Post # 17
I’m with many other Bees on this topic. I wouldn’t do it. There were a few things that I really wanted at our wedding and we did the budget to include those and everything else we found simpler or more inexpensive ways to do it.
I’m VERY opposed to debt of any kind, to the point where I’ve paid cash for all of my cars ($3k or under) and I refused to take out a loan for school but worked my way through to pay for a bachelors degree. I freaked out when DH and I owed $2,500 on a credit card because we were on one income for 4 months. I know that a lot of people think that this is extreme, but I don’t want to owe anyone anything. I will take out a mortgage for a house (simply because I don’t want to rent until I’m 45 and can have the cash to pay for a house!), but otherwise, I avoid debt like a plague.
In my mind, even if you can do it, there’s a lot of unknowns in your situation and I don’t think 1 day is worth taking out a personal loan.
Post # 18
I’m the same way!
OP, I honestly really think you should work out priorities again. Of course we all want a top notch photographer but is photography worth going into debt for? I don’t think so… And beatiful rings…? You don’t HAVE to have them now. You can wait till you can afford them…
Post # 19
DEFINITELY no. If you both make around the same money every month (meaning you don’t freelance) it shouldn’t be that hard to make a budget.
Sit down together.
make a list of all bills and work out a food budget.
figure out how much you earn together in one month and how much you have left after the previous mentioned necessities.
whatever you have left is money that you can use for going out, clothes, etc; and the wedding.
with that, it should be fairly easy to figure out how much you can afford to put aside each month.
then make a list of guests and start from there.
it’s much better to have a 50 people wedding at someone’s backyard than to have a party with a personal loan
Post # 20
No one’s employment future is certain anyways and you are basing this off a lot of hypothetical situations that may or may not occur in the time frame you imagine.
Post # 21
I did it. I took out a small loan so that we woild have the cash up front to put down deposits and start making purchases. We calculated our monthly expenses ahead of time and knew how much we would be able to save each month to be able to pay it off by the wedding, it just made it easier for us to have the cash up front.
Post # 22
I’ll go against the grain here, and say go for it. You sound reasonable, you’re not taking out tens of thousands that you’ll never be able to repay….
I would do it, too. If I were a thousand dollars short, but that thousand dollars would make a big difference in my day- I’d totally do it. No hesitation at all.
I’ve found that people tend to be afraid of debt or judgmental about debt, simply because there are people out there who go crazy with it. I can see feeling that way if you have ten maxed out credit cards, but for most people (I hope!), it’s not an issue.
Be smart with the loan- only get what you know you can afford to pay off, even if your income does not increase- and then make your payments on time. But if your credit is good enough to get a mortgage, I don’t think there will be an issue.
Personal note- my Fiance and I are “starting our marriage in debt,” too- in that we have a mortgage, a credit card together (with a miniscule balance we only keep to make sure it continues to report positively for us), and I have student loans. My goodness, the horror.
Post # 23
Just wanted to add, I understand what you mean about the rings and the photographer. We are not compromising on those either. I think they’re the most important part of the day!!
If you’re secure in your decision, you might want to close this thread….other posters opinions may just end up making you feel defensive or judged.
Post # 24
Thanks again – a couple of very helpful opinions on a very touchy subject. I may close the thread – seems people ARE quite judgemental with opinions in relation to debt however I am also aware that I asked for those opinions.