Reception Hall Payment Questions

I was wondering is anyone or has anyone paid off the reception hall early?

What we want to do is have the guarantee number of people paid off by June (wedding is 10/1/04), so we can save up for the other vendors that we have to pay over the summer.

If yes, did it help with the stress in the end?

Would anybody advise against doing this? If yes, why?

Posted by jayidee 'I don't want to worry about paying a lump sum at the end.'

That is exacty how I feel. And I know I will feel relieved once it is paid off because it is the biggest expense.

I am just concerned if there are any drawbacks that I am not thinking of.

I really don't see the need to pay them so early unless the hall requires it.

We kept all of our wedding funds in an interest bearing CD or savings account. We figured we would rather make the couple of extra dollars in interest them let them hold on to our money when they didn't have to.

We are paying Flowerfield and all our vendors on a monthly or bimonthly basis. Had no problems with that. On the contract is says different terms but we get a receipt everytime and have folders for each.


Feel free to FM me anytime.

Best Wishes,


Thomas

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Posted by ChristineC68

I really don't see the need to pay them so early unless the hall requires it.

We kept all of our wedding funds in an interest bearing CD or savings account. We figured we would rather make the couple of extra dollars in interest them let them hold on to our money when they didn't have to.

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Smart!

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Posted by ChristineC68

I really don't see the need to pay them so early unless the hall requires it.

We kept all of our wedding funds in an interest bearing CD or savings account. We figured we would rather make the couple of extra dollars in interest them let them hold on to our money when they didn't have to.

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Great plan.

you dont need to pay the hall early... you can set up a bank account for that... pay the money into that early... then only take it out when you need to make the payments..

and then youll earn interest in between then

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Posted by ChristineC68

I really don't see the need to pay them so early unless the hall requires it.

We kept all of our wedding funds in an interest bearing CD or savings account. We figured we would rather make the couple of extra dollars in interest them let them hold on to our money when they didn't have to.

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This is what we are doing and therefore we are only paying what the require upfront! We will pay the hall off a week before hand. To me I dont think it would be any less stressful to have it paid, if I have the money in the bank its pretty much the same thing! (except I have it making money for me!)

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Posted by ChristineC68

I really don't see the need to pay them so early unless the hall requires it.

We kept all of our wedding funds in an interest bearing CD or savings account. We figured we would rather make the couple of extra dollars in interest them let them hold on to our money when they didn't have to.

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We are doing small payments each month, but saving a big payment for the end. This way we make interest on the money.

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Posted by julz33

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Posted by ChristineC68

I really don't see the need to pay them so early unless the hall requires it.

We kept all of our wedding funds in an interest bearing CD or savings account. We figured we would rather make the couple of extra dollars in interest them let them hold on to our money when they didn't have to.

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We are doing small payments each month, but saving a big payment for the end. This way we make interest on the money.

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FH said the exact same thing to me when I was thinking about this and I thought it was really smart!! Another reason is at the end you tend to get a little extra bargining power ( esp since they dont have ALL your money just yet) like lets say you wind up having more people then you had garunteed... since you can garuntee a larger # of people (more $$ for them) sometimes they will throw in something for free... a shrimp boat or something

I would definitely NOT pay them off early. You should hold the $$ in an interest bearing account. If you give it to them, they'll just hold it in an interest bearing account and make even more $$ off of you. Also, there is always the risk of the place going under - probably slim, but you never know.

I know it feels good to have it out of the way, but it feels nicer to make $ off of your savings!

JMO

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Posted by MCDO15

i like the idea that things are crossed off the list and paid... Money is stressful and when i know i have it, i need to get it to the source ASAP. My hall is schudule to be paid in full 6mths in advance

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I know what you mean about crossing things off the list. You will still have the money, so you can cross it off the list of things to save for. It is just a matter of actually giving the money to them.