Post # 16
Aah OP you’d be mad not to take it!! With all the money you’re saving you could do it up SO nicely and still save loads of money.
Mine and DH’s original venue fell through (country house hotel, very chic, whole place to ourselves for the wedding) and we had to book a fairly last minute venue which was a hotel with a ballroom, not exclusive use, less ‘vintagey’ HOWEVER we decorated it to our taste, bought lovely flowers in, the venue did lovely candelabra and tea light centrepieces, we bought extra drinks for everyone, and in all honesty….I think it was better than what we would have had at our original venue!
Please don’t get too hung up on the venue, you can do amazing things with decoration and with all the money saved you can really treat your guests! I guarantee you will regret not taking advantage of this if you turn it down!!
Post # 17
If you don’t want it at that price, then you don’t want it at that price. Turn it down.
Every decision has a price–there is some price diffrential that would make you decide to switch to the other venue. If this isn’t it for you, then it just isn’t, and your utility maximizing decision is to go with the venue of your dreams for the higher price.
The only thing I’d say in the other direction is.. if you can take the price difference and use it to decorate your second choice to the point you prefer it (or use it towards other things like florals, dress, etc.. to the point you prefer that wedding) then do that.
Post # 18
DrCrazyCat: Is it transferrable? Can you give (sell) it to someone else?
Post # 19
spideringspider: Selling it to someone else, even at a bit of a loss (so even if she had to sell it for 6k instead of 7k) would be the best of both worlds, but I feel like prizes usually aren’t transferrable. I hope they are for OP though.
Post # 20
I agree with PP, if you are able to save the full $7000 and put it on your student loans then just try to change your vision of your wedding. It is just one day and as long as your fiancé shows up, and the people who you love and care about are there; that’s all that matters.
Post # 21
futuremissesriggs: fallbrideintn2015: Soon2bmrs1: The ballroom really isn’t bad so yes a few decorations could make it look much nicer I agree!
MsGinkgo: I don’t have Pinterest so I must get on that!!! 😉
melonseeds: GirlyGirl24: franklymydearidont: Paying back student loans are def no fun after living such a great life as a student haha! But yes I agree they should be a priority over one day.
somethingbee: They are both equal distance from where we live/most of our guests live so thankfully neither venue will be a pain to get to for anyone
yorkshirerose: Nice food is soooo important to us but I’ve been told that for the most part most guests don’t really care about it as long as there’s plenty to go around
Arae83 : I competely agree with you! Whenever I read surveys about weddings, couples always say they wish they’d spent less. IRL I’m such a frugal/practical person, but I’ve been bit by the wedding bug now I want it all! 🙁
homeatsix: Oh wow a lounge is very differnent to a barn! So glad you are even more excited!
ahartig: I know I’m being massively fussy with the venue but yes I agree that as a guest they won’t notice anything other than if they’re having a good time!
Mimoza: It’s comforting to hear you had no regrets! Glad you had an amazing day!
smoocheepoo: Def a fair point! I’ll have to make sure I stick to the budget we have and not be tempted to go overboard now
Post # 22
The only thing I would watch out for is taxes biting you in the next year. You will probably have to pay taxes on your prize, which is going to be about 30-50% depending on your tax braket. Also, don’t let your budget creep if you take the other venue. Decorating it is great, but if you spend $5000 on decorations, and you are stuck paying $2000 of prize tax, your savings disappeared.
A lot of people turn down prizes because they don’t want to be stuck with the taxes.
Post # 23
LadyKM: Thanks for your encouragement! Glad to hear you were happy with your day!
amanda1988: I see what you mean. I almost feel that if the savings were only 2/3k I wouldn’t feel it was worth giving up the venue with that X factor. But we can definitely use that money for things not in the original budget – like videography!
spideringspider: franklymydearidont: I don’t think I can transfer it unfortunatley 🙁
2ndtolol: A very good point, I will def keep that in mind!
Overall thank you bees for your responses! It’s nice to have an objective opinion on the situation! I’ll keep you updated! 🙂
Post # 24
DrCrazyCat: Look at what Misswhowedding: said! I didn’t know that and I would discuss it with someone financially savvy. Such a relevant point!
Post # 25
Misswhowedding: Thanks so much for the tip! That never even crossed my mind so I will definitley look into that!
Post # 26
DrCrazyCat: It comes with the space and food and drinks for your guests? I would take it if there weren’t some huge catch. I think you are very blessed since you have the student loan debt. You can go with a vintage theme and decorate the venue accordingly. You can always have an anniversay celebration at the venue of your dreams later, if you chose to.
Post # 27
I would just be really careful that it was actually a deal… seems with adding all the additional people, adding extra food, etc that its going to end up costing about the same. I would rather do what I wanted (even if it was smaller) than get cornered into a bigger but not ideal wedding just cause it might save some money
my thought it to really go through the entire prize package and have it all written up exactly what it will cost down to the taxes and tip and then decide.
Post # 28
DrCrazyCat: I totally understand where you are coming from style wise. We also won a prize package that included a lot of great things but not exactly what we (I ) envisioned. I wanted mismatched dresses fir the BMs, but the prize package included dresses but they had to be the same. Our wedding turnes out better then i couldve imagine, and it wasnt because of the BMs dresses or the venue. I think you should take the prize!! Decorate it to reflect your style and it will turn out fantastic.
Post # 29
- Wedding: September 2015 - Hotel Ballroom
Take the venue, and decorate it in the style you want. That is just a little too tempting to pass up!
Post # 30
Wait so is it a 7k savings from what you estimate the cost of your smaller venue would be or is it just valued at 7k by the venue you won it at?