about taking out a loan for the wedding? even though my parents are helping us out w/ the hall, its still alot of $$ or do u think its crazy? it will only be a 2 year loan. every month we will pay something of it but its not like we wont pay it but the end of next year it will be payed off- what do u think?
missalissa
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I don't see why not!
KADJLC
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I wouldn't take out a loan. I would just book what you could afford.
erdbeere
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I don't think its too uncommon...we're trying to avoid having to do so, but if it makes life easier I say go for it.
orchid08
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but i wont know how much we can afford since this is my last semester at school so i just wanted to make sure i book the vendors that i want b4 they're booked on my day!
ChrissynRicky
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To be honest, my opinion is that 'if you need to borrow $ from an 'outside institution' for the wedding - then it's time to reevaluate what you're spending/budgeting for.'
It's a great feeling to go into a marriage w/out debt - although it's tough to be 100% free of debt (student loans, credit cards, cars, etc.) it's best to pay the wedding off before the actual wedding. At the end of the night what you have is an amazing new start of a life together, but breaking it down - ti's a 5 hour party, and there's not guarantee that the monetary 'gifts' you receive will be equal to or more.
If you decide to put it on cc's w/low rates - go for it - pay it off a little at a time. But to take a loan out - you'll end up paying fees and it may turn out to be double from what you anticipated spending.
You can cut down on your packages and vendors and the 'small things.'
orchid08
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Posted by erdbeere
I don't think its too uncommon...we're trying to avoid having to do so, but if it makes life easier I say go for it.
i'm trying also to do w/out it but i thought it would easier instead of putting the wedding bills on so many credit cards- what do u think?
nifheim
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then change your date and wait longer or get rid of excess things for the wedding. If you parents are helping why do you need a loan? I am not doing this be a jerk but honestly its one day and for a few hours and a loan would really be insane to do and start out in life in debt for.
Fh and i have no family help for the weddinng and he earns 35k a year and i earn 22k a year (party time work/ student) and we both waited till 08 to be married and the only thing i used for a credit card is the depo for the photo/vid which is paid off. We might not do a honeymoon depends on when i go back to full time in may and what type of job i have in order to factor in a honeymoon budget. I only say these things not to be negative to you as a individual but really stress that a loan shouldn't be taken out for a wedding. Just scale down
Blondie77
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its important to me to start out my marriage debt-free but when i was graduating from college being debt free was NOT a priority - LOL!. debt is something you have to live and learn about (IMO). i say take out the loan if you are just going to put it on credit cards anyway.
btw thats not meant to sound preachy...take it from someone who has learned the hard way ...
Autumn08
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I know it sounds funny but if you hire a planner she/he may be able to help you get more bang for your budget buck.
acsm
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like someone mentioned above you'll be paying fees and then interest and then in the end it may not be worth it.. to secure vendors you like they dont ask for huge deposits, the big pieces come closer to the date.. the RH is the biggest deposit you'll have... and you dont want to add debt to some you may have if you have school loans...
if you're just graduating.. wait a yr til you are both settled... JMO
lizzynyu
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Since you are getting all postings against it, I'll let you know that FH and I are taking out a loan for our wedding. We are getting some help but not nearly enough...and yes i could have cut back on some things. But I honestly did not want to. We both have good paying jobs but neither of us have the cash to pay for everything up front. So we figure by taking out a loan, we can pay for everything and then pay the loan back at our leisure within the time frame. Personally, i don't think it is a bad plan. Sure you'd like to be debt free and if you can, awesome. I still have student loans to pay and credit cards to pay as does FH but we're taking out a low interest rate loan (FH has excellent credit) and we'll pay it back over time and then use some of the money from the wedding to help pay it off too. I think it depends on the individual you just have to be aware that there will be interest. Just my opinion.
MrsBrags7706
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I've heard of ALOT of young & older couples doing that...with their parents help or without. You can ALWAYS pay it back right after the wedding too....
SoontobeMrsO
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Not a good idea. Have the wedding you can afford.
AeroJenn
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Posted by ChrissynRicky
To be honest, my opinion is that 'if you need to borrow $ from an 'outside institution' for the wedding - then it's time to reevaluate what you're spending/budgeting for.'
It's a great feeling to go into a marriage w/out debt - although it's tough to be 100% free of debt (student loans, credit cards, cars, etc.) it's best to pay the wedding off before the actual wedding. At the end of the night what you have is an amazing new start of a life together, but breaking it down - ti's a 5 hour party, and there's not guarantee that the monetary 'gifts' you receive will be equal to or more.
If you decide to put it on cc's w/low rates - go for it - pay it off a little at a time. But to take a loan out - you'll end up paying fees and it may turn out to be double from what you anticipated spending.
You can cut down on your packages and vendors and the 'small things.'
Well said. Taking out a loan and going into debt over ONE day of your life is not a good way to start off your marriage. Personal loans have VERY high interest rates and (TRUST me...i know from experience) you end up paying almost DOUBLE what you applied for in the end. Theres no reason to do this and to be honest, its not a very financially smart decision. You're going to have SO many expenses once you get married -- things you may not even expect or realize right now. Don't go into the marriage already oweing money over a 5 hour party. What about when you have to pay your mortgage every month and when your student loans start to have to be paid back too? What if your car breaks down and you have to make a major repair (or worse, buy a new one)? With your loan payments due every month and interest capitalizing, you're going to find it very difficult to make due.
LaurenluvsTJ
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Posted by ChrissynRicky
To be honest, my opinion is that 'if you need to borrow $ from an 'outside institution' for the wedding - then it's time to reevaluate what you're spending/budgeting for.'
It's a great feeling to go into a marriage w/out debt - although it's tough to be 100% free of debt (student loans, credit cards, cars, etc.) it's best to pay the wedding off before the actual wedding. At the end of the night what you have is an amazing new start of a life together, but breaking it down - ti's a 5 hour party, and there's not guarantee that the monetary 'gifts' you receive will be equal to or more.
You can cut down on your packages and vendors and the 'small things.'
I agree with this - after the wedding is over and you are paying it back for 2 years (or more) later -you are going to be kicking yourselves that you did it.
HollyMac
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I wouldn't recommend taking out a loan. Why start out your life together in debt.
If you can't afford something w/ your parents help, you probably don't need or can cut a few corners for something similar.
GinaZ
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I personally wouldnt take out a loan from a bank. Maybe you could get a loan from one of your parents? This is totally up to you two though. The reason I wouldnt take out a loan is because Its not like it is for a house or school or something like that. it is for a party- and while it is an extremly important party, it is only for one day of fun. And do you really want to have to worry about paying that back every month?
GinaZ
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read this post- there are tips and links on there that may help you out.
I personally don't think its a good idea. If you have your heart set on getting married in 08 then you might want to cut back on a few things so you can afford it without a loan. There is nothing wrong with a long engagement when at the end of the day you don't have this additional debt hanging over your heads. It all comes down to whats more important to you, getting married next year, and possibly cutting back or going all out and not having to eliminate things you really want , which you might be able to do it if you wait a longer and save more money. JMHO. Its a tough decision but only you and your FH know what is right for you and your situation. Good luck in whatever you decide!
