I'm paying for my wedding myself

I agree with others borrowing for a wedding is ridiculous. I could see if it were an emergency but seriously. Cut your guests list and have the wedding you can afford. Pulling money from a 401k is idiotic.

You don't get taxed on it and you pay yourself back and make interest on it so why not use it and make money at the same time. It's a win win

Taking out any loan for a wedding is ridiculous. Taking a loan out of your 401k is short-sighted and stupid.

Once you have money saved in an IRA or similar, it's really ridiculous to take that money out to pay for a party. Even a life changing party,

YOU DON'T GET IT.

Not that I'm surprised.

It's NOT a loan. You don't pay any fees. A loan you have to pay interest. With his you pay nothing!

Lol I cant with this one!!!! AMAZING!

If you really don't understand why you shouldn't take from your retirement savings to pay for a wedding, you're too immature to get married.

Or really fucking dense.

Or both.

Okay what you guys aren't getting still is he pays that money back so he can retire with the same money he had in, not losing any money but making more money by doing this.

I'm guessing there will be a surprise ending to this next year when they go to do their taxes...99.9% of these plans don't let you take money out without some sort of penalty.

And you completely contradicted yourself with these two statements: "You don't get taxed on it and you pay yourself back and make interest on it so why not use it and make money at the same time. It's a win win" AND "It's NOT a loan. You don't pay any fees. A loan you have to pay interest. With his you pay nothing!" If it's NOT a loan then why do you have to pay it back? That is pretty much the definition of a loan...

We live in NY so as you know everything is expensive we are getting married next june and got engaged in january. We both put aside 1000 a month at this point we have raised close to 20000. Paying everything cash so we arent getting into debt thankfully.

Do you not get how math works?

If you knew how to read you would have read that it's to fall back on just incase

I have been saving for years before FH and I even got into a relationship. I have an account separate from my savings and checking at the bank that I had put money into and ended up saving a lot throughout the years. Currently, FH and I each are putting $4,000 a month into this account ever since we got engaged and after our 14 month engagement we should have about $56,000 saved up, plus what I had been saving all of these years. We more than likely won't even have to touch my savings since our wedding budget is about $50,000, so we can continue to save it and put more money into it as a college savings fund for our kids one day. Ever since I was young I have had it drilled into my head the importance of saving, so saving is extremely important to me.

ETA: I just read the comments about pulling from a 401k and all I have to say is yikessss....as someone whose family works in the finance industry it is making me cringe. You should never borrow money or go into debt over a wedding. Find ways to cut or make more time to save. Your 401k is your retirement savings, not just money you can go in and grab at anytime to use for fun. I can't even touch mine until I am 59.5 years old.

Ohh getting salty I see.

Our engagement is 22 months long, but have been aggressively saving since February. I started working 1-2 shifts of OT, and FH took on a part-time job on the weekends. I already had a fair amount in savings which we used for all down payments. We're looking to have saved approx $25-30k, our budget is $45k with honeymoon.

OGK- just a little.

#PPS

If you guys read what I wrote FH is able to barrow against his 401k. We save 800 a week for our wedding. So mostly we don't need it. It was a fall back plan just in case something were to happen where one of us were out of work or lost our jobs. It's a fall back plan!

I was about to have an aneurysm until I got halfway through page 2. DO NOT TOUCH 401K MONEY. Yes, I needed to yell that. While @GeeQT doesn't seem to get it, all the lurkers out there should know that this money should be off-limits for many of the reasons that previous posters have outlined. The financial future of you and your FH should take priority over a one day party. Your wedding will be beautiful and important and special, but remember that all you really NEED is the license and a legal ceremony. Absolutely everything else may be important to you, but it is still a WANT. ETA: words

Oh Gotcha!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!