My fiance and I both have debt that we are actively paying off. We are planning a wedding for next spring with no $$$ to pay for it due to paying down the debts incurred and trying to buy my mothers house fo $300000 (worth 450000). What are our options? Are we as SOL as it seems? Any advice would be appreciated..
2007-03-05 09:08:15 · 6 answers · asked by irish one 1 in Business & Finance ➔ Personal Finance
Youre doing smart things with the debt and house. As for the wedding, try to find the best deal you can on everything. Are you dead set on a date? Winter is cheaper. Try getting a white formal dress instead of a "wedding gown," noone will know, and dancing with a train is not easy anyway. Pare down your guest list, and try getting a friend to make the food as a wedding gift.
Wedding photos are often a huge portion of the bill. Try buying little disposable cameras for the guests to use for taking posed and candid shots during the reception and ceremony. Tell them they can take pictures and when the camera is used up to put them a certain place. Then develop those pictures. Youll have unique photos for much less cash. Then you can have any you really like blown up at a photo store.
Are you set on the venue? A lot of wedding chapels have great inclusive packages, and in some places there are chapels in the hotel, and if you have guests who need a room, they get a deal in the hotel. For decorations, try the dollar store or second hand store. Youll be surprised what you can find there
Get the cake at Costco. I loved my Costco cake. And dont get wedding favors, noone keeps them
2007-03-05 10:39:07 · answer #1 · answered by Together 4 · 0⤊ 0⤋
Pay off the debt first. Not only will you save the interest costs but it will improve your credit score so you can get better mortgage interest rate. Use the balance toward downpayment and closing costs. You really need to be sure you can afford a $300K house. Just because you have 6 kids and want the extra space doesn't mean you should buy more house than you can afford. Your house payment shouldn't be more than 25% of your monthly income. Find a mortgage broker and determine what price range that would be. Fixer uppers are great if you are handy and able to do a lot of the work yourself. Not so good if you have to pay someone else to do the work. As to doubling up the kids, they should be use to sharing. Lots of families put 3 or more kids in one bedroom.. You might also look for a property with room to add on.
2016-03-16 05:10:57 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You're not out of luck it sounds like you are on the right track. Keep paying off your debt and get your loan set up to buy the house. If the house is really worth that much more you will be able to refinance in a few years for a great rate. Why not minimize your spending on the wedding--have it in a friends yard or a pretty garden, get family to make food, take photos, etc. On your fifth anniversary (or whenever) you can renew your vows in a bigger wedding if you like and celebrate that you are debt free, in your own home and married.
2007-03-05 09:14:24 · answer #3 · answered by Allison S 5 · 0⤊ 0⤋
I think you should keep paying down the debt and buy the house(sounds like a good investment). As for the wedding you can just have a small wedding with a reception after maybe at the church. You can save money that way. If you have the wedding at 1 in the after noon no one really expects a full meal. So you save on food. The wedding cost is optional.
2007-03-05 09:19:06 · answer #4 · answered by elaeblue 7 · 0⤊ 0⤋
Consolidate your debts and see if you can get the payments and totals lowered. There are banks that can help you with that or can recommend debt consolidators. Scale back your plans for the wedding. You can save by having an small morning wedding and serving a brunch or luncheon buffet. You might consider having it for family and very close friends only -- no guests from work, school, etc. Small and charming beats big and expensive for price and stress.The smartest thing you can do is buy the house. It will be your best investment.
2007-03-05 09:22:54 · answer #5 · answered by notyou311 4 · 0⤊ 1⤋
Maybe you should consider having your wedding at a later date then next year. If your priority is buying your mothers home . Also something to consider , are you able to afford that home , regardless of how bad you would like to have it !!!!!!!
2007-03-05 09:25:00 · answer #6 · answered by dolores h 5 · 0⤊ 0⤋
you cant afford the house....worry about your debt and the wedding
2007-03-05 09:12:26 · answer #7 · answered by Anonymous · 0⤊ 1⤋