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Financing a wedding? |
How do people usually pay for a wedding? I'm getting married in a little over a yr from now and I'm feeling overwhelmed. Unless you knew you were going to marry since you were born i don't think anyone saves for this occasion, do they? We have some money saved but would rather not spend all our savings on the wedding although we do want it to be a great wedding. We are completely financing the wedding ourselves so no outside help. Do people have to pay all expenses, reception site, caterers, photographers, florist, all up front or do they allow you to make payments up to or even after the event? Do people take out loans? I don't borrow money from friends or family so that is NOT an option. If I invest what i have in aggresive stocks I may come out with nothing in this crazy economy. HELP! Yes, all places will require an up-front, non-refundable deposit and require payment in full a week before the wedding. As the last poster said, find a place to save - make coffee at home; don't go out to each lunch/dinner, etc. Cash in your recyclables (bottles, cans, newspapers). Commute to work with others to save gas (carpool). How big a wedding do you want to have? Is the ceremony more important or the reception (assuming you had to choose between the two)? How many guests do you plan to have? How many bridesmaids/groomsmen? If you have a wedding on a Friday evening or Sunday, it's usually 1/3 to 1/2 the price of a wedding on Saturday. You can rent the gown, rather than buy. Florist - you can always get flowers from Costco or the grocery store (they are a lot cheaper than a wedding florist). pay in cash, most venues will require full payment by the date of wedding, but u could pay as u go if u start now, Why spend your life savings on one day? It is your day, do what you want and don't worry about appearances. Have an afternoon, outdoor wedding with finger foods and appetizers instead of a sit down meal. Have a close friends and immediate family only, this will save TONS of money. There is way too much emphasis put on the wedding and not nearly enough on the marriage. Have something small and casual and if people don't like it, who cares, it is your life. You are not here to please others. in most cases the brides parents pay. since you don't have that, go for something small and simple...why be in debt for 10 years for one day of party? 1. Under no circumstances do you go into debt for a wedding or use your entire nest egg. Of course it's important, but the reality is it's only 24 hours tops and has no value to get a return on your money. Most divorces are caused because of money issues so don't start yourself off on the wrong foot. 2. With most wedding vendors they will let you put down deposits and pay later, however you do have to have it all paid by the day of the event. It's not like financing a car, if they work wedding day and you decide to screw them over they have nothing to take back. They can't ask your guests to puke up the food, or unexpose the film..... You have a few options. a. You can get a second job on the weekends to raise funds b. Trim some of the fat from your budget. That morning starbucks at $5 each....well do the math. 5x7= $35 a week. 4 weeks in a month and you suddenly have saved $140. 12 months out of the year and you have $1,680 saved! Other little things like switching from name brand to store brand at the gocery store, cleaning out the garage and having a sale can all add up much quicker than you think. Dont go over board on a wedding. I know its a big day but it can lead to financial disaster. Plan a small wedding, have family members all bring a food dish to help out with the reception, have a friend take the pics. You can have a good wedding and have a cheap on that will look good. It would be crazy to take out a loan for a wedding but people do it all the time. Dont start your marriage off in debt. You do know that the biggest reason for divorce is over money right? we paid for our wedding ourselves, too. most expenses we paid up front (reception hall, food, photographer, etc.). i know a friend who took out a loan for her wedding. the wedding was posh, but they divorced before they finished repaying the loan. we saved a lot of money by doing things ourselves and cutting out "extras." also, even though you don't want to borrow money from friends/family, they can be a lot of help. my sister (an artist) made my table centerpieces with junk we bought from a second hand store. one of my friends did my and my bridesmaid's hair and nails. one of my brothers (an accomplished guitar player) did the special music. we splurged on the photographer--after all, what's the point of spending $1000's on a wedding and having no good photos of the people who were there. word to the wise: if you're having a friend dj your reception, make sure he knows what he's doing. :-) that was the only black mark on the whole day (he began our first dance with "sexyback" by justin timberlake instead of the song i'd selected--turned out he didn't have any of the songs i'd selected so he'd conveniently substituted them with his own choices. loads of fun.). |
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