Re: Wedding debt..
05-07-2012 06:40 AM
The stories I could tell.
My best friend just got married and he was convinced that he was doing everything the right way. He limited the budget for the wedding and gave up one concession... the wedding dress. They live in Puerto Rico (where there are PLENTY of beautiful dresses being sold) and she decided she wanted to come to New York to buy a wedding dress (just so she could brag she had a NY wedding dress). The dress cost him over 2K, plus the plane trip, plus additional expenses... The "dress" ended up costing him almost everything he had saved on the actual wedding/reception.
I already told my girlfriend that we are going small, conservative, family-type wedding.
I know that the day is all about "her", but in the end, you also have to be financially responsible. The worst thing anyone could do is overextend themselves and start out a life together in debt just because you wanted her to be happy for one day. And like others have stated, spending on a wedding while counting on the "windfall" of wedding money is a dangerous way to think. You could spend 15K easily and only get back 5.
I'm definitely not trying to be that guy..at least me and her had "the talk" before I even plan on proposing..I have to get my finances in order first.
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!