Reply
Contributor
Isaiah2990
Posts: 86
Registered: ‎04-28-2012
0

Wedding debt..

So me and my gf were talking about marriage and how much wedding expenses would cost..she said no more than 10k.. in my opinion I feel that it will cost more than that and I think that is too much already..we already have to pay back student loans when we graduate, I feel like this will be adding on to it..she says her parents and grand parents will help pay for it..but I honestly don't see anything wrong with getting married at a courthouse and then having a really nice reception and honeymoon..and I wouldnt want it to be a financial burden on them anyway..what are some good suggestions ?

Starting Score: FAKO EQ 497 EX 516 TU 517 (4.28.12)
Current Score: FICO EQ 587 (9.29.13) TU (GECRB) 596 (2.19.13) EX (USAA) 482 (3.12.13)
Goal Score: 700 all across the board!
Senior Contributor
drkaje
Posts: 3,485
Registered: ‎07-25-2008
0

Re: Wedding debt..

Posting from my iPhone so please excuse any typos or brevity but..... Taking on $10K+ more debt for a wedding, with a 591 score, and expecting erring gifts to offset eloverspending would be foolish. If that's her idea of handling finances you two should really have a long talk right now. After a wedding people start talking about houses. Do what you can afford and avoid starting out a new marriage with excess debt.

Starting Score: 675
Current Score: EX 754 FICO, EQ 737FICO
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Contributor
Isaiah2990
Posts: 86
Registered: ‎04-28-2012
0

Re: Wedding debt..


drkaje wrote:
Posting from my iPhone so please excuse any typos or brevity but..... Taking on $10K+ more debt for a wedding, with a 591 score, and expecting erring gifts to offset eloverspending would be foolish. If that's her idea of handling finances you two should really have a long talk right now. After a wedding people start talking about houses. Do what you can afford and avoid starting out a new marriage with excess debt.

We aren't getting married any time soon.. we were just talking about it and how much expenses would come up too...I wouldn't get into a marriage knowing my credit isn't good, this is one of the MANY reasons why I am working on fixing it..I just honestly feel like $10k for a wedding is a waste.


Starting Score: FAKO EQ 497 EX 516 TU 517 (4.28.12)
Current Score: FICO EQ 587 (9.29.13) TU (GECRB) 596 (2.19.13) EX (USAA) 482 (3.12.13)
Goal Score: 700 all across the board!
Senior Contributor
drkaje
Posts: 3,485
Registered: ‎07-25-2008
0

Re: Wedding debt..

You're right. Sadly, most end up convincing themselves this will be the only time they take on excessive debt and trade peace of mind for a SO's happiness. :smileyhappy: if you can really afford $10k on a wedding reception, it's still likely a waste but at least interest won't be tacked on top. :smileyhappy:

Starting Score: 675
Current Score: EX 754 FICO, EQ 737FICO
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Senior Contributor
drkaje
Posts: 3,485
Registered: ‎07-25-2008
0

Re: Wedding debt..

I misread your score earlier. No way, dude.

We have the same first name!! I go by a nickname of my middle name, though. Isaiah was always too formal and difficult for me to spell as a kid.

Starting Score: 675
Current Score: EX 754 FICO, EQ 737FICO
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Contributor
Isaiah2990
Posts: 86
Registered: ‎04-28-2012
0

Re: Wedding debt..

I wouldn't blow 10k on a reception either..if her family is paying for it that's fine..but I refuse to take out loans for it...and my middle name is Isaiah..I really didn't embrace it until high school lol

Starting Score: FAKO EQ 497 EX 516 TU 517 (4.28.12)
Current Score: FICO EQ 587 (9.29.13) TU (GECRB) 596 (2.19.13) EX (USAA) 482 (3.12.13)
Goal Score: 700 all across the board!
Senior Contributor
drkaje
Posts: 3,485
Registered: ‎07-25-2008
0

Re: Wedding debt..

"Jake" is short for Jacoby. I tried very hard to use a proper name, professionally, but gave up.

Ho is the fiancée with financial management in othe areas?

Starting Score: 675
Current Score: EX 754 FICO, EQ 737FICO
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Contributor
Isaiah2990
Posts: 86
Registered: ‎04-28-2012
0

Re: Wedding debt..


drkaje wrote:
"Jake" is short for Jacoby. I tried very hard to use a proper name, professionally, but gave up.

Ho is the fiancée with financial management in othe areas?

fiancee ? naw..I don't plan on popping the question until we're close to graduation lol ..and she says she has no lines of credit..she has a part time job on campus though.


Starting Score: FAKO EQ 497 EX 516 TU 517 (4.28.12)
Current Score: FICO EQ 587 (9.29.13) TU (GECRB) 596 (2.19.13) EX (USAA) 482 (3.12.13)
Goal Score: 700 all across the board!
Valued Contributor
IOBA
Posts: 2,659
Registered: ‎08-13-2009
0

Re: Wedding debt..

DH and I just got married at the preacher's house.  We dressed nicely, had the ceremony, just us.  I think he took the certificate into another room for his wife and friend to sign as witnesses.   We thanked him, left, and went to our favorite restaurant for lunch.

 

No friends or family.  No gifts.  No honeymoon.

 

It's not anyone elses job to get us started in married life - it's ours.   And if we can't afford to do things together, like start a life without going into debt or depending on others to pay for a start, we won't do so well starting.   We might improve later on, but then again, maybe not.

 

So we choose to do the path of self pay.  

 

As for the honeymoon, we thought the purpose was to get our jiggy on.  Well, sheez, we can do that at home.  :smileywink:   Why spend hundreds or thousands to pay for a different place to do that??

 

Just our story...

Frequent Contributor
cassembler
Posts: 470
Registered: ‎02-07-2011
0

Re: Wedding debt..

[ Edited ]

My wife and I both agreed before and after the wedding we would have preferred to elope. However, the wedding is really more for friends and family than the bride and groom. Ask most folks who have been married - the ceremony and reception go by really fast, and then you wake up thinking, "That would have been a nice down payment on a house!"

 

I'm also old-fashioned - father of the bride should pay for most (if not all) of the wedding, unless there are circumstances preventing that. The budget in that case is between bride and father, and the groom basically says, "Whatever you want dear," and makes it happen.

 

Regardless, you can do a great ceremony and reception for cheap, and it will arguably be just as much fun. Stock up on disposable cameras and cheap wine and champagne, for an open bar. This ~$500 expense guarantees all of your guests will be happy with whatever else there is :smileyhappy:

 

$0.02

"Credit is purely a cash flow tool. Thinking of credit as extra money you didn't have before makes it an EXPENSIVE cash flow tool."

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+