(Closed) Wedding Loans?

posted 7 years ago in Money
Post # 3
Member
202 posts
Helper bee
  • Wedding: March 2012

I’m with you on this one. I know borrowing for a wedding is a big faux pas but we are doing it. Our situation is we are also paying for the entire wedding ourselves. My Fiance finished school in April and has his first job which is good paying so he is currently saving money. I however am currently in an internship so basically still a student not making money. We are putting off our wedding so we can save money until 2012, I will finish my internship in June 2011 so i have time to save as well. However, we are not going to be able to save the full cost of our wedding by the date and we know it. So yes we are going to get aline of credit. Because we know it will take us no time to pay it off since we will both have full time good paying jobs. We will have been together for 8.5 years by the time we get married, we have put off our wedding so long due to school so we’ve decided not to put it off any longer. We will borrow some money, pay it off in less than a year so I see no problem with it. 

It sounds to me like your situation is very similar. So I see no harm in it.

Post # 4
Member
13099 posts
Honey Beekeeper
  • Wedding: July 2010

IMO – you either have the wedding you can afford (without loans) or you shouldn’t be getting married.  Taking out loans for a one day event shows a financial immaturity that doesn’t corralate with being ready to be married.  It just isn’t smart – no matter what your background or situation.

If you won’t have enough time to save by Sept. 2011, wait until Sept. 2012 to get married so you can still have the time of year you want.  If you really would have been able to pay off the loan plus interest by a year after the 2011 wedding than you should have more than enough money to pay for the wedding without a loan in Sept. 2012.  Doing that shows that you are secure, smart and mature financially.

Post # 6
Hostess
18644 posts
Honey Beekeeper
  • Wedding: June 2009

The thing that worries me about this sort of thing is that you never know what will happen.  I know someone who bought a bunch of stuff for a renovation last year on buy now, pay later with no interest until a year later.  They were both employed and doing well and would be able to pay off the loan at the end of term.  But then he lost his job and they barely have money for bills.  Now the loan has accrued a few thousand in interest from the beginning since it wasn’t paid off before the end of the term.  You never know if one of you will lose a job, be injured and go on disability, or god forbid die.

Post # 8
Member
1876 posts
Buzzing bee
  • Wedding: October 2014

I’m sorry, but if you can’t afford it – then wait until you can.

Post # 9
Member
14186 posts
Honey Beekeeper
  • Wedding: June 2009

Assuming you and your Dh will still have your good jobs in 1-2 years IS presumptuous. You just NEVER ever know.

Have what you can have or wait until you can have what you want. Lots of people make this compromise.

Set aside that extra money you’d be putting towards interest for an extra vacation in a year or two.

Post # 10
Member
186 posts
Blushing bee
  • Wedding: July 2011

hello girls 

i understand you perfectly 

because my fiance and i are paying for the wedding, he has a full time job but i’m a student so i just have a little part time job… we are trying not to take a loan but if we have no choice we’ll do it because a wedding is the most important and beautiful day and it happens only once in a life time… but you could just try to keep the lists small, take seasonal flowers and so on so even if you have to take a loan it’s smaller than if you have a 500 guests wedding 🙂

Post # 11
Member
2410 posts
Buzzing bee
  • Wedding: July 2011

If you can avoid a loan, please do. By the sounds of things you are both relatively young and starting out in life so waiting another year will probably be best. That way you can have the wedding you know you want to have with no financial stress.

Post # 12
Member
2714 posts
Sugar bee
  • Wedding: May 2012

@brisendm: Although my parents are helping us pay for our wedding we have decided to wait until 2012 so that my Fiance and I AND my parents have time to save for the wedding we want without going into debt. We would not have been able to get married in 2011 without taking out a loan — and we did NOT want to go into debt for our wedding.

It sucks having a long engagement, but knowing that we will enter our marriage debt free (with the exception of student loans of course!) is much more important than rushing the wedding.

Post # 15
Member
4123 posts
Honey bee
  • Wedding: October 2010

These days (and even in the “old” days) working for a “large corporation” still isn’t necessarily to be considered “secure.” Shoot, before I started to work for myself I worked for a large nationally known Corp. that impacts about 80% of American’s day to day life. When I left everything was great. 3 months later my ENTIRE department was laid off and the department closed out of nowhere. My father has been through COUNTLESS mergers, acquisitions, and layoffs. I also have known people who rolled their wedding into their home loan and got divorced 3 years later. Not saying that would happen to you, but she cheated on him, so he had no idea it could happen to him… and he’ll be paying on the “wedding” for 30 years! :-0

One thing I learned, via my dad, is that you need to always be cautious. While by the grace of God he never did loose his job, we would have been OK if he did as we never had much debt if any and a buffer in savings. Darling Husband and I even now are debt free 1 month after our wedding, minus our home loan. We were in need of some home repairs but we waited until we had the money and will be giving the contractor the $5k in Cash at the end of the week when they finish the job. 

I honestly think, the best thing would be to just wait until you can afford what you want. One year in the course of the next 50 is nothing. 

You could also always have a courthouse wedding (super cute!) and save up for the big party in a year. I’ve had multiple clients who have done that and the “2nd weddings” are in no way less special. I did one a few weeks ago and the bride was STILL nervous before hand!

 

Post # 16
Member
121 posts
Blushing bee
  • Wedding: September 2012

I just have to comment…think about starting your marriage $20,000 in debt, or even more. And it’s like credit card debt, it’s not a student loan where you have protection options if something happens…that bill is every month, money that you could be keeping.

I bet you would feel so accomplished if you waited another year and saved, paid cash for everything, and walked away to your honeymoon knowing a $600 credit card bill wasn’t waiting for you. If you already have all the things you say, saving shouldn’t be stressful for you and it would make the whole start of your marriage more stress free.

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