Wedding Loan

Ruby_Styles
Ruby_Styles Posts: 4 Newbie
in Loans
Considering a loan for our wedding. Maximum 10K. The problem we've had is buying things month to month means we aren't able to pay for things right away when we find stuff we love and are having to wait for each pay cheque before putting down deposits and payments.

What are your thoughts for a wedding loan? Is it worth it?
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Comments

  • Mojisola
    Mojisola Posts: 35,557 Forumite
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    Ruby_Styles wrote: »
    What are your thoughts for a wedding loan? Is it worth it?

    No. If you can't afford stuff upfront or save up, change your ideas and plan a cheaper wedding.

    Living paycheque to paycheque and planning to spend £10k on a wedding isn't sensible financial planning. :(

    It's the life together that's important, not that one day.
  • cajef
    cajef Posts: 6,266 Forumite
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    Planning to start married life with a £10k debt not a very good start, have a cheaper wedding and enjoy the day without any big financial worries.
  • D_M_E
    D_M_E Posts: 3,008 Forumite
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    By the sound of things you are already spending near to what you have coming in, so why waste so much on a single event which you can organise for a few hundred and can easily be done for under £100?

    Also that £10k spend could be looked at as a possible deposit on a home together.

    Why do you want to start your life together with such a massive debt from day 1?
  • Robin9
    Robin9 Posts: 12,091 Forumite
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    Ruby_Styles wrote: »
    The problem we've had is buying things month to month means

    The only things you need to buy month to month is food - material things wait until you can afford it.

    Save up - go without those nights out, those holidays .
    Never pay on an estimated bill
  • frugalmacdugal
    frugalmacdugal Posts: 10,077 Forumite
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    Hi,


    no, no, don't you might be split up before its paid back, and then the aggro starts.
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
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    Try saving £300 a month for at least 6 months - if you cant then you wont be able to afford a loan. If you can then you will have £1800 head start.
  • dawyldthing
    dawyldthing Posts: 3,438 Forumite
    I'm another for either saving up or doing it on the cheap.

    It's called deferred gratification.

    That £10k loan could cost you another £4K in interest and for what - to show off. Folk will be more happier sharing your day no matter what if there proper friends.

    Other option is to set a date for 2 years time or so and get an extra job and save all the extras, give up holidays and treats for the next 2 years
    :T:T :beer: :beer::beer::beer: to the lil one :) :beer::beer::beer:
  • poppasmurf_bewdley
    poppasmurf_bewdley Posts: 5,909 Forumite
    Name Dropper First Post First Anniversary
    I'm another who says a big 'no' for a wedding loan.

    The wedding lasts a day, and just the thought of spending £10k for one day makes me shudder. It wouldn't matter if you had that ten grand lying about doing nothing, but to put yourselves in hock when it sounds as though you are already beginning to struggle makes no sense at all.

    You don't have to start married life with new everything. Mine started with whatever we could beg, borrow or steal, and we left new items until we could afford to replace what we had.

    Remember that a secondhand washing machine can cost £75 whilst a new one can be £300-400. The same for a fridge freezer.

    And a meal for a dozen friends and family at MacDonalds will be £50, or at a five star hotel £5k with a reception.

    My wedding day cost me £400, and that was for about 40 people. We were just as married as if we'd spent £4k. And as an aside, I know where the divorce decree is, but I don't know what happened to the wedding photos, but I'd still paid for them.
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    It's about the marriage.

    Not the wedding.
  • SnowTiger
    SnowTiger Posts: 4,458 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Ruby_Styles wrote: »
    Considering a loan for our wedding. Maximum 10K. The problem we've had is buying things month to month means we aren't able to pay for things right away when we find stuff we love and are having to wait for each pay cheque before putting down deposits and payments.

    What are your thoughts for a wedding loan? Is it worth it?

    It costs £120 to get married where I live:

    Notice of marriage/civil partnership £35.00 per person = £70.00
    Fee for marriage ceremony/civil partnership £46.00
    Certificate of marriage/civil partnership £4.00
    Total £120.00

    What would you spend the remaining £9,880 on?
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