Hi Everyone,
My fiance and I put down an $800 nonrefundable deposit for a reception hall for a March 2010 wedding. But, after running the numbers, I don’t think that we’re going to be able to afford this, and I would like to know what you all think.
Wedding Costs
Reception hall: $70 per person at 210 people = $14,700
*This is the cheapest hall we could find. Everything else is $100+ pp, and we’re getting married on a Sunday afternoon in the off season to get this price
-I don’t really like the hall, but it’s the only place I thought we could afford.
Church: $1,000
Everything else: another $5,000 - $10,000
Total: $21,000 - $25,000
My parents have volunteered $10,000, but they honestly can’t afford to give it.
My Financials
25 years old, $2266/month take home pay
expenses: $692.50 rent + utilities; monthly flights CA to MA to see the fiance
$5,000 total in retirement, no student loans or cc debt
$20,000 in savings
I don’t have a car because I don’t need one in CA, but I will need to buy one when I move to the east coast in a year to live with my fiance.
My income may go down substantially when I move to the east coast.
I will be applying to medical school this spring (will cost ~$5,000 for applications and interviews, maybe more)
Fiance’s Financials
30 years old; $62,000 per year gross income
expenses: $400/month rent, $100 comcast, $100 cell phone plan
$1,000 in credit card debt at 3.99%- will be paid off this month
He had over $20,000 in cc debt when I met him, but he’s been paying off
$2,000 per month for the past year
~$15,000 in student loan debt at variable rates
$1,000 in retirement
$1,000 in emergency fund
Do you think that we can afford possibly paying $15,000 (or more if my parents can't contribute) out of our pocket for March 2010 and still save for retirement, a house down payment, medical school applications, a car for me, and an emergency fund? I won’t have an income for 4 years while in med school, and I’ll be accruing loads of student loan debt during that time and won’t be able to contribute to my retirement plan.
I think my biggest concern right now is catching up on our retirement plans. I plan on starting to contribute to a 403b with my October 1st paycheck. My company doesn’t do any type of matching, so I’ve been really bad at contributing.
Should we wait a couple years longer to get married or just elope and then have a party afterwards that doesn't cost so much?
My fiance and I put down an $800 nonrefundable deposit for a reception hall for a March 2010 wedding. But, after running the numbers, I don’t think that we’re going to be able to afford this, and I would like to know what you all think.
Wedding Costs
Reception hall: $70 per person at 210 people = $14,700
*This is the cheapest hall we could find. Everything else is $100+ pp, and we’re getting married on a Sunday afternoon in the off season to get this price
-I don’t really like the hall, but it’s the only place I thought we could afford.
Church: $1,000
Everything else: another $5,000 - $10,000
Total: $21,000 - $25,000
My parents have volunteered $10,000, but they honestly can’t afford to give it.
My Financials
25 years old, $2266/month take home pay
expenses: $692.50 rent + utilities; monthly flights CA to MA to see the fiance
$5,000 total in retirement, no student loans or cc debt
$20,000 in savings
I don’t have a car because I don’t need one in CA, but I will need to buy one when I move to the east coast in a year to live with my fiance.
My income may go down substantially when I move to the east coast.
I will be applying to medical school this spring (will cost ~$5,000 for applications and interviews, maybe more)
Fiance’s Financials
30 years old; $62,000 per year gross income
expenses: $400/month rent, $100 comcast, $100 cell phone plan
$1,000 in credit card debt at 3.99%- will be paid off this month
He had over $20,000 in cc debt when I met him, but he’s been paying off
$2,000 per month for the past year
~$15,000 in student loan debt at variable rates
$1,000 in retirement
$1,000 in emergency fund
Do you think that we can afford possibly paying $15,000 (or more if my parents can't contribute) out of our pocket for March 2010 and still save for retirement, a house down payment, medical school applications, a car for me, and an emergency fund? I won’t have an income for 4 years while in med school, and I’ll be accruing loads of student loan debt during that time and won’t be able to contribute to my retirement plan.
I think my biggest concern right now is catching up on our retirement plans. I plan on starting to contribute to a 403b with my October 1st paycheck. My company doesn’t do any type of matching, so I’ve been really bad at contributing.
Should we wait a couple years longer to get married or just elope and then have a party afterwards that doesn't cost so much?
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