I guess I am just kind of throwing out an I'm curious question. We all know of course how horrible the economy is now. Gas Prices, Heating, Food just everything. How do people afford such extravagant weddings these days while many Americans are losing their homes? Are only the wealthy getting their dream weddings if infact your dream wedding is an extravagant fairy tale one or are people going into debt just to get married? I am also curious....Why most woman want that princess wedding? I had one and hated it but its just my personality. I think they are fine if thats what you want. I am just curious behind the reasons. Is it important in general for the feeling of satisfaction for example...having the best food, the best dress, the prettiest flowers and the most extravagant cake. I am not judging those who want those things just really curious mostly because of the economy. I have a good friend who got married 6 years ago..she likes the best of everything and wanted a huge show. Her
2008-05-01T08:37:47Z
wedding cost around $35000. They bought a house not to long after and cannot afford it anymore as they are still paying off the wedding loan as well. They are in foreclosure. Ok Im done...my vehicle is in the shop and I am extremely bored at home with nothing to do LOL.
2008-05-01T08:46:53Z
Oh Melo that sounds like my kind of wedding. I bet it was beautiful but considering you got a tropical honeymoon at the same time thats not that expensive really.
2008-05-01T08:52:19Z
Happy girl I totally agree. what the bride and groom want.
snowbunny2008-05-01T08:46:06Z
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well, for one i would never take out a loan for a wedding.
many people put all their eggs in one basket, including buying a home (which is a bad move). just because you get approved for a certain loan amount does not mean that you can afford the mortgage.
it's about knowing the basics of finance, money in and money out. if you have more going out than coming in, then you have a problem.
many people think that as soon as their car is paid off...or it hits a certain mileage that it needs to be thrown out and get a new one...when it is in perfect working condition. i do not get that either myself. yeah, i wish i had a new car and they are pretty and shiny but then a year after you buy it there is something out there that is bigger and better.
anyway, i am off on a tangent here. but, the bottom line is people want to give off a perception of wealth and will do a lot of stupid things to achieve it. instead, people should start off slow...make money off their first smaller home and be smart about taking car loans and credit cards...invest some, and then down the road instead of trying to give an impression of wealth maybe they will actually have a bit of financial stability!
as for weddings, people will always blow an extravagent amount on them regardless of the economy and everyone knows it...which is why vendors continue to charge ridiculous fees.
Those are some interesting points you bring up. I think the important thing to realize is that not everyone can afford their dream wedding. You should always live within your means.
As your friend learned the hard way, you should NEVER take out a loan to finance your wedding. I really feel for the people who are facing foreclosure now, but all that I can say is that you need to save more than you spend in case there is a rainy day. It's just unfortunate that some people got caught without an umbrella.
I figured your only soppose to get married once go all out. It is a special day. My wedding was about $18,000 5 years ago. My family helped with some of the expenses. It was considered a big wedding. I had the big cake, princess dress, big reception. It was alot of work but I don't regret it. I look at the pictures I have and I have alot of great memories of that day. A big wedding is not for everyone. It has to be what the bride and groom want.
While I can't answer why most woman want the princess wedding, I think it has a lot to do with keeping up with the jones', the wedding magazines, etc. Plus vendors just know you are going to spend on a wedding. I am getting married and called a DJ, his quote was $950, i called two weeks later and pretended to be someone else and he quoted me $700 for a birthday party, same amount of people, same hours. Parents have a lot to do with it too, what they want, what's acceptable for their friends, etc. t's emotional money, and its never wise to make decision on emotion. That's my opinion.
In my case we cancelled the wedding b/c of finances and family making us crazy. We've decided to elope and have a reception as soon as we return. We had a choice of going through with the big wedding with all of the formalities, over extending ourselves and not going on a honeymoon. Even with the loss of deposits, we are still saving a ton doing it this way. Plus we get to go on a honeymoon and we can invite more people to the post reception, b/c the post reception is so much less.....b/c we aren't telling people that its a wedding reception! Total cost for wedding reception for the first plan was 14k, includes table decor, food, alcohol, dj, and photo. Our new plan is costing us 6k, with food (it is more casual, but same amount of food) and everything else mentioned above. And we aren't doing it the back yard, we're renting a big space and have hired a caterer. I have even hired a coordinator and told her that it was a reception and it took here a little bit to understand what we were looking for b/c she had "wedding" in her mind.
For us, the wedding planning and the formality was just too much, but I think I may be in the minority. We are super laid back people and really just want to have a laid back party where everyone can drink, eat, dance, have lots of fun and not wear a suit!
My fiance & I have nearly all the money in the bank already to pay for the wedding. BUT we're economizing anyway so we still have some money in the bank AFTER the wedding. We both already own homes (mine is in process of being sold which makes me nervous with the economy as it is right now). And we both make enough to live comfortably ( I was unemployed for 2 months after a lay-off in December but was able to find a job). We have a $20k budget and are tracking to come in under budget, but our wedding is certainly not extravagant. We're not hiring limos, no church decorations AT ALL, Bridesmaids/Groomsmen paying for their own attire, cutting back on flowers, postponing the honeymoon to a later date etc., etc., etc. I see it as every dollar I can save on the wedding cost will be a dollar in the bank to pay for home repairs, decorating, vehicles, or whatever else we want.