Okay, so my parents are HELPING pay for our wedding, but not everything.... We are trying our hardest NOT to take out a loan, I've opened a separate checking account JUST for the wedding and my entire paycheck basically goes to it, but I was just wondering what and how everyone else is paying for theirs? Loans? If so, what types? Just in case things get tight towards the end.
FuTuRe MrS MaZz
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Re: Wedding Loans
do whatever you have to do to NOT take out a loan... i think you'll regret having to pay back so much money and racking up the interest while you're at it....
you really can have a budget wedding without it looking tacky... you just have to do tons of research on all your vendors
personally, we are very grateful to have the wedding paid for us... but you better believe that i tried to get the best deals possible so we would have $$ leftover
BRIDE62610
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Re: Wedding Loans
I am getting nervous b/c I see the pricing for photog/video/dj, etc. I am okay with the reception b/c I can do that in payments, but the rest of the stuff is making me nervous, lol. Can you negotiate pricing on all of them? The prices I see on their websites are what get me nervous, lol.
My flowers & cake are included w/ my RH, I need my bouqet and the girls, and the guys, etc, and then photog,dj,limo.
jenturch
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Re: Wedding Loans
Set a budget and figure out how much you need to save each month.
Panamasweet
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Re: Wedding Loans
My parents helped some and from what they gave us we were able to put down a deposit on each vendor. I purchase something every time i get paid. We definitely are not taking a loan
Many vendors will work with you if you have a budget. You have to get just a 1man DJ instead of a 2 man team or maybe 1 photographer and no video. You can also cut cost with using cheaper flowers and having smaller bouquets.
ellie424
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Re: Wedding Loans
FH and I are paying for most of the wedding and all of the honeymoon. We are not going to take a loan out -- we're each putting aside money each month.
FuTuRe MrS MaZz
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Re: Wedding Loans
Posted by BRIDE62610
I am getting nervous b/c I see the pricing for photog/video/dj, etc. I am okay with the reception b/c I can do that in payments, but the rest of the stuff is making me nervous, lol. Can you negotiate pricing on all of them? The prices I see on their websites are what get me nervous, lol.
My flowers & cake are included w/ my RH, I need my bouqet and the girls, and the guys, etc, and then photog,dj,limo.
look into all my vendors that im using... they all have phenominal pricing and positive reviews! and yes, you can negotiate with everyone!! for ex, for a photog, you can get cheaper pricing if you dont include albums (seriously, you can make awesome leather books on shutterfly for a fraction of the cost).... If you see you dont need to have something that is in a package, ask for it to be taken out and the price lowered... everything can be customized
mag2010
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Re: Wedding Loans
Do your best not to take a loan, you will regret it in the end. Set a budget and stick to it, cut your list down as much as possible, do your research on vendors and negotiate. Remember it is one day and make the best of it with what you can afford.
My FH and I are paying for our wedding on our own, family members are not contributing a dime. I am keeping my guest max 110 and no bridal party. My plan has been to keep it simple and classic. I want to live comfortable before and after the wedding.
MrsCtoB
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Re: Wedding Loans
You should open an ING account. It earns you 1.5% interest which is great!
We've been saving as much as possible. I haven't shopped since November (which for me is an accomplishment in itself!) Good luck!
gonzalezm3
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Re: Wedding Loans
FH and I are paying for our wedding on our own - no help. But we put FH check toward the wedding and live off mine. He has taken out a second job too.... We are trying to not take out a loan.
gonzalezm3
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Re: Wedding Loans
Posted by MrsCtoB
You should open an ING account. It earns you 1.5% interest which is great!
We've been saving as much as possible. I haven't shopped since November (which for me is an accomplishment in itself!) Good luck!
I LOVE ING!!!! I have a checking, 2 savings, and 2 Roth IRAs. The high yield interest is GREAT in comparison to a lot of other places
bigsal
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Re: Wedding Loans
I would agree and say not to take out a loan. Cause then its added stress way after the wedding is over. My FH is paying for the bulk of the wedding (he has been saving for a while) and i'm going to do as many DIY projects that I can. Also-our wedding is in the afternoon and we have about 75 people coming. I'm trying not to charge anything either and I negotiate on everything. the worst thing that a vendor can say is no.
MrsCastanedain09
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Re: Wedding Loans
Do you have a 401K? You can always borrow from that- not ideal but you'll get better interest than from a bank loan and you're paying it back to yourself.
That's my advice, lots of people frown upon it but we're young enough (and the market blows anyway) where you will recover just fine.
Good luck!!! Oh! and the 401k loan is suggested in addition to saving as the other girls suggested. You can do it!
bigsal
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Re: Wedding Loans
Those are all good ideas - but, i'm not sure if you have to pay a tax penalty for withdrawing from a 401K , IRA or an annunity fund?
MrsCastanedain09
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Re: Wedding Loans
Posted by bigsal
Those are all good ideas - but, i'm not sure if you have to pay a tax penalty for withdrawing from a 401K , IRA or an annunity fund?
If you do it as a loan from your 401K- no penalty...though that cash is added to your income and you may have to pay additional taxes at year end. Nothing too major.
If you take it as an IRA or 401K withdrawal then yes, there are early withdrawal penalties and taxes associated with that.
bigsal
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Thank you! That is good to know!!!
LaBellaVita622
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Re: Wedding Loans
my parents surprised us & are paying for the hall which is a tremendous help that I did not expect when we were booking..but honestly we're having a 2 1/2 year engagement & the wedding is on a Thurdsay. This cut our expenses in half becasue we're getting all of the vendors we want for great prices. That's the ONLY way we're able to do it...everything is so expensive..we're saving every penny really. There's no going out anymore, no big dinners, or gifts or vacations. People think we're crazy but it's worth it to us...& PS I am the queen of credit card debt, shopping, & school loans on top of it, so for me to be able to save money is absoultely amazing...but definitely don't take out a loan!!!
MikesBride2B
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Re: Wedding Loans
Please please please don't take out a loan....everything can be negotiated and honestly I'm sure many other vendors will allow you to have a payment plan as well.
You can cut your photography cost by not getting albums right away...this is what we are doing. We are only getting a hi-res CD with all our images and printing rights to them. Once we can afford it we'll go back and get an album or make one ourselves. (If you are interested in our photographer FM me, they are very reasonable )
For flowers you can make sure to choose flowers that will be in season around your date so that you can keep the costs down.
We are not using limos so that cuts the cost as well.
There are so many cost efficient ways to have a beautiful wedding and the girls on this site have really creative ideas. Don't start your marriage with debt from the wedding!!
