# Personal loan for wedding



## NicG (15 Oct 2007)

Financial advice greatly appreciated!

We're getting married in Dec 2007. We had planned on doing this in a year or two and saving - but for personal reasons we decided to bring it forward and borrow instead. 

We want to borrow 35,000 to cover costs of wedding and honeymoon.

My questions are 

Loan arrangement:
Should we apply for a separate joint loan for the wedding - in which case we have repayment of this loan aswell as €1,000 p.m repayments of existing loans plus credit card repayments?
Consolidate this loan, credit cards and existing loans and repay over 5 years?
Apply for individual personal loan top-ups?
Other borrowing options?

Have we a prayer of getting anywhere near this amount?
If so - where are the current best buys?
Should we say it's for a wedding - I've already a home improvements loan?
Our current financial situation is as follows...



*Personal Loan (Me) :*Orig amt 25,000​Repayments made 6,000​Int chgs 1,400​Amt outstanding 20,400​4 years left of 5 year loan.​Monthly repayments 550 p.m​Gross Salary 85k p.a​
*Personal Loan (Him):*Orig amt 15,000​Repayments made 6,500​Int chgs 1,000​Amt outstanding 9,500​2 years left of 3 year loan.​4 years left of 5 year loan.​Monthly repayments 430 p.m​Gross Salary 35k p.a​
*Credit Cards (Me):*CC 1: 7,500 limit - 2,600 spent = 4,900 credit available​CC 2: 15,000 limit - 0 spent = 15,000 credit available​
*Credit Cards (Him):*CC 1: 3,500 limit - 1,900 spent = 1,600 credit available​CC 2: 7,500 limit - 6,400 spent = 1,000 credit available​
*Other Info:*Mortgage - 500k...not willing to re-mortgage for wedding.​No kids​Safe secure jobs​Both long history of borrowing, repayments, consolidations due to college fees, car loan, home improvements. Neither of us have ever missed repayments.​


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## over2u (15 Oct 2007)

The best and cheapest way to do it is take out a split mortgage and pay the wedding loan over a short term. eg 5 years. you dont indicate your earnings, but as an outsider looking in you should seriously do something about those credit card balances. Does your wedding need to cost €35,000?


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## ClubMan (15 Oct 2007)

NicG said:


> We want to borrow 35,000 to cover costs of wedding and honeymoon.
> 
> ...
> 
> *Personal Loan (Me) :*Amt outstanding 20,400​*Personal Loan (Him):*Amt outstanding 9,500​*Credit Cards (Me):*CC 1: 7,500 limit - 2,600 spent = 4,900 credit available​*Credit Cards (Him):*CC 1: 3,500 limit - 1,900 spent = 1,600 credit available​CC 2: 7,500 limit - 6,400 spent = 1,000 credit available​*Other Info:*Mortgage - 500k...not willing to re-mortgage for wedding.​


You seem to have c. €40K in non mortgage debt already and you want to borrow €35K more? Sounds crazy to me.

I also think that you are wrong to consider your _CC _as a source of borrowing witn so much of the credit limit "spent" and so much remaining available. You really should use a _CC _just as a cashflow management tool and not as a source of medium/long term borrowing.


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## NicG (15 Oct 2007)

As indicate in the post: 

Can't add to the mortgage - already at 100% + so not an option.
Combined salary 120k gross.
Just want to know the best options for financing a 35k loan. 

Thanks


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## NicG (15 Oct 2007)

Clubman,

I don't want to use the credit cards to finance the wedding. Hence looking for advice on the best way to finance a loan. The breakdown was given as - per other posts - if I hadn't given it I would have been asked for it. 

Thanks


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## pc7 (15 Oct 2007)

you seem to have a lot of debts already, with your earnings would you not just work at clearing your debts, put the plans of a 35,000 wedding on hold until you save for it (or do it cheaper). Maybe you'll enjoy the day more if you save for it. Would seem ludicrious imho to get into further debt for 1 day.  What happens if in the future you want kids you are the larger earner in the partnership, do you gain paid maternity leave, how will you afford childminding if you are paying out such large amounts on borrowed money besides your mortgage.


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## paddi22 (15 Oct 2007)

I agree with pc7. 35,000 loan for one day and a honeymoon seems a bit crazy. Would you not scale wedding back or wait until you have saved for it. You seem to be confident that you can pay back any loans - but the unexpected could always happen. What if one of you gets seriously ill and can't work? You don't seem to have any emergency fund built up.


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## NicG (15 Oct 2007)

The wedding can't be postponed - as per the original post we had reasons for bringing it forward - and nothing to do with the love of meringue dresses I can assure you.

To be honest I am just looking for advice as to what type of loan to go for or whether we'll get a loan - with respect I'm not looking for approval of our wedding plans.


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## over2u (15 Oct 2007)

Nicg. You are obviously not interested in the common sense advice being proferred here. €35000 is too much for a wedding you HAVE to proceed with. We are not advising you to put it off, merely consider the expense!


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## Bob_tg (15 Oct 2007)

As a matter of clarification... can you answer the following:
- are you planning on the 35k before or after presents?
- how many guests are you planning to invite?  
- will the wedding be in Ireland or abroad?
- how much are you planning to spend on honeymoon portion?
- have you already bought the engagement ring?


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## pc7 (15 Oct 2007)

NicG can you clarify is it dec 2008 or 2007 that you want to get married not sure if that's a typo in your original post, december 2007 is 5 weeks away which would be pretty hard to arrange!
I have a look at your figures, with 11,000 owed on your credit cards that would be the debt to try shift asap, try switch to 0% interest for 6 months and cut up the cards, with the earnings of your household you need to learn not to need them. Putting credit card debt onto a 5 year loan is madness .Excluding the credit card debt, if you were to borrow 60,000 (20400 +9500 outstanding) + 30,000 for the wedding, repayments over 5 years which most banks do would work out at around 1208 a month without payment protection. Or if you want to put it all in a bank loan 75,000 with no payment protection 1500 a month for 5 years.  Not sure what your mortgage is costing a month from the post so don't know how much you guys have in your bank account each month to start with.  Maybe have a look here for advise on various loan/bank options http://www.itsyourmoney.ie/index.jsp?1nID=93&nID=104&pID=94


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## csirl (15 Oct 2007)

How much are your mortgage repayments per month?

Using back on an envelope estimates, would I be far off saying that your repayments on (i) loans, (ii) mortgage & (iii) credit cards are not far off 4k a month? 

Therefore annual all loan repayments are in the 45k per annum region? (based on 2.5k/month mortgage, 1k/month loans + 500/month cc)

I dont know what your tax status is, but c.1/3 of gross income is normal, thus you have a take home pay income of c.80k?

This means that you are already paying more than 50% of net income in loan repayments - way more than recommended? And you want to add another 35k debt?

I'm really reaching in the dark for mortgage & take home pay figures, can you help out?


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## over2u (15 Oct 2007)

pc7 you say Putting credit card debt onto a 5 year loan is madness, then you suggest a €70,000 loan over 5 years?????????? Clarify


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## csirl (15 Oct 2007)

> CC 1: 3,500 limit - 1,900 spent = 1,600 credit available​CC 2: 7,500 limit - 6,400 spent = 1,000 credit available​


 

Someone with a gross income of only 35K income having credit card debts of €8,300 is madness.​


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## pc7 (15 Oct 2007)

I do think the whole thing is mad see my previous post, but poster has asked for options/advise so that was i was giving.


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## ClubMan (15 Oct 2007)

NicG said:


> I don't want to use the credit cards to finance the wedding.


And neither was I suggesting that you do that. I was pointing out that using _CCs _to the extent that you seem to be doing for medium/long term credit is an extremely bad idea.


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## NicG (15 Oct 2007)

Not sure where to start with this. As I stated before - I'm not looking for approval for my plans or budget. I feel they were fairly straightforward questions I asked. If people have suggestions as to how to obtain a 35k then I'd love to hear them if not please save yourselves the bother of replying.

In reply to posters:

We have considered the expense.
We have not taken cash gifts into account as we won't borrow on the strength of what we may or may not get. Any cash gifts will go back against the loan drawdown.
To clarify - wedding (Ireland), honeymoon booked, invites sent, ring bought, incl flights home for siblings travelling (5,300).
Wedding is Dec 2007.
80% credit card debt all incurred in last 6 weeks on deposits etc. We normally only use credit cards ad hoc for internet purchases. 100% cleared monthly.
Can clear *my* credit card debt this month to maintain 0% interest charge. If can't get loan *he* plans on changing card providers to avail of 0%.
Current mortgage payments 1980 pm.  Current rental income 450p.m.
Current loan and mortgage repayments 2,960
Current total net pay 6,700 (after health insurance, travel pass etc)
Current disposable income 3,740 (before utilities)


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## ClubMan (15 Oct 2007)

NicG said:


> Current rental income 450p.m.


Is this income separate from the income for you and your partner mentioned in the original post? And is it gross or net of all expenses and taxes?

If you cannot/will not remortgage/topup for the required finance then the only option would seem to be to look for unsecured loans for the required €35K while perhaps also consolidating the existing unsecured loans into the best package available. To be honest I can't see too many lenders jumping at the chance of doing this given the figures involved. Have you tried applying for additional loans yet?


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## NicG (15 Oct 2007)

Rent a room scheme - below current annual threshhold. But not really taking into account as it's a short-term let that we would rather not extend. Worst case scenario though it's a 3 bed house so could rent out a 2nd room.


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## NicG (15 Oct 2007)

Forgot to say. No we haven't applied anywhere yet. Was looking for that advice on this website.


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## NicG (15 Oct 2007)

Sorry - to further clarify - the rental income is in addition to our income mentioned above. But again - don't want to borrow on the strength of it.


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## over2u (15 Oct 2007)

RE:80% credit card debt all incurred in last 6 weeks on deposits etc. We normally only use credit cards ad hoc for internet purchases. 100% cleared monthly. 
SO IS €35,000 ADDITIONAL TO THESE EXPENSES ?


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## NicG (15 Oct 2007)

Yes.


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## pc7 (15 Oct 2007)

Hi NicG, as a lot of your deposits etc are now paid, wedding is in a few weeks, you might be able to string some of it along on the credit cards.  Can you contact mortgage and loan providers to see if you can take a 3 month break on payments?  With wedding gifts if people give cash as many do, switching card debt where necessary to 0% and the income into your household you may get away with not having to borrow 35,000.  Looking at the figures with no equity in your house and the debt you already have I don't see any bank touching you guys. Your surplus income per month seems good but if you take recurring charges like bills, car insurance, tax etc into account I just don't see the figures adding up for you.


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## NicG (15 Oct 2007)

pc7. Good advice on getting a moratorium on the mortgage. I'd heard ages ago unofficially when I was looking for the previous loan for home improvements that my mortgage providers don't offer that service but haven't contacted them directly. So yes that may free up 6k. 

Don't want to rely on that much credit card debt unless as a last resort - but yes we do have access to a little over 20k that we could use if necessary. Obviously personal loan rates would be vastly lower so I'd prefer that option. Also once we start piling more costs onto the credit card the banks definitely won't look at us.  That's why I'm interested in looking at a loan first.

Thanks


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## csirl (15 Oct 2007)

With your disposable income you could probably save another c.6-7k between now and the wedding just by not going out, making own lunch, taking the bus/walking instead of driving. Not something that you can keep up long term without serious quality of life issues, but for 2-3 months you can. Added to pc7s 6k, then you are 1/3 of the way to your 35k.


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## pc7 (16 Oct 2007)

hi nicg have you looked at the figures can you swing it without borrowing 35 gs


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## NicG (16 Oct 2007)

I've turned the figures inside out. Can't cut back any further without cancelling the honeymoon and telling guests to bring sandwiches. 

Realistically we'd rather borrow the money and have the day we want. If we were to consolidate everything including this new loan over 5 years we'd be repaying approx 1,650 p.m. I think this is affordable based on our earnings. If we receive cash gifts we'll put them against the loan. 

Anyway - I think I'll just have to bite the bullet and approach the banks at this stage as there seems to be limited free advice available elsewhere.


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## Stifster (16 Oct 2007)

I'd be asking for cash gifts (was just at a wedding where that was done). You'll get back a good proportion of what you borrow.

re-mortgage over 5 years.


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## pinkyBear (16 Oct 2007)

Hi NicG,
I am sympathetic to your plight and you have stipulated that you have to have the wedding this year, if you dont mind I'd like to ofer some advice.



> Realistically we'd rather borrow the money and have the day we want.


 Getting married is more than just the day - there is life after the "Wedding day" and my concern for you is the debt that you are maintaining for 5 years - as things can change - you could become pregnant anything - €1,650 p.m. is alot of debt to wake upto when you get back from the honey moon..

My advice is to withhold going on honey moon for a few months - I know plenty of people who do this as they really want a holiday to die for.. 

Please don't take the advice the wrong way, 
All the best,
P


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## NicG (16 Oct 2007)

PinkyBear

If we don't get the loan and we are relying on credit cards to get us through then we do plan to postpone the honeymoon. 

Cash gifts would be a bonus but I think some people take offence when it's actually stated as part of the invite. I've the parents instructed that if people ask if we want cash rather than a gift - then say yes please! 


Thanks


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## over2u (16 Oct 2007)

I have the ultimate Idea- Call Brides by Franc and get RTE to pay!


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## pc7 (16 Oct 2007)

I don't think you need to say cash pressies most people give it, as you say I personally think its worse to ask. PinkyBear some great points


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## funnymunny (16 Oct 2007)

With all due respect to everyone who has posted, I agree that 35k is a ridiculous amount to spend for one day, however, that is my personal opinion.  Many many people are spending this amount and a lot more, and if that is what she wants, its really not helpful to tell her to cut back on the day, particularly as I assume deposits are paid on everything and will be non refundable. 

There is a web site called www.primafinance.ie where you can compare the rates of most of the personal loan providers. Bear in mind, in terms of refinancing other loans with a personal loans, many have an upper limit of money you can borrow on unsecured lending.  I would also be inclined to tell them that it is for your wedding as many people are borrowing for weddings and the bank will have a fair idea that you should be lodging a lump sum afterwards.  Again, make sure to get a variable rate loan, otherwise you may not be able to make a partial redemption or may be penalised for doing so. 

Your local credit union might be a good option if you are a member.  You could arrange the loan for 35 (or whatever amount you end up looking for) and need only draw down the amounts you want at a time, i.e. if it amounts to less than you thought, you don't have to borrow the full amount.  You can also then pay a lump sum off your borrowing without penalty. 

Whatever you decide, I hope you have a great day and you are not in hock for it for too long!!


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## decembersal (16 Oct 2007)

How many people are you inviting to your wedding?

Can you apply Eddie Hobbs logic:-

Wedding costs 35,000 /  200e cash per couple = 350 guests
i.e. invite enough guests to cover costs of your wedding & HM paid. 

or


Slash costs as follows!!!!

1. Get a relative to make your wedding cake - you can get it iced professionally afterwards 
2. Get a relative or friend of the family to lend you snazzy car(s)
3. Bring a lap top with your favourite music for disco -that's all DJs do
4. Do not have an option on your wedding meal - choice of beef or salmon is usually around 10e.
5. Bring your own wine for meal - Superquinn have 25% discount on all wine and bargain hard with venue over corkage.
6. Do not have a round of drinks for toasts - get waiters to top up wine.
7. Use wedding cake for dessert.
8. Do your own fake tan, nails, make up etc. Go to hairdresser and get your hair put up for 'a' wedding - do not say you are the bride!!!
9. Hire grooms suits instead of buying.
10. Use candles instead of fresh flowers. Flowers in Dec will be expensive.

These are just random thoughts from my head - I'm sure there are plenty more!!


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## NicG (16 Oct 2007)

A lead at last! Thank you. I'll have alook at that website now.

As for Brides of Frunk...that would truly be the scariest thing I could imagine. I think I'd sell my kidneys before I'd resort to Frunk... Also the groom wouldn't show - but that's a whole other forum!


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## NicG (16 Oct 2007)

Decembersal,

Not having a cake, not having a DJ, hiring grooms suits, not having rented cars, not having flowers, doing my own spray paint etc...

Cost of the day itself - 24k - rest is honeymoon, engagement ring etc.

Believe me there'll be no chocolate fountains, pink doves, partridge in a pear tree etc.

Couldn't do the Eddie Hobbs thing - that many people you would have 2 mins to spend with each guest and no time with your spouse. You'd want to be scooting around on roller balades - and sure they cost a fortune...

Frunk would love that!


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## decembersal (16 Oct 2007)

It looks like you have cut corners where possible - fairplay.  

I would save like a lunatic between now and December - 2 months. Apply for an Ulster Bank and First Active Credit card- both are 0% for 9 months and lash all payments on them. With your take home salary you would definitely get 10k limits on each = 20k zero % loan for 9 months.  Then you have 9 months of paying 2222e / month to pay off cc.  

Your guests will give you cash - everyone does now!!

I wish you all the best for the day and enjoy every second.


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## NicG (16 Oct 2007)

Thanks DecemberSal. Will look into all suggestions.


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## truthseeker (16 Oct 2007)

NicG said:


> Decembersal,
> 
> Cost of the day itself - 24k - rest is honeymoon, engagement ring etc.


 
Hi NicG - you have been getting good advice here, perhaps you can now advise me. Im just wondering what the 24k covers for the day itself, how many people you have invited etc...

Am making wedding plans myself - trying to get an idea of costs.....


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## NicG (16 Oct 2007)

Everyone's situation is hugely different - I have a big Bridezilla spreadsheet at home - I can mail you a copy of rough-guides to figures 2moro. Probably not for this forum though so if you prefer I'll PM you.


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## truthseeker (16 Oct 2007)

perfect - thanks for that!

Hope you have a great day.


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## NicG (16 Oct 2007)

No problem. In answer to one of your questions though we're only having a small wedding. Approx 25 church and meal. Gonna have a party that evening for friends and family. 

Unfortunately photographer, church, musicians, wedding party clothes and accessories, band don't charge based on numbers attending. So the only cost savings on a small wedding are the meal itself.


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## plant43 (16 Oct 2007)

€1,000 per head? I could kind of see how that was possible if you were splashing on a load of extras, but you're not.


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## NicG (16 Oct 2007)

Plant - why bother with such a comment? Do you just come on to these websites to patronise people looking for advice or have you anything at all of assistance to add.


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## helan72 (16 Oct 2007)

Am after getting a very big shock - we are / were considering getting married next year and we have a fairly large close family so leaving people not an option. €24k for 25 people?? think i will stay "living in sin" as it seems to be a much cheaper option.


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## pinkyBear (16 Oct 2007)

NicG,
can I make suggestion: would you think of renting a wedding dress? Or better still have a look in McElhinneys in Athboy you will be glad to know their sales are on around now. My friend bought an amazing dress for €500 (reduced from €3500) - plant is obviously single! 

Also if you are thinking of getting a DVD of the day - I really wouln't bother as you will only look at it once - a good photographer is worth it though...

Good luck P


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## NicG (16 Oct 2007)

Yeah - it's definitely a cheaper option. But each to their own.


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## Merrion (16 Oct 2007)

As NicG said


NicG said:


> Unfortunately photographer, church, musicians, wedding party clothes and accessories, band don't charge based on numbers attending. So the only cost savings on a small wedding are the meal itself.


 
Therefore for 125 people you could be looking at only approx 4000 EUR more (based on meal costing 40.00 EUR per head for 100 extra people)
The main things as outlined by NicG will still cost the same no matter how many people invited!! The joys of paying for a wedding!


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## plant43 (16 Oct 2007)

NicG said:


> Plant - why bother with such a comment? Do you just come on to these websites to patronise people looking for advice or have you anything at all of assistance to add.



I would just echo other posters views that you should cut back. You say you have, yet you're still spending €1,000 euro per head. Sounds like you're getting very bad value for money. Then again, we don't have the figures that you're using, so we're none the wiser really.

The one thing I wouldn't do is borrow such a large amount for a wedding. It's a large repayment (more than most people's mortgages!) over a medium term and may end up leading to problems getting further unsecured loans in future. I would do everything possible to cut back enough so the either the loan amount is smaller or nothing at all. 

Also, asking for a cash gift is not a good idea, imho. If I was invited to a wedding where a cash gift was expected, I plain wouldn't go.


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## NicG (16 Oct 2007)

Pinkybear,

Not getting the videographer - I'd only spend the day trying to avoid them. Already got a dress - and like your mate got it on sale. 

Every little helps eh.


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## truthseeker (16 Oct 2007)

NicG said:


> No problem. In answer to one of your questions though we're only having a small wedding. Approx 25 church and meal. Gonna have a party that evening for friends and family.
> 
> Unfortunately photographer, church, musicians, wedding party clothes and accessories, band don't charge based on numbers attending. So the only cost savings on a small wedding are the meal itself.


 

I might make some savings then, not having church, musicians, or band.......


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## decembersal (16 Oct 2007)

I would say your biggest outgoing is on the reception/ food.

Have you paid a deposit yet? Can you re-locate to an alternative location? Go to a swanky restaurant and reserve a section of a nice pub for the party afterwards? 

I do understand how costs accumulate so I completely empathise. But I do feel it's an expensive day for 27 people.

_You don't feel like eloping??! _


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## NicG (16 Oct 2007)

Yeah - they're defo things that will take a large chunk off the cost. Another thing that creeps up is the costs associated with bridesmaids and groomsmen - between renting suits, buying dresses, wraps, shoes, jewellery, hair, makeup, gifts.


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## Bob the slob (16 Oct 2007)

There was a big debate on the radio few weeks ago about how much people spend on their wedding.  One guy on it kept banging on about how two years later all his friends were still going on about how great his day was and how flashy, best wedding ever, etc but not once did he ever mention his love to his wife.  Thought it was hilarious, he was more concerned about what people thought of his day rather than marrying his bride.  Anyway....

NicG - surely there must be more ways to save some cash? I think you are mixing up what you want with what you need.  You should seriously think about changing some things as that is an obscene amount of money to spend on a wedding with a meal for 25 guest and a party afterwards.  My cousin had a wedding in Dublin in August this year had a meal for 125 people in a four star hotel, had a band, a dj, photographer, videographer, harpist and singer, three bridesmaids, and a honeymoon for a week in a 5 star hotel and it didnt even cost her €20K.  I think you are being ripped right off.

But I hope your day goes well for you and you sort out your finances in time.  Let us knwo how you get on.


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## musicfan (16 Oct 2007)

OP,

Just reading this thread, you are getting married in Dec at a cost of €35 K for 25 people, with no cake, no dj, no rented cars, no flowers???? And you want to get into debt for 5 years for this?  As a previous poster said, living in sin is a much cheaper option!!!

I know the price of a wedding in Ireland in madness but this seems crazy.  I know everyone has there own ideas of how they want to spend their day and everyone is entitled to this, but I know, personally, there is no way I'd spend this on one day and get into debt for it.  I'd much rather spend €35 k on paying off some of my mortgage.  

Even at the price of weddings etc €35k (24K on the actually wedding day) is crazy for 25 people with no cake, dj etc...........there has to be a cheaper way.


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## hm2605 (16 Oct 2007)

NicG said:


> [*]To clarify - wedding (Ireland), honeymoon booked, invites sent, ring bought, incl flights home for siblings travelling (5,300).
> [/LIST]



Wedding appears to be €18700 not the €1000 per head of €24000.


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## ClubMan (17 Oct 2007)

Several off topic posts ranting about the original poster's wedding plans/budget have been deleted. Please stick to the core issue.


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## Stargirl (18 Oct 2007)

Just wondering is there anyone in the family that could help out with a loan so you dont have to repay it straight away?

Hope you have a lovely day


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