I wouldn't take out a loan. I would just book what you could afford.
I agree!
snydl40
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Re: what do u think....................
I agree, I would never take out a loan for a wedding-a car -yes, a house-absolutely, a wedding-not necessary.
Summer07Bride
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Re: what do u think....................
I personally would not take out a loan, but if you must you must. I knew how much we could afford and cut corners however possible. After all is said and done we will probably be within a few hundred dollars more or less of our budget. You need to budget BEFORE you see vendors and if you underestimate a vendor then you have to cut somewhere else. A wedding is only one day and you do not want to have to be paying it off for two years. Those payments could go towards a house. JMO
Espo22
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Re: what do u think....................
Honestly, try as hard as you can NOT to take out a loan...like someone else mentioned either move your date or get rid of excess things or really budget.
YES you can pay it off after your wedding but first off you need to keep something in mind, after the interest you are basically going to pay just about double for whatever you paid for, is it worth it to do that? loan interest can be high, look at the interest rate per year, if its 18% then you will be 36% interest in two years on that loan. Wouldn't you rather keep whatever money you receive at the wedding and put towards a house or something instead of paying off a loan.
Listen life is full of surprised and the unexpected always happens and at the worst moment too...what if god forbid around that time you needed money for a surgery or health reasons, or even like it happened to us, we had to go pay our RH and fh got into a car accident and had to pay alot of money...things happen and what if that money after the wedding you cant use towards the loan...You're gonna end up really hurting yourself.
THis is not the way you want to start off your life together by being in debt.
Summer07Bride
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Re: what do u think....................
Also - you do not need to book your vendors now. I am getting married this July and only booked the bulk of them (photographer, florist, limo, makeup/hair) in January and February. I suggest you wait until you see what your situation is in a few months. You have more than enough time and then you can make a more educated decision.
nmagel
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Re: what do u think....................
I wouldn't. That's just one more bill for later. Just keep saving. Save coins, and if you can, whatever is left over from one paycheck, put in savings. Also, my photographer is letting me pay 1/2 the total due after I get back from my honeymoon.
2Be1
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Re: what do u think....................
I’m sure it is not uncommon, but we would NEVER do it. Between the two of us we have enough damn student loans to pay back If circumstances had prevented us from having the type of wedding we are paying for now then we would have considered a DW, someone’s backyard or even the justice of the damn peace before we would ever think of entertaining that idea. However, I can only discuss what’s best for me and my FH, you do what’s best for you and yours.
Snickers76
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Re: what do u think....................
I have been thinking about this too.
FH and I are already having a small wedding which we are funding ourselves. It was no problem at first, but then his mom got really sick and he had to start caring for her 3 days a week, which has put a strain on his practice.
I thought about taking a loan from my pension or 401K (i work for the city, so you are essentially paying yourself back), but it just wasn't sitting right with me.
I just did some calculations and figured that if I cut +1 for some guests and axed some people I haven't spoken to in ages, I could save almost $2500 on the dinner alone!
I'm also going to try and get some per-session (i'm a teacher) at work and FH just got 2 new clients today. I am also cutting out excessive shopping and going bargain hunting for my veil, shoes and hair pins...
In the end, I don't think it will haunt you for the rest of your life to take out a small loan for your wedding, but weighing all of the financial options could shed a new perspective on your situation.
KellyDance
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Re: what do u think....................
I'm doing it! You have to do what you have to do. We cut back on things, but bought a house and there were somethings that I just didn't want to cut back on. I plan on paying off the loan with the money we receive from the wedding. If you feel that you can afford to pay it back after the wedding, you do it. If you feel that it will put a strain on things, then I wouldn't. But, personally, I don't know too many people who could actually afford their weddings unless their parents helped tremendously! As long as you are comfortable with it...then it's fine!
