To take out a loan or not take out a loan that is the Question?

I would not take out a loan for a wedding. Starting your marriage with new debt, other than a home, is not a good idea. This will put a financial burden on the relationship right off the start. It is different if you are buying a home together. Save up until you can afford the wedding you want, or get married now and make concessions, but don't borrow money for it.

View Quoted Comment Okay, Thank you!

Plan the wedding you can afford. Dont go into debt for a wedding

I personally wouldn't take out a loan for my wedding, but that is because FH and I are able to cash flow it just fine without one. However, loans aren't all bad if you do them right. Like some of the PP have said, but be sure you can afford the monthly payment without strain. Loans (and banks for that matter) are there to help you out and will only hurt you if you aren't smart about it.

We got engaged 9-22-18 and we both sat down and did our budget and decided to save the whole year and set our date farther January 2021 but at least we will have a good amount saved so I guess my advice is to push your wedding date and set a budget and save as much as possible oh and DIY will save u money as well. It sucks when you are in debt but if you do take a loan or use a credit card make it reasonable. Hope I helped

I don't suggest it but I also don't think it's terrible if you put stuff on your personal credit cards and pay it off or if you ask if they have better financing plans for you.

I would never take out a loan for a wedding. Plan the party you can afford and start off your marriage in the best financial place possible.

You know what we are doing? Payment plans. We are getting married at a Sandals resort and we just needed to pay the deposit and the rest is due 2 months before our wedding/honeymoon since we are combining them. It is so convenient since there is no loans and don’t need to come up with the payment right away. This was our major expense since destination weddings are overall cheaper in the long run. I know some venues also have that option including vendors.

Nope. Do not take out a loan for one day. As PP's have said, cut back on guest list and prioritize what you want out of your dream day but make sure it is just that, one day, not years of repayments.

View Quoted Comment Is that with or without a loan? How many people are you hoping to invite? Our budget is close to that and we’ve decided that we wanted something a bit more upscale, so we had cut our guest list considerably (invited about 50 and expect 30-ish). If you aren’t able to cut the guest list, I would consider doing a less expensive food option. Good luck!

We both took out smallish loans from our 401k's. Doesn't effect our credit, easy to pay back, and won't negatively impact our future because we've got a good 30 years of working still ahead of us. But we're also keeping our wedding under $5,000 so we're able to cashroll a lot of it.