No we are desperatley trying to pay it off before. Are you counting everything? what about payments that can be made after the wedding? Like videographer or photographer?
I am really really trying not too. What we've been doing is putting away envelopes for each vendor...the photographer has to be paid before so i have his envelope already, videographer needs 1/2 and i have him done, dj done, and florist done but now we have the hall, limos, invites, wedding bands, gifts, RD and all the little things that are going to add up! I am starting to freak with 6 months left I don't know what we are actually going to do so I thought of the loan option in case because i refuse to use credit cards.
FH and I put our wedding money in an ING savings account. this way we are making a pretty decent amount of intrest on it but we can still take money out when we need it. You might consider doing this instead of keeping the money in envelopes where they are not earning interest.
We're making almost $40 a month in interest! It's not crazy but every little bit helps!!!
We did this too!!
enewedding
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Re: Wedding Loan
This is one of the main reason why we are having such a small wedding. I understand that for some people they have always dreamed of have a large wedding but for me i have always dreamed of owning my own home. And yes some people want both. But to me it is not easy so we picked the house.
We have a nice little nest egg saved (in an ING account with some in an ING CD) and we are spending half to pay for the wedding and hoping that in a years time we can replace it to buy a house. It would be great if we can buy a house before the market goes back up.
Also we are putting everything we can on CC and paying off right away to get the points.
Jenn04
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Re: Wedding Loan
Personal loans are hard to get these days unless you have collateral to put up. I would keep an eye on things and would try to borrow money instead of using credit.
GinaBambina08
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Re: Wedding Loan
I'm really trying to avoid taking out a loan, so if that happened to me and FH we'd try to cut things out...
Soon2BMrs.T
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Re: Wedding Loan
We have look into getting a wedding loan. But for now we are OK. But it has to be done it has to be done.
wundmoretime
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Re: Wedding Loan
We plan to take out a small loan and pay it off shortly after the wedding, with the gift money. We are hoping that the gifts will cover most of the reception costs, which is a pretty decent rate. We also started a business and FH is trying to get side jobs with his brother. FMIL and my mother are giving us a little money too. We really don't make enough to save that much. We are doing everything as cheap as possible.
MrsInglima
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Re: Wedding Loan
I've heard that HSBC has a good small personal loan company. I don't know much about it, but a couple people I know took out a few thousand dollars to help pay for their weddings.
FullersBride
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Re: Wedding Loan
Applying for a loan or multiple loans will affect your credit score and threfore possibly affect motgage rates etc for home buying purposes.
If you paid on credit cards that you already have it will not reflect as greatly on your credit score, espcially if you pay everythign off right after the wedding.
Remember that every time you apply for a loan or a credit card they run a credit check which lowers your credit score!
HTH!
Bride908
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Re: Wedding Loan
I know we are taking out a loan. We originally had the money but about 2 months ago FH changed jobs so we lost out on a chunck of it. I will probably borrow it from someone or charge the hall on my credit card and pay it right back after the wedding. I was really bummed at first..but now Im over it
Mrs. V 2008
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Re: Wedding Loan
nope!! we refuse..if we can't afford it we are dropping stuff off ...i have no credit card debt and don't want any either
sophisticat13
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Re: Wedding Loan
We just made our first two payments to RH and I know we will have to take out a (hopefully) small loan, which we hope we can pay off immdiately after the wedding! I have a co-op so the loan will be a home equity line of credit. We both saved a lot before planning the wedding but...is it ever enough LOL? I'm not looking forward to it but obviously the vendors want to get paid
leeserd
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Re: Wedding Loan
Although we have only been engaged since 4/4, we have been looking at RH's for a while now. We really like the Bourne Mansion but they have a $5k max for credit cards, the rest MUST be in cash. Shady right? but true all the same. We had initially planned to put alot of the wedding cost on a 0% card because we have good credit and high limit credit cards, but if the RH you like won't take it, it doesn't help much. MY FH is a banker so we are looking into a hard line of credit. Because of the state of banking and such right now however, it is more difficult than ever to get a loan. You need excellant credit and you must be able to verify your income meaning that anyone who works for themselves or is otherwise not a W-2 employee will have a very difficult time getting a loan right now and probably for the next few years to come.
