Post # 1
Hi! I’m a young bride to be,my fiance and I have been together for 5+ years, we have a five month old. We got engaged back in October 2013 and found out we were pregnant in Jan 2014. Our original date to get married was December 21, 2014 but we pushed it because of our son, (didn’t want people thinking it was a shotgun wedding OR our son to think that in the future)
Anyways, the time has finally come and we set the date to December 21, 2016. Our budget is 15k but that includes absolutely everything. Over this year and everyday up til our wedding I will be paying for things that are under that budget like favors and hiring people and putting down the deposit etc. Over time, the amount should go down (we are at just about 13k now) if we gradually buy things so the amount we need for the loan… Well I’m not sure how much that will be. I’m assuming 10k. I’m thinking stick to my list of what I want (I’m good at that) and then any and every cent I didn’t use under the 10k loan give back immediately. We are waiting to do our honeymoon (what’s the rush?) And this is a budget wedding.
******EDIT***** OK! So here’s what I’m seeing, everyone thinks I’m considering taking out a loan for 15k. IM NOT CONSIDERING THAT! 🙂 My fiance makes about 6k a month. We also pay rent (1k) and have a baby and have to pay bills so it gets cut back but with some of that money I will be putting down the deposit and buying the favors and invite and hiring a DJ and Santa and all that all I’m saying is that once I’ve paid for everything I should only need about 5-7k left. That’s why I said I might ask for 10k at most and pay around 5k and give back the rest of the 10k loan asap.
I’m not borrowing 15k from the bank, at MOST 10K! I’d never go above that and I’m thinking I might only need to take out 5k. I have plenty of money on the side for my son (thank you very much) he IS my main priority so please stop saying he isn’t, that’s just rude, and I wouldn’t take out a loan if I knew I couldn’t pay it off. We could pay it off in about 2-5 months tops. All I’m asking is advice and why people are so against it, I guess. I hear a lot of bad things about it and simply want to know why and if I really shouldn’t bother.
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Post # 2
I don’t know if you will like my advice but I think that’s a lot of debt for one day. especially with two kids. if I were you I would not take out a loan and would just go down to the courthouse (Or church) with a couple close family members and then go to a restaurant afterwards.
Post # 3
A wedding is not something for which I would take out a loan. For me, loans are only ofr things like college tuition, cars and a mortgage for a house.
If I can’t afford to pay cash for something else, I save until I can. I think it’s serious mistake to borrow for an experience, like a wedding or vacation.
Post # 4
- Wedding: November 2014 - 11/15/14-Vineyard
From experience…do NOT take out a loan for your wedding. I like you, planned out what I could and paid a little each pay period toward it. Financing your wedding with kids already is a bad idea. I know you may not like to hear it but be realistic. It is only 1 day, the marriage will be there long after that day. You don’t want to have the debt to deal with when you have kids, living expenses, etc.
So I suggest you plan out what you can spend with what extra you have now per check, as long as you have savings set aside for anything that should come up and then budget accordingly with what you have. Have the wedding you can afford, not the wedding we want. We would all have our Dream Wedding with unlimited money, but you need to seriously reconsider and only do what you can afford with what you have.
Post # 5
- Wedding: May 2015 - Walnut Hill Bed & Breakfast
I really really wouldn’t advise it. I wouldn’t take out a loan on anything except for large purchses like a house or medical emergencies.
Cut back on everything you can now and start putting money away and save it. One day isn’t worth getting a loan for.
If my dad hadn’t offered me the budget he did, I’d be having a courthouse wedding followed by a coffee & cake reception for 50 people at a local coffee shop. Maybe followed by a family picnic to celebrate (because my dad would insist on throwing a big party anyways).
How do you envision your wedding? What are your must haves?
Post # 6
Since1993_: Please don’t attack me or say things that are pointless, I won’t even give you the time of day.
Really? Why even ask? It sounds like you know it’s a bad idea and you just want people to tell you it’s ok. You’re probably not going to get that.
I spent about 25k on my wedding so I’m not even going to say that things are pointless, you want what you want and weddings cost money. However, with a child, I would have thought priorities would change. If you cannot afford 10 or 15k on a wedding without taking out a loan, then, I’d say yes, it’s “pointless” and a bad idea. What about emergency savings? Retirement? Collegee fund for your child? All those are more important than an unaffordable 15k wedding imo.
Post # 7
I don’t think that you’ll find that many people are receptive to taking out a loan for a wedding on here. It’s almost universally frowned upon every time it comes up.
I wouldn’t really call $15k for a party to be “budget.” I realize that anything wedding related is ridiculously overpriced, but you can have a beautiful wedding for a couple thousand dollars that won’t put you into debt. If you can’t save $15k in the three years that you will have been engaged, how long do you plan to take to pay that loan off? If you don’t pay it off quickly, you’re going to end up paying wayyyy more than you originally took out in interest. You need to decide whether that is worth it to you for one day that you will be paying for for years.
Post # 8
I agree with all PPs, I would NEVER take out a loan for a wedding. To me loans are only for education, cars, or homes. For anything else I’d recommend either saving up until you can afford what you want or scale back. In your situation because you have a child, it probably would be better to cut back your wedding and do something small.
Post # 9
your comment is slightly… Disturbing? Why even post? This is supposed to be a forum for support, just because there are trolls and rude, snarky people around doesn’t mean that people shouldn’t be free to ask questions without fear of being skewered unnecessarily.
OP, my advice is to listen to the advice that’s already been given. Don’t take out a loan to pay for your wedding. Have a wedding you can afford to without putting yourself in debt.
Post # 10
You’re probably going to ignore this reply because it’s esssentially telling you not to take out a loan for a wedding at all costs.
“I’m thinking stick to my list of what I want…”
Change “want” to “need.” If it’s a need, keep it. If it’s a want, toss it, unless you have the extra money.
You have one year and nine months until your wedding. I know payments come before that, but not all of it right now. What prevents you from saving (and spending as it comes) the $13,000 left?
Post # 11
It sounds like you think you can save up $5k before your wedding. That’s plenty to have a nice wedding. I would not take on debt to cover one day, it’s no way to start a marriage. $5k can get you a lovely ceremony and party for your nearest and dearest.
Post # 12
If you’ll notice, that was just in response to OP saying ‘I wont even give you the time of day’ . Like you said, its a public forum. People can ask anythign they want, but if they are just looking to read answers they want.. then, yes why even post, why bother asking.
Post # 13
Taking out a loan for a one-day party is not good financial planning. You should put away money and have the wedding you can afford. Otherwise, you will end up making payments down the road that could be used for better things like, say, a college fund for your child, or childcare, etc.
Post # 14
I would NOT take out a loan specifically for your wedding. No reason to go into debt over this. Seriously. With a small baby, the LAST thing you need is to be paying off 15k.
Post # 15
We had a very beautiful wedding with 100 guests for about $13,500. However we paid it in cash, and saved up on the side over our 27 month engagement without it affecting our regular bills/activties.
I would never recommend taking out a loan for a wedding. What if you need to take out a loan in the near future for something like a car or a hospital bill and because you haven’t been able to pay the wedding loan back yet, they don’t help you, or don’t give you as much as you may need? Save a loan for something more urgent.
What about a backyard bbq?