We have already given deposits to all of our vendors but I was thinking of paying them all in full ahead of time. Is this a bad idea? Anyone else doing this, or are you strictly sticking to your payment plans? It would def make me feel better knowing that that everything is taken care of, but at the same time...what if a vendor goes out of business and all of your money is gone? Any feedback?
Posted by AwaitingAugust
plus it's always nice to have something to hold over vendors' heads to 'force' them to be extra-nice to you
We opened a separate bank account with money put away just for the wedding so we wouldn't touch it. One vendor we had booked early on hadn't returned our calls....so I booked someone else! Good thing we only put down $300.
Posted by AwaitingAugust
i'm paying as little as i possibly can upfront.
i'd rather have the money in my savings account accumulating interest, rather than being in the vendor's accounts.
plus it's always nice to have something to hold over vendors' heads to 'force' them to be extra-nice to you
I agree. I'd wait. If you're unhappy with your vendor, it ill make the whole situation so much worse if you've already paid them in full.
the only reason I would not do it is because it's better to keep your money in the savings accoutn as long as you can so it earns the interest... this is why FH and I are making the bear min. payments that our vendors require. We know we will get with a lot of payments at the end but I'd rather leave that money in the account earning interest than paying off early and not gaining the extra cash.
LoL I had the same idea and i thought FH was going to chop my head off-- but he was right and so is everyone else on here that said its not a good idea. Soooo many things can go wrong. You dont need that stress
Sticking with our payment schedule. We can't afford to pay everyone in advance anyway because we're saving as we go.
Posted by HurricaneGirl
We opened a separate bank account with money put away just for the wedding so we wouldn't touch it. One vendor we had booked early on hadn't returned our calls....so I booked someone else! Good thing we only put down $300.
Posted by AwaitingAugust
i'm paying as little as i possibly can upfront.
i'd rather have the money in my savings account accumulating interest, rather than being in the vendor's accounts.
plus it's always nice to have something to hold over vendors' heads to 'force' them to be extra-nice to you
Posted by jilliibabii
Honestly, I think it's a bad idea, at least this far in advance. If they have all your money what is to stop them from showing up late or not at all on your big day.
I know it's hard to not touch the money while it's sitting in a savigns account right at your fingertips but at least it'd be earning interest in there! Or you can spread smaller payments around to all the vendors so that they still have a balance (even if it's a small one) closer to the day.
Posted by Roccosgirl
Posted by jilliibabii
Honestly, I think it's a bad idea, at least this far in advance. If they have all your money what is to stop them from showing up late or not at all on your big day.
I know it's hard to not touch the money while it's sitting in a savigns account right at your fingertips but at least it'd be earning interest in there! Or you can spread smaller payments around to all the vendors so that they still have a balance (even if it's a small one) closer to the day.
ITA..I have heard horror stories about Djs that have been booked and then went out of business. I would never just pay it all up front.
We didnt want to put a lot upfront in the event something happend... Rather lose a couple of hundred than a couple of thousand.
