Broke and don't know what to do.....

Broke and don't know what to do.....

Re: Broke and don't know what to do.....

Can you borrow it from family or friends? What about getting an advance on your paychecks? Can you take out a small loan from your 401K? I hope everything works out for you!

Re: Broke and don't know what to do.....

Re: Broke and don't know what to do.....

I hate to say it, but if you get stuck, what a bout a credit card, you can pay it off with any $$ you get from the wedding. If you do get one, try to get one with bonus points.

Re: Broke and don't know what to do.....

Worse case scneario, ask them to give you cash as presents and take care of it on the day of the wedding. Credit cards are a good idea, also borrowing from any retirement plans that is my back up plan. What about a loan??

Re: Broke and don't know what to do.....

Re: Broke and don't know what to do.....

You can get a credit card with very low interest and pay it off after. Also, you can take a cash advance on it and pay it off after the wedding. It shouldn't accrue that much interest in a few weeks. Don't touch the retirement plan. Don't ask your family to give you cash as presents. I've seen a groom at his wedding opening envelopes and it was tacky.

Re: Broke and don't know what to do.....

Yes, I would ask for family to give you gifts before the wedding. We are doing this for the security and deposit on an apartment

Re: Broke and don't know what to do.....

Re: Broke and don't know what to do.....

i'm sorry i can't be a help but i can tell u you are NOT alone! i get panicked every time i see dollar signs.

Re: Broke and don't know what to do.....

We are still short about the same amount of money as you, and I am not worried about saving it between now and then, I am worried that we'll spend it. We still have two more weddings to go to between now and our wedding and I'm scared that we'll blow a lot of our cash on those. JT needs a tux for one, and another is in the city, and since we live on the North Fork, we really need to stay there, there's no way we can drive home. I'm totally overwhelmed. I wish I had suggestions, but all I can say is hang in there

Re: Broke and don't know what to do.....

I am in the same situation. SO much left to do with no money. I am praying that my father will give us more money towards the final payment. and im also hoping that not eveyone comes. We invited people thinking that 20% or more would say no, and so far eveyone has said yes.
I understand how you feel, if it comes down to it, you can always take out a personal loan and pay it right back.

Re: Broke and don't know what to do.....

Re: Broke and don't know what to do.....

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Posted by ckgmwedding

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Posted by nylibride

PLEASE no one borrow from your retirement plans!!!!

I know this whole thing is ridiculously expensive, but NOT worth touching retirement money!!! Don't do it!!!

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I agree! DO NOT DO IT! You are much better off getting a cash advance or paying them off with credit cards. Once the wedding is over pay that off with the wedding gifts FIRST!

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Normally I would say the same...but a loan against your 401K is a small (very small) loan and you immediately pay yourself back since double the amount gets taken out of your check (at least that's the case in my company). There's almost no interest and it's pretty much available immediately. So, if all esle fails, this is not a horrible solution. I'm not saying cash out your 401K which is horrible and has huge tax penalties, but if your plan allows it, borrow against it...as long as you pay yourself back under a year, it should be fine.

FYI - the money does come, don't freak out! Trust God...it comes when you least expect it.

Re: Broke and don't know what to do.....

If you need to take a loan from your 401(k), do it now. It may take a while for you to be approved for the loan.

Re: Broke and don't know what to do.....

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Posted by designerbride

I hate to say it, but if you get stuck, what a bout a credit card, you can pay it off with any $$ you get from the wedding. If you do get one, try to get one with bonus points.

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And LOW interest

Re: Broke and don't know what to do.....

Normally I would say the same...but a loan against your 401K is a small (very small) loan and you immediately pay yourself back since double the amount gets taken out of your check (at least that's the case in my company). There's almost no interest and it's pretty much available immediately. So, if all esle fails, this is not a horrible solution. I'm not saying cash out your 401K which is horrible and has huge tax penalties, but if your plan allows it, borrow against it...as long as you pay yourself back under a year, it should be fine.

FYI - the money does come, don't freak out! Trust God...it comes when you least expect it.

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I would not take a cash advance against my credit cards, the interest rate is usually much higher for cash advances!

I agree that if worst comes to worst, borrowing against your 401k is not such a bad idea for the following reasons (1) your not borrowing that much; (2) as long as you are with your company you are forced to pay it back through payroll deductions so it is similar to borrowing the money; (3) the interest you are paying is going back into your 401k account; and (4) you don't have to ask anyone for money if you don't want to. That being said, most companies have stipulations as to how you can borrow. For example, usually, you can only borrow 50% of the balance up to a certain threshold. This is to ensure collateral against the amounts borrowed.

I'm sorry your going through this. FH and I have begun to stress over money to, don't worry it will all work out!

Re: Broke and don't know what to do.....

Re: Broke and don't know what to do.....

Re: Broke and don't know what to do.....

I'm sorry you have to go through this but you are not alone. My fiance and I just bought a house in LI, adding to my cost of commute $300 a month. Then I have a wedding that is in Spokane, WA (two weeks before my wedding), that we have to go to. I have no money left for anything, but I know that it will come up somehow (GOD WILLING) !!!