Paying off vendors now?

i was strongly encourage to NOT pay them off.. fh wanted to pay off the rh in full.. the bm at fox hollow matter of fact said absolutely not.. (and we weren't even booking wtih him) he said any thing can happen, and it's a lot easier to NOT give additional money then it is to get additional money back!

u'r wedding isn't till 5 of 08.. i'd suggest putting that money in short term cd's and make some interest on it.. if u'r payments are due every three months put it in 3 month cds, then every three months take out what u need, and roll the rest over into another 3 month cd.. so on and so on..

A resounding NO!!!

1. Even if you are bad with money, READ YOUR VENDOR CONTRACTS - it's likely in the event of cancelation, they would keep any payments made to date. You NEVER know what's going to happen (family emergency, change in circumstance, etc.) - Don't give them all your money so far in advance! You could wind up losing it.

2. You could earn SO MUCH interest on that money. If you have no self control, open an ING Or another internet-only high-yield money market account and put the ATM cards somewhere inaccessible -- like a safety deposit box.

Having no self-control is not a good excuse to be bad with money. Now is as good a time as any to learn. We have literally made 1,000s in interest from keeping our wedding money in high-yield savings accounts rathern than pre-paying.

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Posted by iwannabmrsD

i was strongly encourage to NOT pay them off.. fh wanted to pay off the rh in full.. the bm at fox hollow matter of fact said absolutely not.. (and we weren't even booking wtih him) he said any thing can happen, and it's a lot easier to NOT give additional money then it is to get additional money back!

u'r wedding isn't till 5 of 08.. i'd suggest putting that money in short term cd's and make some interest on it.. if u'r payments are due every three months put it in 3 month cds, then every three months take out what u need, and roll the rest over into another 3 month cd.. so on and so on..

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A short-term CD Is a great option if you think you may be tempted to take the money out. Just make sure you'll have access to it when it comes time to make a payment. I had to pay some vendors a month before, etc.

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Posted by Kara and Todd

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Posted by iwannabmrsD

i was strongly encourage to NOT pay them off.. fh wanted to pay off the rh in full.. the bm at fox hollow matter of fact said absolutely not.. (and we weren't even booking wtih him) he said any thing can happen, and it's a lot easier to NOT give additional money then it is to get additional money back!

u'r wedding isn't till 5 of 08.. i'd suggest putting that money in short term cd's and make some interest on it.. if u'r payments are due every three months put it in 3 month cds, then every three months take out what u need, and roll the rest over into another 3 month cd.. so on and so on..

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A short-term CD Is a great option if you think you may be tempted to take the money out. Just make sure you'll have access to it when it comes time to make a payment. I had to pay some vendors a month before, etc.

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Do you know anything about ING cds....we have our $$$ in ING and I see that they have cds with a high interest.

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Posted by jennandrolo

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Posted by Kara and Todd

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Posted by iwannabmrsD

i was strongly encourage to NOT pay them off.. fh wanted to pay off the rh in full.. the bm at fox hollow matter of fact said absolutely not.. (and we weren't even booking wtih him) he said any thing can happen, and it's a lot easier to NOT give additional money then it is to get additional money back!

u'r wedding isn't till 5 of 08.. i'd suggest putting that money in short term cd's and make some interest on it.. if u'r payments are due every three months put it in 3 month cds, then every three months take out what u need, and roll the rest over into another 3 month cd.. so on and so on..

---

A short-term CD Is a great option if you think you may be tempted to take the money out. Just make sure you'll have access to it when it comes time to make a payment. I had to pay some vendors a month before, etc.

---

Do you know anything about ING cds....we have our $$$ in ING and I see that they have cds with a high interest.

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I have (personal) $$ in ING CD's. What do you want to know about them?

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Posted by shopaholic07

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Posted by jennandrolo

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Posted by Kara and Todd

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Posted by iwannabmrsD

i was strongly encourage to NOT pay them off.. fh wanted to pay off the rh in full.. the bm at fox hollow matter of fact said absolutely not.. (and we weren't even booking wtih him) he said any thing can happen, and it's a lot easier to NOT give additional money then it is to get additional money back!

u'r wedding isn't till 5 of 08.. i'd suggest putting that money in short term cd's and make some interest on it.. if u'r payments are due every three months put it in 3 month cds, then every three months take out what u need, and roll the rest over into another 3 month cd.. so on and so on..

---

A short-term CD Is a great option if you think you may be tempted to take the money out. Just make sure you'll have access to it when it comes time to make a payment. I had to pay some vendors a month before, etc.

---

Do you know anything about ING cds....we have our $$$ in ING and I see that they have cds with a high interest.

---

I have (personal) $$ in ING CD's. What do you want to know about them?

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I just wanted to know how the interest is and if its worth it.

I wouldn't pay them off right away.

1. Anything can happen and it may be harder to get all your money back.

2. You can earn interest on that money in the meantime. Let the money make you some money!

FH and I chose not to pay off vendors right away, because the finance in me wanted to earn interest on it. You mentioned ING, which is great. I've had a savings account and CD with them for a long time now and they are both great investments. Since there are no brick and mortar establishments with them, they are able to offer you higher % on your money.

NEVER pay anyone earlier then what you have to. Why? because they could back out on you and disappear. Also, if something 'god forbid' happens where things don't work out or wedding changes your screwed.

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Posted by jennandrolo

I just wanted to know how the interest is and if its worth it.

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go to ing.com and check out the info for yourself--they have tons of information. or even call them up and ask a representative to help you

honestly--no matter WHAT the interest, if you KNOW that you and your FH have little self-control over finances, it will be worth it if you can put it in a short term CD, to ensure you dont' touch it.

Wait, why should they get the interest on your money.

Put your money in a 3 or 6 money CD if you dont need it right away.

Just to let you other brides know if you haven't seen them, Washington Mutual and Astoria have what they call Liquid CD's. The rates are lower than typical cd's but higher than money market funds and you can do 1 transaction a week (either a deposit or withdrawl). That may be good for some of you who need to make wedding payments but would still like to get a better yield.
Washington's was around 3% (and 4% if over 50000 deposited, if anyone has that much!!!) Astoria isn't advertising them anymore so maybe they've discontinued them.
HTH

I wouldn't pay them...no way.

Put your money in a 6 month CD...you're goign to get at least 5% interest, and you won't be able to 'dip into it'.

You'll probably make enough in the interest to tip a few people!

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Posted by Kara and Todd

A resounding NO!!!

1. Even if you are bad with money, READ YOUR VENDOR CONTRACTS - it's likely in the event of cancelation, they would keep any payments made to date. You NEVER know what's going to happen (family emergency, change in circumstance, etc.) - Don't give them all your money so far in advance! You could wind up losing it.

2. You could earn SO MUCH interest on that money. If you have no self control, open an ING Or another internet-only high-yield money market account and put the ATM cards somewhere inaccessible -- like a safety deposit box.

Having no self-control is not a good excuse to be bad with money. Now is as good a time as any to learn. We have literally made 1,000s in interest from keeping our wedding money in high-yield savings accounts rathern than pre-paying.

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Can I just say, that you always have the best advice....can I hire you to set some people straight for me!

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Posted by Kara and Todd

A resounding NO!!!

1. Even if you are bad with money, READ YOUR VENDOR CONTRACTS - it's likely in the event of cancelation, they would keep any payments made to date. You NEVER know what's going to happen (family emergency, change in circumstance, etc.) - Don't give them all your money so far in advance! You could wind up losing it.

2. You could earn SO MUCH interest on that money. If you have no self control, open an ING Or another internet-only high-yield money market account and put the ATM cards somewhere inaccessible -- like a safety deposit box.

Having no self-control is not a good excuse to be bad with money. Now is as good a time as any to learn. We have literally made 1,000s in interest from keeping our wedding money in high-yield
savings accounts rathern than pre-paying.

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I was going to say all of the above. FH and I opened an ING account and have earned ALOT of interest from our money.

Also, I spoke to someone today who had paid their limo in FULL and did not show til AFTER the ceremony!! Not acceptable!! I want to have some assurance that everyone will show, although I have complete confidence in my vendors.