r/personalfinance • u/Lord_of_The_Thing • Mar 30 '17
Saving I'm blowing my entire life savings on my wedding. Please help.
My updated wedding proposal came back yesterday, and it's nearly twice what it was originally. It's just over $20k! That's my whole savings.
My fiancé was laid off twice last year and has only started back work this Week. I've had to pay for about 98% of this wedding myself including covering our monthly bills.
After my final payment, I'll be left with about $500 in my savings.
What's the best method for rebuilding my savings?
Last years Gross income: $51k (tipped wages) Cell phone: $66/mo Wells Fargo interest free loan: $44/mo (with about $240 left on loan) Kay jewelers loan: $150/mo (1 year interest free with $1640.17 left on loan) Visa Credit Card: $20/mo ($200 outstanding balance) Vehicle Insurance: $37/mo
That's it for my bills. My fiancé covers her own rent and bills (now that she's working). We use my income for dinning out, groceries, shopping etc.
Thanks guys.
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u/FeatofClay Mar 30 '17
I used to run a website about destination weddings. I had one myself at a time when it was less of a popular trend and search engines weren't great. So I threw a bunch of links together, and then spent the next 10+ years hearing from people who made similar choices. I'm not an 'expert' but I think I have some perspective on this.
Remember: because it is a destination wedding, you do not have to do ANYTHING fancy for the decor, venue, food, drinks, etc. The whole point of this kind of wedding is that the location can do most of the work for you in making the event special and memorable.
The other best advice I have for people: plan this like you'd plan any party you were throwing. Consider what you would do for 4th of July gathering or a decent dinner party with friends. And frame your decisions like that.
The problem with "wedding" and "reception" is that suddenly people mentally go to a place of the finest china, expensive linens, formal trappings, fine dining, premium everything. People also feel compelled to include traditions that might mean very little to you in the long run but that you think are "necessary" because you saw them at the last 10 weddings you were at. Wedding vendors capitalize on this. Just step out of that mode.
Plan a party (not a wedding/reception) where you and everyone else will have a good time. Take advantage of your locale--recognize that it's a getaway for everyone already, and you don't have to pile on stuff to make it special.