Question by SailorsGirl: Help! Wedding and Money problems?
I’m suppose to be having a wedding in June. The church is already paid for, but we can get most of it back if we cancel. We are already legally married (he’s in the navy and he had new orders coming up and if I wanted to be able to go with him I had to be his wife). Anyways, we’ve been planning this for a year. My parents were going to be paying and so far we still have to pay for: a dress (I need to order it in the next week if I want to get it in time), Two tux rentals (160 each), alterations, music (the church requires live music and if you use your own you still have to pay 100 for “consultations”), food for the reception, floral (all), decorations, a cake, etc. etc….

Here’s the problem: My mom just lost her job, she is looking for a new job but the soonest she would have a paycheck is September. That means they’re going to be short at LEAST 10K in earnings even after unemployment. So them paying for anything is pretty much out. On my end I can’t find a job and don’t have a job. I can’t even afford school for a few more months. I just pulled out a loan, both of our credit cards are close to the max (enough room for emergencies). The only way we can afford to have the wedding is if we pay the minimums instead of paying off our debt faster… in this case we could afford the wedding (nothing but the minimum)..

On the other we can pay off our debt in the next two years by making above minimum payment and we could just throw a party at my house (my parents have a pool). Food could just be grilled or something simple like that and we have speakers for music.

Which direction should I go with? I’m beyond stressed at this point because this is the third attempt at wedding I’ve had, the first two were before we got legally married. I just want this to be over with. My husband is set on the church wedding whole deal but I never even cared if we got married in a church to begin with.

Best answer:

Answer by Reba
My advice would be to cancel and then save up for a wedding at a later date. Since you are already legally married, maybe how a vow renewal ceremony at you 5th anniversary and have a big party. That should give you plenty of time to plan and save.

For debt relief, you need to check out Dave Ramsey, he has a TV show on the Fox business new channel every night and a radio show during the day (11-2 I believe) on talk radio.

He give sound financial advice on getting out of debt, saving for kids college, retirement etc. Using his steps my husband and I were abel to get out of debt in 2 1/2 years and we were in 50,000+ of credit card debt so if we can do it you can too! He has a few great books like Total Money Makeover and Financial Peace. It’s not a get out of debt quick system it’s just common sense and good advice.

http://www.daveramsey.com/

Good luck!

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Learning how to properly use credit cards is often the difference between someone with good credit and someone with bad credit. Since credit cards are probably the most popular vehicle people use to drive themselves into the depths of credit despair, it is a great idea to set forth rules of engagement when it comes to your credit cards.

Rule one: Don’t purchase consumables with your credit card. Pay cash always.

This is a biggie, buying your morning coffee and bagel with your credit card ensures that you must use your card every single day. You then get into the habit of doing so. Not good. Pay cash like most people do when buying things you eat, drink, or smoke everyday. The credit card should only be used occasionally, any more than that and you wind up paying interest on what? A bagel. You would be the only one at work who pays $8.00 for a buttered bagel. Sounds stupid but it happens.

Rule two: If you don’t have the cash in your bank account to cover a purchase, YOU CAN’T AFFORD IT!

This is another big one. The only exception here is emergencies, and by emergencies I don’t mean that PlayStation 3 just released a collector’s edition of World of Warcraft that comes in a gold plated tin, and you just HAVE to charge it because you don’t get paid until next week. An emergency is having a flat tire on your only car, or the boiler goes kaput. If there weren’t credit cards, you wouldn’t be able to buy something if you didn’t have the money. That is the difference between society before and after consumer plastic. We were able to survive without credit cards for a long time. You should be able to do the same for non-emergency purchases. Don’t make it the norm to live on a borrowed dime, there is no faster way into the poor house.

Rule three: The minimum payment accomplishes NOTHING but putting more money into the pocket of the creditor.

Every time you make the minimum payment, the majority of your payment is likely to be pure interest. That means that only a small fraction of your payment actually goes towards lowering your principal balance. For example, if you make a $100.00 minimum payment on a high interest card, about $13.00 will be taken off your bill. The other $87.00 will be considered interest, or the “vig,” in extortion terms. I say that because the majority of creditors are nothing more than mob loan sharks. Actually, worse, at least the mob is honest about what they will do to you if you don’t pay up. Pay as much as you possibly can every month, and if it truly is the minimum, then fine.

Rule four: If you can’t make your payment on time, call the creditor.

The absolute worst possible thing you can do is not pay and not call. This tells the creditor that you don’t take this debt seriously, and will likely wind up with them making a negative report to the credit agencies. That will directly affect your credit score in a  negative way. Call them, tell them you can’t pay right now and ask them for more time. You might get told absolutely not, but at least you made the effort to call them. This weighs in your favor when they consider turning the account over to collections.

Those are a handful of guidelines that can greatly improve your credit card management. If you feel deep down that what you are doing is wrong, then it likely is. Treat your debts as a top priority and it will show, and the benefits will be many.

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