So you’re getting married. You’ve been dreaming about this day for ages, or ever since you stumbled across the wedding forum on paklinks .
You want to be socially responsible about it yet want a good time. Regular bridal dresses, photographers and caterers just don’t cut it for you.
You need something special on your day!
You also don’t want to be burden your parents. Besides saving ASAP, do you take out a loan you know you could pay back easily?
Or do you think you should just compromise on your standards and go with regular cookie-cutter stuff and try to feel good about having saved some dough?
if i could afford to pay it back easily with no stress, i'd get the loan. before i did that, though, i'd asses exactly what my dream wedding would cost and where i could cut back and what i wanted to splurge on so i could determine how much of a loan to get. i'd compromise on my standards, sure, but i wouldn't sacrifice them entirely for a ho-hum affair.
You brought up a controversial topic and I think SGC's answer is pretty similar to mine. It depends how big of a loan it is and how easily or quickly you'd be able to pay it off. I for one am in medical school right now and don't have much money saved up, but if I budgeted a bit with loan money to help with wedding costs I know it wouldn't be difficult to pay it off once I start getting paid the big bucks as a doctor InshAllah. For people in my situation, especially grad school or prof school students, you're going to be at the 'age' where you're ready to get married but don't really have a set income yet. Does that mean you have a below average wedding b/c you chose to get a higher education? Would you regret it in a couple of years when you start earning a professional salary and wish you had spent that money a few years back on the biggest day of your life? I personally think in my specific situation I'm comfortable enough to use some loan money b/c I'll have an income that can take care of it InshAllah. Also, b/c since I'm in school and not working like a lot of other people my age I wouldn't have a typical sum saved up like most others.
To each his own though. I would never encourage anyone to take out a loan for the wedding b/c a loan is a loan, but everyone has different circumstances and situations so it's really hard to say if it's "right" or "wrong". People may respond to this thread going against it or being for it, but you have to realize at the end of the day everyone has different beliefs and financial circumstances when it comes to this sort of thing so you can't really apply anyone's opinion to your own situation. Some people will bash the idea of taking out a wedding loan by saying it's more important to have a down payment for a house or buy a new car...but to some people having a nicer wedding is actually more important so do what makes you happy and invest where you want to. It's your life, your money, your memories. Do what you think is right for you, but make sure you borrow only what you can pay back for sure and have a set plan of how long it would take to pay back and how much you'd be paying. Of course, before you borrow anything set a budget and stick to it! It's really easy to go from having a $25,000 wedding to $50,000 wedding once you know you have instant money coming in so don't go crazy with it b/c the sky is the limit and you have to stop somewhere.
Agree with Groomdoc, if you go into it with your eyes open and be responsible about how much you borrow and how you will pay it back then I don't think there's anything wrong with taking out a loan.
It just depends on your attitude to money - I think it's better to take out a loan with a fixed repayment plan and budget your wedding according to that, rather than putting your wedding costs on a credit card, not knowing when you'll be able to pay it off and then being hit with interest charges every month.
It totally depends on how big the loan is! a lot of factors are important in this decision. Is the reason you're getting the loan THAT IMPORTANT to be paying back the money plus interest. Can you pay back the money if you lost your job? Is it gonna take years to pay it back? Personally if it was like say maximum £1000 i would take that loan. Anything bigger than that makes me think that the reason for the loan isn't that important? A loan is a very important thing now especially in this economy!
Actually I'm in a situation that Groom Doc described very well. I'm just starting out on my medicine career, have no loans to speak of and will InshaAllah be earning more in a few years time to pay back what I have borrowed.
I wouldn't take a loan for a wedding especially if I'm not earning yet. I don't like to make expenses based on an income I don't have or haven't seen. Best to work with what you have.
.