Wedding loan : Dilemma

Salta19

Me and my partner are in the process of booking our wedding and working out all the costs for with extra allowances:

Our chosen date was in October 2018, now we estimate that we may fall short about £2000 for this date so would require a loan . However we could afford April 2019 without a loan.

This is the catch. The price increases for 2019 for our venue, catering and I'm sure most other things. This actually works out more costly than what the interest would be on the personal loan because of the low rates at the moment.

Having the loan we could also take say £5000 and spread it over 3-4 years making us struggle less to save each month for the October 2018 . In fact the repayments would come out of our bills joint bank account and we would hardly notice it just putting a little extra in every month.

I'm just pondering for some general thoughts on what others think and what they would choose to do .

Thanks in advance 😁

Fireflyaway

Congratulations by the way. I think I'd either sit down and see how I could cut bills in order to save extra or cut down the wedding costs or both. I definitely wouldn't take out a loan. You need just 2k more but are already talking about overspending by another 3k if you get a loan just because you can. 3 or 4 years paying back an event that lasts less than a day seems a waste of money.
I guess I'm just anti loan having been caught in a bad place before. Look past the big day and being debt free will probably be more advantageous.

Grumpelstiltskin

Why do you feel you have to spend money you don't have on just one day?

Marriage is not about chair covers, free bars, photo booths, favours etc.

You don't need all this stuff, none of the guests will remember any of it in 6 months time.

It's an old proverb but cut your coat according to your cloth and under no circumstances take out a loan to pay for all of this stuff.

Also people have found that the loan repayments have lasted longer than the marriage.

So have a rethink and adjust your budget so you only spend what you have.

GarthThomas

How about, to use an apposite phrase, you cut your cloth according to your means?

Borrowing money for a wedding is madness, why would you start mari!e life in debt just so that you can have one "special" day?

Yes, your first wedding can seem like a a big thing heading in to it, but that fades next to the realisation that you've blown so much money on it and still have months or years of payments to come.

How much are you planning on spending anyway, if you have to borrow £5,000? It implies the wedding itself is even more.

Robin9

You can get married for under £500

It's one day

Salta19

The cost is looking around £15,000

I understand that it could be done cheaper cost but it could also be a lot greater . We are looking at the middle ground after finding avenue we both love .

The main concern was that was it worth postponing the date and paying more so to not get the loan even thought it works out more expensive than the interest. I probably used the word struggling as an overstatement . With moving into our first home and having all the work done to it . We have only started saving for the wedding this month . Giving us 14 months before almost the full balance would be due.

GarthThomas

Jesus. I hope you've already bought a nice home together and have a substantial emergency pot then. I've known people who borrowed for wedding before doing either, and the main subject of conversation at the event was how everyone thought they were being very foolish.

i work in banking, most of. My friends there earn mid six figure salaries. None spend as much as you are planning to do on a wedding.

Kayalana99

Salta19 wrote: »

The cost is looking around £15,000

I understand that it could be done cheaper cost but it could also be a lot greater . We are looking at the middle ground after finding avenue we both love .

The main concern was that was it worth postponing the date and paying more so to not get the loan even thought it works out more expensive than the interest. I probably used the word struggling as an overstatement . With moving into our first home and having all the work done to it . We have only started saving for the wedding this month . Giving us 14 months before almost the full balance would be due.

I'm with the above, but at the same time it's your money and if you want to spend £15,000 on a day then that's your choice.

You can get a 0% interest credit card that you need to pay back over 2 years (then you can balance transfer it at 3% charge) much less hassle then getting a loan and breaks it into monthly payments for you.

I do agree if it's going to cost you more in 2019 then you are thinking the right way about it, but whether it would actually cost that much more I wouldn't think it would.

Grumpelstiltskin

OK So you say you have found a venue you love, even so if you can't afford it either look for somewhere cheaper or cut back on the guest list and extras.

Now what god forbid. would you do if the venue burned down or went bust 2 months before the date?

You would have to find somewhere else that wasn't the place you fell in love with.

There is too much emphasis on a lovely venue why?

ceb1995

Don't take out a loan for your wedding, either get a 0% card for the shortfall or find ways to cut the budget down. Something as simple as getting a non designer dress would save you hundreds of pounds as would going without chair covers.

GarthThomas

As I've just said on another thread, I sometimes see such differences in attitude between different classes of people that I wonder if we are splitting into different species now.

Fifteen thousand pounds, for a party, on borrowed money!

My wife and I had a wonderful day, a service with just the two of us, and friends round to a very nice bar afterwards, for under a thousand pounds. A day's wages, and the memories will live with us forever.

This included some food, all the drinks, transport, the lot.

Sorry, I'll stop now, I'm aware that I'm peeing on someone's chips, but some people you just want to grab by the shoulders, and try to help,them to see sense.