you want to invite?  If they are obligatory family invites then maybe your or his parents could help cover some of the cost. 

Post # 9
Member
494 posts
Helper bee
  • Wedding: June 2011

I totall agree with other people here. Is it necessary to invite all the people? Are you planning to invite 450+ people because you want to show off? or family pressure ? or friend’s pressure?

If you want to show off, this is so unwise…. borrowing money just to show off for 1 day and then you will be miserable for some time because you have to pay back the debt.

If because of family pressure, tell them to subsidize or not you will limit the number of people.

If it is pressure from friends, oh who cares! Ask them if they are going to pay, if not then tell them don’t add their opinion to YOUR WEDDING.

Save the money to do something after e.g. honeymoon or buying a house.

Post # 10
Member
1328 posts
Bumble bee
  • Wedding: July 2011

@big_monchhichi:  I agree!  Not to mention that the guests won’t remember much about the wedding anyways other than good food, or if it was fun!

Post # 11
Member
274 posts
Helper bee
  • Wedding: October 2011

Borrowing money for a party is terribly fiscally irresponsible.  With such a huge wedding, how will you even be able to enjoy your guests?

Post # 12
Member
46 posts
Newbee
  • Wedding: July 2011

We actually ended up getting a loan…Although my experience is a bit different from the other WB’s. My fiance and I made a budget based on what we felt we could save over the course of a year. The issue was that we didnt want 1 yr long engagement, we wanted to get married in 7 months. After re-analyzing our budget, we determined that we could actually save more money in 7 months than we originally thought (but we would have to get on a really tight budget). Since we didn’t want the added pressure of “what if something happens to our car, home, etc.”, we decided to get a loan for the money we would end up saving in one year. However, we have every intention of paying back as much as we possibly can before the wedding. Hope this helps!

Post # 13
Member
9053 posts
Buzzing Beekeeper
  • Wedding: June 2010

My usual philosophy is don’t do it if you can’t afford it, but I wouldn’t flat out say no.  How much are you thinking of taking out.  I think if it’s an amount that could be paid back at a fairly low interest rate, over the course of a couple months, it’s no problem.  

That said, unsecured (not tied to an asset) personal loans are actually quite difficult to get. 

Just be sure it’s manageable and that you’re doing it for yourself. 

Post # 14
Member
1328 posts
Bumble bee
  • Wedding: July 2011

You can always just goto city hall and get it done if you just want to get married, and then save up $$ for the big reception!

Post # 15
Member
860 posts
Busy bee
  • Wedding: July 2012

@titels22: I agree with the PP, of course  you can do whatever you feel but in my opinion, if I had to get a loan to have a big wedding then I don’t need to be having one.  See if you can scale it back a bit…. do you really need to invite 450? Maybe you can just have close friends and family members…

Post # 16
Member
431 posts
Helper bee
  • Wedding: September 2011

Big mistake to start your marriage with debt. Why dont you try to cut the gust list if you want to get married next year? 400 people is  ALOT.

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