Do we get a loan for our wedding?

andy.m_2

Try not to start the rest of your lives together already in debt.

Janie4Now

And think how much you'll enjoy the lower mortgage repayments if you save the money for a deposit instead of getting a loan.....and how long for!

Truly, if I had known then what I know now, I would have saved the money instead and put it towards something more useful!

thelittlestranger

I really want to thank you all for your advice. I think I like the idea of picking and choosing advice from a few of you!

I'm going to sit down hopefully later on today and see what exactly we need to pay and when by. Maybe it won't seem so bad then!

My option would of course be no loan, so I will see what to do.

I'm open to the idea of a credit card (i think!) although I'm a bit scared. I know that sounds a bit daft but I have NEVER had a credit card, or even any store cards. We've only ever had a current account/savings account with a debit card! Where would I start?!

chocoholic_chick

We started saving for our wedding before it was even booked and managed to pay for it all without having to take out a loan. If you do a SOA ( either for yourself or to post on here for advice ) then maybe you could see if there are places you can save money to put towards your wedding fund? I can't help but think I'd kind of resent still paying for my wedding years after I had had it! Or you could see if there are ways to up your income, selling things on ebay, survey sites etc

A 0% credit card is a good suggestion, but only if you have the discipline to pay it off monthly like you would a loan before the 0% intro period is up.

fracturedsun

If you've never had a credit card before you probably have a very limited credit history. So you may struggle to get credit from lenders who have never dealt with you before. But your existing bank will have more information on you so are more likely to give you a better deal. If I were you I would ask them for a credit card first, if they say know you may have to go for one of the sub-prime lenders (which will unfortunately probably be at a higher interest rate). If you can pay off the full statement amount before the due date each month then it the interest is irrelevant otherwise you will want to get the lowest interest possible.

On the plus side having had a credit card that you manage well (no late payments or going over the limit and able to repay it) will actually improve your chance of borrowing in a few years when you are looking for a mortgage.

Lou67

I wouldn't actively endorse borrowing money, but £4K is not a lot really and on a £30K joint salary, you would soon pay it off. But if you *can* save it, then that would be better. That said, borrowing small amounts and paying it back quickly improves your credit record.

InsideInsurance

Sounds a silly way to start married life!

Given the stigma of unmarried couples is long gone if you cannot save enough in time for this year why not get married later?

geoffky

We went to a wedding last week at this hotel and the poor bride and groom were stupid enough to pay £125 per person for the sit down meal....usual stuff but then came the dessert...two profiteroles and choc sauce...oh how i laughed...:):):):)

mlp

To save £4k in 12 months means putting £333 away each month. Surely not unreasonable for a couple earning £30k with little or no other outgoings?

Think of it as a team building exercise ;-)

Or do what we did and get married in secret on the cheap (£300 including rings), then we blew the £5k we had saved on quality furniture for the house.

bouncydog1

Lots of things for a wedding don't have to be expensive. Could you involve friends/family in the planning? One wedding we went to involved:-
friend made the dress;
another provided bridal party car;
another the wedding cake;
someone else did the photos;
bride and friends made the invites, order of service etc.
reception was in a lovely setting where the venue provided the food but let the bride/groom provide the drink (which they bought cheaply on a day trip to France).

For another couple they had an account at the travel agents and everybody contributed to the honeymoon.

Lots of ways of having a fabulous day, involving all of your friends, without starting married life in debt. Best wishes to both of you, you do sound very sensible with your money and appear to have already learned the lesson of living within your means.