Should I pay now?

Lexxi

Back in January I budgeted £5000 for the wedding, then we moved and I decided to re work the guest list instead of the budget as things were more expensive. I have exactly £5000 in my bank - accross a few accounts. I have been using the excel spreadhseet and added a few extra columns of 'spent so far' and 'outstanding' the estimate comes to £5500, the actual comes to about £3800 with £3200 outstanding.
The job OH started hasn't worked out so we're both out of work atm, he has a few interviews lined up. Trying to save up and keeping moving and settling and planning etc is really stressing me out, would it be a good idea to pay people off now? People like the church, cars, hotel, etc?
I don't think I've included all the smaller things in my budget, or I think I've come a little short on my estimates but I don't particularly care about decorations if we can't afford them. The only big things we haven't got a price for is OH ring and a DJ.
I just keep looking at my bank account and panicking thinking it's not enough, I just think if I settled up with some people then at least I know it's clear and that amount isn't owed out. I'm just not sure if there would be any risks or downsides.
Sorry for yet another long rambling post!

mimosaurus

i'm trying to pay as much as possible now because i know that in the last month we've got the venue to pay for which will be a huge cost.

i don't really have the money to pay for things now, but i figure that if i don't spend what little i do have now on wedding things, it'll only end up disappearing on something else!!

so personally, i would go for it - pay up as much as you can in advance and try to budget for the last payments.

good luck

Alyssa_C_2

I've been trying to 'pay as I go' as well.
I'd say pay it, but your choice. : )

floss2

Why not move all the monies for outstanding bills to one account, so you know that it is there, and then what is left can be used for any extras.

Don't forget things like hairdresser or make-up, nails, undies, settling any overnight hotel bill, taxis, drinks & incidentals on the day.

We have 2 accounts between us with enough svings in, and currently have paid just over 50% including half the reception bill and all the ceremony venue & registrars fees, with approx. £2,700 left to be paid.

Dinah93

Do you have wedding insurance? If not don't pay out anymore than you need to early on as if anything goes wrong you won't get it back, and just stick all the wedding savings in another account seperate from day to day banking.

Lexxi

Thanks for your help.
I have an ISA where the bulk of the money is
I have a regular saver as it is good interest for money that we are putting away each month - better than if it went straight in the isa
I have an account that I have been transferring to if I need to pay for things - deposits etc
Then I have an account where the wages go for bills/savings to go out.

How come wedding insurance won't pay out if I pay up early on?
I was just thinking of paying for the big things now but I guess it's not just if they go bust is it?

It loooks like our venue, which is the biggest cost will come in at under £2000 - thats for meal, drinks, toast, our rooms.
Because things were a bit unsteady financially I wanted to book things in order of importance, to make sure we could afford them, now I just want to pay for them to see what's left and what we can afford for any extras.

bubbles0169

i think dinah means if you DONT have insurance you wont get any money back but if you get insurance your ok to pay things off now as its covered

every policy is different so just read all the terms and conditions first

Dinah93

Can't you just budget with a spreadsheet or just a pad of paper? The money is better in your pocket earning interest or there in case of emergency. Just write down all the costs, set aside that much, and anything left over can go on extras. Even with wedding insurance I wouldn't pay out before you have to as should anything happen you won't get the money back immediately which may mean you had to delay the wedding. Obviously thats a worst case scenario, but the money really is better with you than anyone else.

olliebells

I would recommend paying the deposits only .. Stick the rest into a bank account .. Don't mean to sound negative but you never know what will happen !

Sammy85_2

There are a few benefits to paying off now :

- Some suppliers offer discounts if you pay up early. It is worth asking for one even if they dont advertise a discount.
- You wont be tempted to spend it
- you will avoid the VAT hike in the new year on whatever you pay off now (a worthwhile saving if your money is sat in a low-interest account)


Just make sure you have the appropriate level of wedding insurance incase the worst should happen.

x

sammy_wheeler

olliebells--- you are dragging a lot of old threads up- please look at the date before you comment