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Do you own a home? If so you could take out a home equity loan. If not - do you have a 401k? Most will let you take money out for 60 days - but you have to repay - without penalty.

Good Luck!

IMO~ I wouldn't take out a line of credit to pay off your wedding. It's one of the worst and common mistakes that couples make. Try your best to pay it off before the wedding. This way after the wedding, you and your FH anc focus on saving for a house or something else. Financial issues are the #1 causes for newlyweds to divorce. Sorry to sound negative but it's true.

Someone else suggested that you take a loan from your 401k plan.. becareful with that.. be sure to find out the penalities if any.

HTH

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Posted by christina&mike07

IMO~ I wouldn't take out a line of credit to pay off your wedding. It's one of the worst and common mistakes that couples make. Try your best to pay it off before the wedding. This way after the wedding, you and your FH anc focus on saving for a house or something else. Financial issues are the #1 causes for newlyweds to divorce. Sorry to sound negative but it's true.

Someone else suggested that you take a loan from your 401k plan.. becareful with that.. be sure to find out the penalities if any.

HTH

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I have to agree 100%!

Scale down if possible... going into debt over a wedding isn't worth it, IMO. It'll still be a beautiful day even if you have to scale it down -- and you'll have a better financial start to your marriage.

Scaling back is probably ideal but if your going to spend what your going to spend I honestly don't think that a credit card in this case in any worse than a loan...

We took opened an american express blue card which gives us 0% interest for one year...we put a bunch of stuff on it, paid less each month while we were still planning for the wedding pay more each month now that its over and will have it paid off by the time the interest starts...seems like a good deal to me..

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Posted by ker21318

Yeah you can try and get a personal loan. Go to your bank and speak to someone there.

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getting a personal loan is very difficult, as it would be unsecured.

I would scale down the event. imo, its not worth going into major debt for. or find a 0% credit card with a rewards program.

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Posted by MandG072909

Scaling back is probably ideal but if your going to spend what your going to spend I honestly don't think that a credit card in this case in any worse than a loan...

We took opened an american express blue card which gives us 0% interest for one year...we put a bunch of stuff on it, paid less each month while we were still planning for the wedding pay more each month now that its over and will have it paid off by the time the interest starts...seems like a good deal to me..

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I thik this sounds like the best of both worlds. You can still have the wedding you want and end up not having to pay interest on it.

If your serious about going for a personal loan I definitely recommed a credit union. I went to Teachers Credit for one (Not for my wedding) and they were awesome!
A lot of people think you have to be a teacher but you dont.

I don't think it's worth going into debt to finance a wedding. I'd try to cut some costs.

You can get 0% credit card loans. They usually give you a 1 yr grace period. You can hope to recoup most of the 'debt' from cash gifts from the wedding.

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Posted by MandG072909

Scaling back is probably ideal but if your going to spend what your going to spend I honestly don't think that a credit card in this case in any worse than a loan...

We took opened an american express blue card which gives us 0% interest for one year...we put a bunch of stuff on it, paid less each month while we were still planning for the wedding pay more each month now that its over and will have it paid off by the time the interest starts...seems like a good deal to me..

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If you really need to get a loan, I'd try this first. This way you won't have interest payments and can pay back most of it from Wedding gifts. But I'd continue to save, you don't want to get to that one year when the interest starts and still have a balance.

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Posted by christina&mike07

IMO~ I wouldn't take out a line of credit to pay off your wedding. It's one of the worst and common mistakes that couples make. Try your best to pay it off before the wedding. This way after the wedding, you and your FH anc focus on saving for a house or something else. Financial issues are the #1 causes for newlyweds to divorce. Sorry to sound negative but it's true.

HTH

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I have to agree with this. I know a couple that went into serious debt over the wedding because she just had to have certain things. He is harboring major resentment over it and it is causing huge marital problems. This couple was together for 10 years and owned a home before the wedding.

I would try to scale things down so you are not so far over budget.... you don't want to have to be paying back for your wedding years after the fact.
I know its hard to remember this when planning, but the wedding is only ONE DAY... after that you have the rest of your life, and are going to be thinking about other things like buying a house, having kids, etc. and you don't want to have to put off these things because you are still paying for your wedding...

what ever you do, DO NOT refinance your home (if you have one) for the wedding. BIG mistake. I always get these check offers from my credit card companies ( 0% for 6 months, or 5% until amount paid off). If you truly are in a situation where you are contractually obligated to pay the full amount, I'd do it that way. Try to avoid a 'secured loan' (lien against property) and stay with low interest credit.

I'd also avoid borrowing from your 401k. don't compromise retirement for a party!!!!

Of course, it is definitely best to trim costs (lower the bar level at the reception / get rid of the vienese desert/coffee table / get the cake from the hall rather than the outside vendor / remove the exotic flowers from the bouquet and centerpieces.....)

After all, your wedding will not be as fond of a memory if you're paying it off for the next 5 years!

hey there..i feel your pain. we are QUITE overbudget as well. ..

i hope you don't mind..but to give better advice...can you kind of explain 'grossly overbudget' and what was your initial planned budget?

If you are 100% about what you want...Why not save some more and postpone the wedding?? Or the obvious alternative is to cut back.

Since we are quite overbudget we are scaling back on some of the little extras that we have deemed unncessary. We know our friends and family coming to the wedding...so it'll be ok, b/c they really could care less about these items. You can FM me and I can explain how we are trying to switch things around.

Regarding taking money out of your 401K. Some companies will limit how much you can take out - I don't believe you can take out all 100%. If you do not pay it back in time, you will be taxed on it (ouch). Also, you change jobs or are terminated (knock on wood), you will be required to pay it back ASAP or be subject to the tax fines. Another little note, my understanding is if you take your loan out on your 401K, you will start seeing a deduction from your next paycheck to repay yourself - and there is an interest fine.

ugh..nothing in this world is free.

Yes, please take the advice given to you in this thread. Don't put things on your cc, unless you have 0% and able to pay it off quickly. Otherwise, you're going to end up paying alot more than you would've if you paid cash. You most likely wont pay off the whole balance of your cc so with interest you will keep adding more each month to how much you owe. And if you pay just the minimum basically you're only paying off the interest. I would honestly only put small stuff on a cc if you HAVE to. Things that are just a few hundred dollars and you will be able to pay off quickly.

I don't know what your credit is like or your FI's credit. To get a personal loan might be hard, and if neither of you have anything in your name it will be harder, but again don't know your situation.

There are many ways to save money by cutting corners. I am sure many of the ladies on this board can help you out and give you advice. Such as DIY projects, finding cheaper vendors and so on.