Payment question

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Posted by MJDoc12

FH and i have come into a little bit of money plus his tax refund---and when we cash the checks, i plan on heading to my hall and paying just about the rest of what we owe (minus about 10%)--and heading to our vendors and paying off majority of the balance. (once again, leaving maybe 10%)

for me i'd rather have them done and paid for as much as i can--nearly one whole year before our big day...that way we can save up as much $$ as possible for our own apartment and furnish it. (we will move in together either right before or after the wedding)

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Yeah that is what we are doing and my reasoning... We want to save for the HM since I hear Tahiti is and also put money aside for a house.

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Posted by LovelyChas

If you have the money to pay off the complete balance you owe to vendors....would you pay it off or would you hold on to it. The balances are due a week or 2 before the wedding.

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It depends on the vendor, how close you are to actually having to pay them, and how good you are at not touching wedding $$$.

I will not pay photographer or videographer in full until after I have the finished product, and in fact those two contracts are written that way. If it's a question of making a payment a week early vs. a month early - one week won't matter, but a full month is interest YOU could be earning instead of the vendor. As for not touching wedding $$$. I have it in a separate account with automatic transfers from my paycheck. The only time I take money from that account is to pay a vendor, since all my spending money is separate.

I am not paying anyone until the due dates. Why?

1/ Money is making babies with the interests in the account
2/ If there is a problem with a vendor, I won't have more than the deposit invested. I heard too many nightmare stories. Then what do you do when you already paid for it?

We are paying everything a little bit at a time. It makes us feel like we are accomplishing something and then we won't be totally strapped 2 weeks before hand.