(Closed) Paying vendors in full way before the wedding? Do or don't?

posted 3 years ago in Money
  • poll: Would you pay all your vendors in full if you had the money? Please comment why or why not.
    Yes : (30 votes)
    44 %
    No Way : (38 votes)
    56 %
  • Post # 2
    Member
    582 posts
    Busy bee
    • Wedding: April 2017

    Are you able to make payments monthly? I was paying off our DJ monthly but my fi recently surprised me and paid the rest one day a few weeks ago when I was having a really tough day at work – but other than the DJ we still are paying monthly payments. I don’t think it’s irresponsible to pay in advance – it’s the same amount of money whether you pay now, monthly, or a month before the wedding. Either way you’ll be spending a lot of money and if you can afford to pay more than asked of you initially, what’s the harm of being ahead of the game?

    Post # 3
    Member
    1740 posts
    Bumble bee
    • Wedding: June 2016

    We did, despite people warning us not to, and it all worked out fine.  I was relieved just to have them paid off.  The incentive for them to do what they are supposed to do is 1. the contract, and 2. their reputation.  I wouldn’t have given a deposit to, much less paid off, anyone who was not already well established, or whose ethics I questioned.  I would only be concerned if you’re hiring someone who is very new to the business, and/or who is not locally established and well reviewed.

    Post # 4
    Member
    7413 posts
    Busy Beekeeper
    • Wedding: October 2014

    Pay with a credit card then pay the card off. A credit card offers a lot of consumer protections and the vendor knows if they don’t deliver, the credit card company will take their money back and refund you.

    Post # 5
    Member
    11456 posts
    Sugar Beekeeper
    • Wedding: May 2009

    The risk is that a vendor could fall through for some reason (illness, death, natural disaster, bankruptcy, etc. — there are many reasons this could happen.) In that case, you may have to find a new vendor, and you may not be able to get your money back from the first vendor in a timely manner or at all.

    I would open a separate account to keep your wedding funds in it, if you will be stressed out too much to see all those tens of thousands of dollars in your regular account, and then just transfer money electronically as you need to make payments.

    Post # 6
    Member
    426 posts
    Helper bee
    • Wedding: May 2017 - The Summit Country Day School Chapel/The Hilton Netherland Plaza Hall of Mirrors

    All of our vendors require payment anywhere from two weeks before to a month before. Our planner assured us this was standard. 

    Post # 7
    Member
    2507 posts
    Sugar bee

    mrsbrizz2017 :  I understand what people are saying, and I also understand your perspective. Here’s the thing: with a contract, yes they are legally obligated to show up and performs services, etc and if they don’t you can go after them in court. That said, it’s for some reason you want to cancel services or something happens, it’s always easier to have not already paid them, rather than trying to get a refund. So no, I’m not concerned about vendors backing out or not showing up, BUT is rather put the money is a savings account where’s it’s warning interest over the next year and then pay the vendors as necessary and know that I still have the money in the case that something unexpected happens

    Post # 8
    Member
    1214 posts
    Bumble bee

    Brielle :  +1. An interest-bearing account.  The credit card idea is a good one if you get rewards points.

    Post # 10
    Member
    11456 posts
    Sugar Beekeeper
    • Wedding: May 2009

    fscarlett :  Yes, definitely an interest-bearing account! Thank you for adding that! And I agree about using a credit card to make the payments. I put everything from my wedding that I could on a credit card and received one percent cash back.

    Post # 13
    Member
    831 posts
    Busy bee
    • Wedding: December 2013

    mrsbrizz2017 :  Our vendors mostly wanted the last payments about 2 weeks before the wedding. We didn’t pay much off before that, pretty much for the reasons your family stated. You might as well make interest off the money in your account, rather than theirs!

    Post # 14
    Member
    3903 posts
    Honey bee
    • Wedding: January 2017

    mrsbrizz2017 :  if they go under… like bankrupt before your wedding.. they will not pay it back and you would have spent A LOT more money, and having to find a vendor on a shorter notic le may be mory stressfull and expensive as some vendors may be booked on your day already and others that are not are more expensive. So I would say dont do it. 

    Post # 15
    Member
    831 posts
    Busy bee
    • Wedding: October 2015

    I’ve heard many horror stories of vendors going out of business before the wedding. Couples lose deposits – or entire payments, if they’ve pre-paid – on top of having to find new vendors at the last minute. So stressful!

    I don’t think it’s LIKELY to happen, but even a 5% chance would be enough to make me keep my thousands of dollars in an interest-earning savings account (like Ally bank online) rather than pre-pay earlier than required.

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