I just need some cheering up. With two months to the wedding I still owe my vendors 2500 I am already trying to make ends meet as it is and now I don't know where I am going to find the money to pay off these vendors plus give them tips. Anyone else in this situation? How are you dealing with it? I need all the help I can get. I don't want to take out a loan because that will only do more harm than good. Any advice?
designerbride
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Re: Broke and don't know what to do.....
I can pay for my DJ & photog. I know the hall wants a certified check. You can pay for the honeymoon on CC.
SomethingBlu
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Re: Broke and don't know what to do.....
Just wanted to add...if you're really stressed, you can always take a part time job, or your fi can do the same and put all of that money toward the wedding. Even an extra $100 week adds up fast...and of course, you'll probably make mre than that. My fi worked 2 jobs from Nov-March and it helped tremendously!
italia6973
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Re: Broke and don't know what to do.....
I know what you are going through. I just got laid off last week so we are scrambling around trying to figure out our next steps. Thankfully my family has come to our rescue as ususal.
VS11
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Re: Broke and don't know what to do.....
Posted by lilacwine
Posted by rosaria
I dont think you can pay off the vendors with a credit card..I think the final balance is always owed in either cash or bank check...
They probably mean for her to take a cash advance on her credit card.
oh,,,gotcha....
AJsMommy122
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Re: Broke and don't know what to do.....
The same thing happened to us. We came up a little short so instead of borrowing on our CC we decided to just ask my MIL for her gift early ( we already knew how much she was planning on giving and new it would more then cover what we needed) she had no problem doing that at all. Even if you have to ask your bp, mil, mom whoever... people wont mind giving up the cash a little early I am sure
Blu-ize
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Re: Broke and don't know what to do.....
If you take a loan on your 401k and you get laid off or no longer work there you will have to pay it back within 60 days. Just something to think about.
103005FallBride
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Re: Broke and don't know what to do.....
We are in the same boat... I have no clue what we're going to do. I'm worried sick about it, but FH keeps telling me not to worry about it... I don't know how he does it...
lilacwine
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Re: Broke and don't know what to do.....
Posted by Blu-ize
If you take a loan on your 401k and you get laid off or no longer work there you will have to pay it back within 60 days. Just something to think about.
I'm writing a 401(k) plan SPD right now.
Generally, if you stop working for the employer, you'll have 60 days to repay the loan or the balance becomes treated as taxable income to you and you'll have to pay a penalty in addition to normal income tax.
shantm
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Re: Broke and don't know what to do.....
Best thing is to take a personal loan and pay it back using the monetary gifts you receive.
Don't touch 401k and 99% of vendors want cash or checks.
OctRo05
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Re: Broke and don't know what to do.....
I wouldn't recommend borrowing from 401K. The money you put in was pre-tax. The money you will reimburse yourself with is after-tax monies. This is the sticky part...when you withdraw the money at retirement...you pay taxes on it again. You are paying twice the tax. Borrow against a credit card then pay it off with the gifts. Good Luck.
FutureAJ8505
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Re: Broke and don't know what to do.....
I am in the same boat. We have lots of weddings coming up and lots of vendors to pay. The only good thing is that we don't have to pay the photographer until we pick up the proofs. I would not borrow against your 401 K. Never a good idea. Can you ask someone to borrow from?? Did you have a shower yet? PErhaps you will get money from that. No WOrries, I am sure it will work out in the end, thats what I am hoping for us. In the meantime, I am waiting for the money tree to start growing in the backyard.
Mrs.Z
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Re: Broke and don't know what to do.....
I feel your pain I have been leaving myself with like $100 a week and cant make it work. We have stopped going out on weekends to save money, It ***** really. I haved roobed peter to pay paul already so really Im hoping to win the mega in the next 80 days
Bumsie
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Re: Broke and don't know what to do.....
Just PRAY
leelee1970
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Re: Broke and don't know what to do.....
Is there any way you can work some overtime? Thats what I have to do.
bluesashbride
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Re: Broke and don't know what to do.....
i got second job for about 6 months--it helped a lot...maybe you can get a second job for a short stint.
LovelyL
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Re: Broke and don't know what to do.....
Posted by OctRo05
I wouldn't recommend borrowing from 401K. The money you put in was pre-tax. The money you will reimburse yourself with is after-tax monies.
I totally agree......I was just thinking the same thing. A lot of people who borrow against their 401(k) do not pay much attention to this important detail!
Katherine121
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Re: Broke and don't know what to do.....
I found myself in a similar situation and I took out a loan on my 401K. The best part about that kind of loan is, you are paying YOURSELF back.
JLP
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Re: Broke and don't know what to do.....
Sorry, guys. I think asking for gifts early is TACKY!!! Unless someone has already told you that they are giving you a gift, it is rude to assume they will give you cash.
Take a loan, borrow from your 401K or ask your parents for help, but don't ask for gifts early. That is not what this is about.
JMHO.
sunflowers74
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Re: Broke and don't know what to do.....
I agree with most others that you shouldn't borrow from your 401k. Along with the reasons that they listed, you could actually cost yourself money.
For example (overly simplified just to show my point).
You put $200 a week into your 401k. That $200 buys two shares of some mutual fund @$100 per share. The market hasn't been doing so hot lately, so now one share has a market value of only $50. You take a loan against your 401k, so you need to sell those shares. You sell those two shares, but only get $100 when they cost you $200, so you lost $100 of your hard earned money.
I know that this is exaggerated, but it was the easiest way to show what would happen if you invest in your 401K when the market was booming but sell out for a loan when it's not doing so well.
