Budget woes - just venting

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WoodlandBride Posts : 52 Registered: 1/6/11
Budget woes - just venting
Posted: Jun 20, 2011 12:06 PM

So I am planning a Nov wedding for about 65 ppl on a total budget of $7500. Attainable and I think I'll bring it in under budget. My fiance and I are paying for just about everything. (We have been gifted photography- my brother is a wedding photographer and invitations-from a good friend who makes cards)
We have been doing OK making and saving the money, BUT now the monkey wrenches come in. FH was supposed to get a second job for the summer, but has a torn ACL in his knee and can barely make it through his day job. Doc is looking into that, but can't do side job.
So I have been a little stressed about whether we can make the money (we also need about $2000 to move-security deposits, rent and van- in addition to the wedding)
Now the major monkey wrench (We are referring to this one as the 'Baboon Boomerang')About 3 weeks ago I was rear-ended as I was waiting for the driver in front of me to make a left turn. Not a terrible situatioon when you know it is the other drivers fault and their insurance will pay. BUT I have had a rental car that I do not like because of poor visibility while backing. (Can you see what's coming?) Sure enough I was in the funkiest unmarked parking lot yesterday and backed into a vehicle the was in my blind spot. My fault, not blaming anyone else. I had waived the rental insurance because my insurance policy covers rentals. (Or any vehicle I drive, for that matter) There is just one thing I did not consider.... the $1000 deductible.

Now, life just happens and I know it and at least I have the money on hand to pay it, but that is a huge blow to the wedding budget. Contracts have been signed and deposits made so scaling back is going to be difficult.

My stress level has jumped many points. I do not like the thought of being in debt, but FH and I are most likely going to take out a loan for a portion of the wedding budget and try to pay it off within a year after the honeymoon. (which is not in that wedding budget and we are waiting 'til next spring to take.) Then we are still going to work as hard as we were planning before to raise as much as we can before the wedding. Neither of us wants to be in debt, but we are established and responsible and have worked the projected cost of the loan into both our current (single living apart) and future (married together) budgets and it fits without too much pain and being able to save.

Right now, if it weren't for the family I would elope just to have the stress gone. However, once I breathe for a second, I still want the wedding too and so does he.

Well if we can get through this together and with a sense of humor does that mean we pass the marriage training test?

Just had to vent for a bit. Thanks for reading. I figure I can't be the only one struggling.

Rebecca

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Sevati Posts : 29 Registered: 1/3/11
Re: Budget woes - just venting
Posted: Jun 20, 2011 8:57 PM Go to message in response to: WoodlandBride

hugs I'm so sorry Woodland. I can't imagine how hard this is on you. Or how much pain your FI is in. We're having issues too. Apparently my transmission control module is messed up as is my gear ratio. Hopefully it's not an expensive fix but it's causing my car to stall when I try to speed up to change gears and that can get very dangerous on the highway.

Just remember. Breathe. It will all fall together as it's meant to. Diety does not give us more than we can handle and when we get more than we can handle They step in and provide Divine assistance.

“In brightest day, in blackest night, No evil shall escape my sight. Let those who worship evil’s might, Beware my power… Green Lantern’s light!“

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Aunt Posts : 794 Registered: 12/31/10
Re: Budget woes - just venting
Posted: Jun 20, 2011 9:45 PM Go to message in response to: WoodlandBride

Dear Rebecca,

First, let me say "Wow". You have been through a lot.

Now, some practical advice from someone who has weathered a few similar set-backs.

You say that before this string of bad luck you were pretty much debt-free and had some savings, beyond your budgeted wedding expenses. Now your savings are demolished and you are dipping into your wedding budget. Is that a fair picture?

You are considering borrowing money to cover some of the wedding expenses, which gripes your soul as you were on track to pay out of pocket before all hell broke loose.

Here is what I suggest.

Sit down with Excel spreadsheets and map out a reasonable path to getting married and getting back to being out of debt and putting savings in the bank. You need to get back to where you were before, with the added element of being actually married and having the wedding behind you.

How much would you need to borrow? How fast could you pay that back? Do you have access to that kind of credit, and at what interest rate?

I suggest you look into various loan sources, such as family as well as your local bank or your parents' bank. If you borrow money from family, get it all in writing, including a repayment schedule at a reasonable interest rate that you can realistically commit to meeting.

Going through this analysis, at what point, post-wedding, do you project being back to where you were with money in the bank?

A year? Two years?

If it's more than one or two years, then I would totally reconsider. One or two years, OK, you can tough it out that long.

If you are already in the habit of watching your money and being careful with credit and saving money, then great, borrowing a fixed sum at a respectable interest rate won't kill you. Just avoid the payday lenders, 19% credit cards and other shady lenders.

Be careful, be prudent and map out a course of action. If both agree, then go on to the next steps.

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Judy999 Posts : 3 Registered: 6/2/11
Re: Budget woes - just venting
Posted: Jun 21, 2011 2:50 AM Go to message in response to: WoodlandBride

frankly speaking, you are so admired!! you did the whole wedding with your own money while some others got support from their parents. i don't know what to say to help you as my wedding was held by my parents(so i'm a little shamed comparing with you).
Just believe,everything will turn well and you'll be have a better future. Maybe you could find some help from both family or friends. :-)
Good Luck!!!

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