Money

My wedding is still a year away but I want to pay for whatever I can now, while we have the money so it's less money to worry about as the wedding gets closer. We just booked the photographer and gave them a $1,000 deposit so our balance is $4,000 which is due a couple of weeks before the wedding. I really want to pay them the balance now while I have the money (we've been getting checks in the mail for our engagement because I know if the money is sitting there, something else is going to come up that we're going to need it for. Is this a bad idea? My dad thinks it is I just would rather have it paid off now then owe anything later. Did anyone else do this?

Re: Money

I don't believe in paying things off now just because you can (unless there is some incentive to you - i.e. cheaper price, etc.). Put the money in an interest bearing account and save it and pay things when due. The truth is, anything can happen in life - postponements, business bankruptcies, etc - and the more money you need to go chase, the worse off you are. Plus why let someone else collect interest on your money. Even if interest is low - it is still something!

I know a lot of people feel otherwise and sometimes saving money and not spending it takes discipline but, unless you are the type to spend all the pennies you have, my advice would be not to prepay.

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I personally agree on waiting as well... None of us ever want to think about something bad happening but if God FORBID something goes wrong and you have to cancel the wedding it will only be harder to get your money back... I definitely think putting it in savings is the best bet buts that just my thoughts!

Re: Money

well honestly, some vendors i would NOT pay upfront now. You dont know what the end results will be. Look at girls who cancelled their contracts and went with another vendor, they only lost their deposits so that was a good thing. Photographer, remember youdont pay it all before the wedding, you will still have a balance after the wedding and you pay that when you pick up your proofs and honestly i would wait bc you just never know.

I agree with putting it in a savings account and letting the interest grow. Just DONT touch it. Anything can happen in life and it happens often. No matter how well you plan things out, life throws obstacles at you that you never expect. Its great to pay off as much as you can but dont pay certain vendors the whole balance far in advance.

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just put the money is a high yield savings account so you can at least earn some interest on your money

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I actually gave alot of my engagement money to my parents to hold b/c I know they will not let me touch it unless it was for something serious. I don't really trust myself with it..

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Don't pay everything off right away and then leave yourself without any cash. You never know if something happens and you might need it.

Re: Money

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Posted by Kristina2009

I don't believe in paying things off now just because you can (unless there is some incentive to you - i.e. cheaper price, etc.). Put the money in an interest bearing account and save it and pay things when due. The truth is, anything can happen in life - postponements, business bankruptcies, etc - and the more money you need to go chase, the worse off you are. Plus why let someone else collect interest on your money. Even if interest is low - it is still something!

I know a lot of people feel otherwise and sometimes saving money and not spending it takes discipline but, unless you are the type to spend all the pennies you have, my advice would be not to prepay.

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ITA you can grow your money you still have a year to go

Re: Money

We are putting money into an envolope labled 'photographer' 'band' 'hall' and whenever we have extra money we just put it inside. It's working great for us b/c we already put all the money for the band aside w/out even realizing it.

Re: Money

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Posted by Kristina2009

I don't believe in paying things off now just because you can (unless there is some incentive to you - i.e. cheaper price, etc.). Put the money in an interest bearing account and save it and pay things when due. The truth is, anything can happen in life - postponements, business bankruptcies, etc - and the more money you need to go chase, the worse off you are. Plus why let someone else collect interest on your money. Even if interest is low - it is still something!

I know a lot of people feel otherwise and sometimes saving money and not spending it takes discipline but, unless you are the type to spend all the pennies you have, my advice would be not to prepay.

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I couldn't agree with you more. Putting it in a money market account or a CD will gain you more interest. Even if you put it in there for like 3 months! I say you save it until you need to pay it. Just make sure you don't touch it.

Re: Money

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Posted by NayNay3021

I actually gave alot of my engagement money to my parents to hold b/c I know they will not let me touch it unless it was for something serious. I don't really trust myself with it..

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put it in a CD if you dont trust yourself... you can make even more than you would in a savings acct and the money is locked in (although you can get it out in the case of an emergency, you'd just sacrifice part of your interest)

DH and I put our wedding gift $$$ in a 6 month CD -- we're scared of the market right now, but we want to have access to it again in a little while because we're likely moving in early summer. We make something like $5 every 2 days from it which is nice .. and there is no risk!

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There are some financially savvy brides on here!! Put the words right in my mouth!!
FH and I have a lock box in the apartment, and we put cash in it every chance we get.
We're also gonna open a high yield savings account with any $$ for our engagement party.

I did put a hefty down payment on my dress (about 75%) so I wouldn't have an insane bill at the final hour.

It feels weird just putting deposits down and then you have practically a year to pay again. But the money is better staying in your pocket and not the vendors.

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i understand what you're saying, but if you pay them now, it's like they're getting more than you signed for. why should they be able to earn interest on the money rather than you??

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my FILs are paying for our photographer/videographer and my FMIL wanted to pay it all off..my photographer told me he doesnt like taking more than the deposit because of how he balances his own check book and pays his employees...so thats another thing to take into consideration

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i would say to put it away as well b/c u never know if god forbid u need it but u will gain great intrest and as long as its put away and not spent then u will have the money to pay everything off