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Recovery

April 30, 2010
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If you were like Cory and I, you had some help from parents but still funneled quite a bit of your own money into the wedding. For Cory and I, we did it because there were certain things we just did not want mom and dad paying for. For example, we thought it would be rather odd for them to be paying for our wedding parties gifts of appreciation. So by the time the wedding rolled around, our bank account was looking more than a little sad. I think we barely squeaked by paying rent and bills for the following month. That takes a lot for me to admit on international blogsphere because while Cory and I aren’t rolling in the dough so to speak, I like to think we are pretty stable for a couple with one (awful) job and in their twenties.

The wedding whittled down our little nest egg to nothing. I think this might be the case for most of you.

So the question after the wedding becomes “How long did it take for you recover most of your savings or to get back to where you were prior wedding?” For us, it took us a full two months. Which maybe might not be too long for most of you. However, our nest egg was not very big to begin with and we are close but not where we were when we started planning. What really helped was wedding gifts in forms of money or checks. Those proved to be very helpful.

A couple I know took 9 months to pay off the loan from the bank they took out. This is also very short period of time considering the wedding was totaled at $65,000. It was not a Shoestring Wedding by any means. I would definately not recommend taking out a bank loan to pay for your wedding. Whittling down your saving is one thing, starting off your married life in debt is something completely different altogether. It is just one more added stressor to newlyweds that you just do not need.

So to help with financial wedding recovery, I would recommend:

  • letting people know via word of mouth that gifts are great but money would be better appreciated. Pretty simple, tell your bridal party and your relatives and the word will get out without you looking like a gold-digger.
  • For Heaven’s sake take care of all wedding bills early. You don’t want to be writing checks the morning of the wedding or the week leading up till. Break down lists of things to buy and work them into your month-to-month budget then you are less likely to dip into your savings.
  • Similarly, take care of all your “real-life” bills around the time of your wedding early too if you don’t typically do that. You don’t want the real life expectancy of the rent check, the electricity bill and the cable bill suddenly weighing on your mind when you just wrote the caterer a $2000 check.
  • Make it a priority to boost your saving account right back where it was pre-wedding before anything else. Um… provided you did not go into debt for this wedding. Sell off everything you can sell off from your wedding to recoup as much of the original cost as you can. Bed, Bath, and Beyond allows you to return registry items for cash but I wouldn’t tell your Aunt Mae that you returned her “Mr and Mrs” picture frame for the $15 she spent on it

Newlyweds do you have any further ideas? How long did it take you to bring your bank account back up to par post wedding?

 

 

 

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3 Comments leave one →
  1. April 30, 2010 5:36 am

    we’ve been paying for the wedding little by little with whatever money we dont use from our paychecks. Cant get more shoestring than that 😉

  2. May 1, 2010 10:11 am

    I don’t know if this was the best way. I didn’t spend any money on the wedding that I absolutely knew we didn’t have on hand. That said, I didn’t want to have a Zero balance in my bank accounts either. So I took out two credit cards, 1 with 6 months 0%APR and put 5000 on that and then another credit card with 0% APR for a year and put another 5000 on it. I slowly paid off the credit cards off before my 0%APR periods were over, just so that we would always have emergency funds in our bank account in case something happened. It also helped us get extra cash and points by purchasing with these Credit Cards. I’m fairly good with my money though and would never recommend this to somebody who would be inclined to get into credit card debt. I’m doing the same exact thing to fund my start-up photography business right now.

  3. May 3, 2010 6:46 pm

    Any further tips would be most gratefully received!

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