Post # 16
Well my situation is slightly similar. We were engaged for a year and we paid for all of our deposits and monthly payments towards the venue out of pocket from our joint account which we opened specifically for the wedding when we got engaged.
2 weeks before our wedding we took out $20k in the form of a pension loan which was enough for all of our final balances and tips with the intention of paying it off right after the wedding- this way we didn’t have to take money out of our individual accounts. We ONLY did it because there was no interest if we paid it back within a certain amount of time. We paid it back within a week of our wedding, so we only had the loan for a few days over 3 weeks. The account also takes a small percentage of that amount out of your paycheck til you pay the loan back, so we actually paid it back with interest to ourselves. If we had to put it on CCs or take out personal loans with interest, we would have just tapped into our personal accounts rather than incur interest on a 1 day event.
I wouldn’t suggest taking loans that you will have to pay interest on, or putting these kinds of expenses on a credit card though because in the long run you will end up spending way more.
Post # 17
I’m gonna go against the grain here a little and add that it depends on your financial situation. Fiance and I had a short engagement and a big wedding budget. We didn’t have any savings for the wedding, but we are currently on track to manage to pay off our entire 40k budget for our wedding/honeymoon within one year. We took a line of credit, and paid a lot of things as we went. Mind you, we do both have great paying jobs which make this possible. We also don’t have kids.
However, if you really need to stick to your budget, and know for a fact you can pay it off in a short period, I don’t see why not. It really depends of your personal situation money wise, your priorities and your responsibilities.
you also have to think of interest. a 10k wedding may end up costing 12-13k depending on how long you take to pay it off and the interest associated to the loan.
Post # 18
[content moderated for snark, name calling]
Post # 19
IMO its irresponsible to take a loan of that size when you have children. Once you have kids priorities change…If I were you I would scale way back on the wedding.
Post # 20
did it not take time in your day to write back to her?
Post # 21
I took out a loan for my wedding. We could have afforded to pay for it in cash, but it would have depleted our savings account, which I refuse to do. I have excellent credit, so the interest rate was not crazy although it wasn’t fantastic since it was an unsecured loan. I actually took out a line of credit instead of a traditional loan, so we only used what we needed. We didn’t have a huge registry and got mostly cash, so we used that to pay it off quickly. I think the most important thing for you to consider is how much debt this is in relation to your income. I don’t know what your take home pay is, but if this is going to be a long term loan and require a significant portion of your income, it is probably not a good idea.
Post # 22
You came and asked for advice, and advice you got! Just not the blanket validation you were hoping for. No need to be horrid and hostile.
Post # 23
oh no, please don’t do it on my account. i couldn’t care less if you give me the time of day. the bitchiness started with you telling people how to respond on a forum and saying you wont give them the time of day if they say something you dont want to hear. yea, moving along, bye.
oh well, I do hope you get the wedding you want. but sorry you didn’t get all the responses you were hoping for telling you it was fine and great to take out a loan for the wedding.
Post # 24
Based on your edit it sounds like you are fully able to afford your wedding, it probably just feels like a pinch that upfront deposits are taking a hit to your cash flow.
If you already know who all your vendors are, take a look at when the mid- and final payments are due. Looking at the amount that you can save now leading up to those days, do you believe you have enough cash by the due date? Then you should be fine and you won’t need a loan.
You can delay buying favors and decor until the last month – you have over a year anyway and people change their minds – so you should be fine.
Post # 25
When posting on a public forum and asking for advice, don’t expect to get sugar coated answers. The majority of the members of this forum are going to tell you that taking out a loan for a wedding is a very bad idea. Loans should be taken out in emergencies or for absolutely necessary costs like school and buying a home or a car. A wedding is not a necessity or an emergency. Have the type of wedding you can afford!
Post # 26
she asked not to be attacked or people posting pointless responses. I don’t know what about that is offside.
Yes, you’re entitled to your opinion but if your opinion and your resulting post is designed to put someone down, insult their choices, be unnecessarily rude or to be a jerk, then why post your response? Float on over to another thread and harass someone else. (not saying that’s you pinkshoes, AT ALL, just responding)
Clearly not the same thing as “I want to hear what I want, not an actual opinion”.
And if she, like others on these boards, don’t want to give them the time of day, I think it’s a smart choice.
Post # 27
I don’t think she was looking for certain answers.. I think she was aiming to avoid unnecessary rudeness with seems imposibble on this board now adays…
OP: debt is almost always a bad idea for a wedding. 15k, 10k, 5k all the same. Can you push back the wedding and save instead?
Post # 28
I don’t see how pinkshoes:
attacked the OP or put her down. She gave th OP the same piece of advice that everyone else here did. The same advice that you did that it’s not smart to take out a loan for a wedding.
Post # 30
clearly you skimmed my post and didn’t read it
“(not saying that’s you pinkshoes, AT ALL, just responding)”