Post # 1
So I’ve been looking over our budget and seeing how much money we owe to our vendors.. We have a good chunk of money just sitting in the bank.
I get nervous about paying for the venue because it’s the most of our budget about 10k. So I’ve been feeling like okay I should just save save save and pay that off at the end and use the other money for the vendors..
What would you do, should I start paying off the vendors with the money I have or just sit on it until I have to total amount and pay it off all at once?
Post # 3
Pay things off as they come do. Stick the money in a HISA to get what you can out of it. Right now, I’m earning 2.5% on most of my savings account.
Post # 5
It also prevents you from having to fight for your money back if something goes wrong. It’s rare, but there’s been threads about weddings being called off, vendors going bankrupt, etc.
Post # 7
AB Bride: Which HISA are you using?
Post # 8
i always think about credit. if you have credit card debt, use that money to pay it off and then charge your expenses and earn points. your credit card companies are also your allies with resturns. maybe lots of cards do this but i had a sizeable purchase for the wedding (a little under $500) that i needed to return but the vendor wouldn’t take it back. after documenting my struggles with them, i turned to discover card who refunds up to $500 regardless of the vendor’s return policy.
if you’re against, or for other reasons can’t go the credit route, definitely bank the cash for as long as you can and pay vendors as you have to. you may even look into a short-tem CD with your bank if the rates are good.