Wedding Are you concerned about the economy affecting your wedding?

[kittybean]

Last night I was talking with FI about the looming economic meltdown, and he pointed out that we may not be able to go on a honeymoon if things keep getting worse. This made me really sad, and it also spurred a whole chain of worry about the wedding. What happens if businesses start to fail en masse ? What if our wedding vendors go under with our deposits in hand? What if no OOT guests can come because they can''t afford it? What if we can''t afford the wedding anymore? And on, and on, and on . . .

Tell me--are you worried, too?

(Just want to clarify: I know that there are way bigger worries on everyone''s minds when it comes to the economy. Personally, I''m worried about my job, FI''s job, my friends'' jobs, another Great Depression--but the wedding worry seems so awful to me right now because it''s supposed to be the happiest day of our lives.)

 

[neatfreak]

You can buy wedding insurance...

 

[gtn]

I think you are justified in worrying about how the economy might affect your wedding, but I think that when life gives you lemons, you make lemonade. I''ve heard that some places are making more concessions as a result of economic fears. I know that vendors going out of business/declaring bankruptcy is a very real possibility, but getting wedding insurance might be a good idea. Instead of paying a premium for bridesmaids dresses, you might be able to get a great deal on your dresses. I''ve seen 60% sales for fall fashions. That''s unheard of. So yes, the economy is bad but you could take advantage of that fact.

 

[marchswallowbird]

Neatfreak -- where do you buy wedidng insurance?

 

[Keepingthefaith21]

I am glad that you posted this so I don''t feel completely insane about having similar feelings. I actually said to my mother today that I am heartbroken that I am so worried about my future (from a purely economic stance) during what should be one of the happiest, most exciting times of my life.

I feel almost guilty that our wedding is happening during such a horrific economic downturn. Even worse is the fact that I have over a year until our date and I feel like things are only going to go from a bad daydream to a horrific night terror between now and then. Half the time I watch the news I end up crying simply because I have never felt so terrified in all my life.

It''s gotten me so worried that I have actually mentioned calling the wedding off, eloping and chosing to have an anniversary party at some point when we''re not staring at the possible collapse of our entire economy. I feel guilty for planning a wedding during such a horrible time.

 

[julesbeth]

It''s a pretty depressing time. I feel like we on pricescope are keeping the economy afloat with our weddings and diamond purchases


But seriously - it is a rough and scary time. Our wedding is in 8 days, so it won''t affect us too much but will def. affect our marriage, and our ability to buy a home, get a mortgage, etc.

 

[gtn]

Date: 9/26/2008 4:30:31 PM
Author: julesbeth
It''s a pretty depressing time. I feel like we on pricescope are keeping the economy afloat with our weddings and diamond purchases

I laughed when I read that line.

 

[SuLi]

Date: 9/26/2008 4:30:31 PM
Author: julesbeth
It''s a pretty depressing time. I feel like we on pricescope are keeping the economy afloat with our weddings and diamond purchases


But seriously - it is a rough and scary time. Our wedding is in 8 days, so it won''t affect us too much but will def. affect our marriage, and our ability to buy a home, get a mortgage, etc.

I agree. We''re getting married next week and it feels slightly bittersweet. We decided to wait until next spring to go on our honeymoon in Europe, and I''m now reconsidering the trip because of the economic downturn. I''m really worried about my job (it''s tied to the outcome of the election and also the reason why we can''t go on our honeymoon right away). I''m also really worried about whether or not my FI and I will be able to purchase a home together. The current economic environment definitely puts a damper on this "happy" time.

 

[swingirl]

I think a lot of today's brides have no idea how weddings used to be 50-80 years ago. Middle class people had weddings in church basements, food was catered by "cooks" who prepared buffet-style ethnic dishes, and brides were grateful to get toasters and towels. Oh, and honeymoons were a camping trip or a drive to Niagara Falls. In my mom's old journal from her wedding day (1947) there is a list of food that she purchased to turn over to the cooks. Chickens, sausage, butter, etc. And they had a very large wedding with a breakfast and dinner. During WW2 many brides worn a nice suit for their wedding. And during the depression the cost of a wedding might include the outfits, a formal photo and that was it.

But I don't think those people felt any less happy to be getting married.

Yep, things will be toned down quite a bit. Destination weddings might not be so popular if people can't afford the cost of travel. Of course, if you've got the money there's no problem.

 

[vintagelover229]

I have the same fear w/ the possiblity of another Great Depression. I''m not involved in our $$$ (ex: bills,etc) and I know my FH handles everything very well, but it''s still scary for me. I even asked him if it''s going to affect us having kids in the furture etc. I just wish that our society would have realized that this was a possiblity if we didn''t change our lifestyles years ago. With that being said, and I hate to say it...but maybe all this panic, etc is good for us. Not the pain and the job loss...but maybe it will teach everyone to be spend less and be happy with less, etc. (not saying that your not now of course, etc.)
I know I''m scared on how''s its going to affect everything...I guess all''s we can do is save more, spend less, and hope for the best!
Good luck to everyone else! I''m glad I''m not the only one worried...

 

[Thomperchik]

Kittybean - I work in the finance world, and everyone is scared of not knowing what tomorrow may bring. However, I try to come on Pricescope as often as I can. It keeps my mind of the financial crisis!

 

[Diamond Confused]

We really wanted to get married October 2009 but with the way things are I don''t think it''s prudent or wise to spend $30k on a wedding. That money should stay in the bank just in case. IT makes me sad...

On the other hand though, I bet you can get some pretty good deals right now. It''s a "couple''s to be market" I bet we could bargain and get prices lowered by quite a bit.

I think spending that kind of money is always risky. Even when the economy is strong, you could still lose your job.

 

[MaggieB]

I am definitely worried about the economy. My fiance is a banker. They had huge layoffs this week which he survived, but the remaining employees were told they were safe until December 31st but to be prepared for more layoffs after that.

 

[Mediterranean]

I''m more worried about my retirement accounts and my life savings! They tell you to diversify your investment portfolio, but HOW when there''s no diversity in the market? Banks are dropping like flies! If Wachovia goes next, then what? Already, with the fall of Washington Mutual, have to find another option for the account I had with them, because I already HAD an account at Chase, and I can''t have both accounts there for much longer, because these accounts will only be FDIC insured for the next 6 months. I have to find another option, or If Chase falls, too, after that 6 moths period, and the FDIC only insures each CUSTOMER (not each ACCOUNT) up to $100,000, and I leave all my money there, well, then I stand to lose a freaking LOT of my life''s savings. A LOT. Like, most of it...

Also, what is going to happen to consumer credit accounts? Already, I am hearing stories about the interest rates on those sweet 0% cards getting raised, like RIGHT NOW...and all those charges showing up on peoples accouns like, with the VERY NEXT statement in the mail. WTF? There are people who counted on the rate being 0% for the time specified n the agreement, and made their purchases (or transferred their balances) accordingly! Now that the original bank they had the card agreement with no longer exists, WHAT HAPPENS TO THESE PEOPLE????

This is why I don''t use credit cards. I have two plus an Amex, but I carry no balance (which puts me at risk of having my accounts closed, I have learned...WHAT gives here??)

My wedding....not so much. We set a strict budget and we''ve stuck to it. We also discussed NOT financing one single penny of this. We put the "wedding money" into a separate bank account and we use a Visa debit card for wedding purchases, so that our purchases are protected like we''re Visa customers, but it''s not a credit card so I didn''t, for example, do something stupid like take out a freaking loan with interest to buy a dress I''m only wearing once, or to pay for what amounts to a fancy dinner party. That''s not even sane. I was raised to believe that financing and loans were invented strictly for your education and your home, or a dire, life-threatening medical emergency that insurance won''t cover. Not a party or an outfit.

I cannot even begin to comprehend how families with children are dealing with this economy! My fiance and I don''t have and don''t want children, which has made this infinitely more easy to swallow for us. That and the fact that this happens to have occurred at a time in our lives when we''re well-established in our careers and we''re already up there in age, so we''re not paying off school loans or trying to buy a house.

But if we had kids, and if we weren''t as old as we are, and we hadn''t already been working for decades...it would be putting a hole n our lives for sure.

 

[DMBFiredancer]

i''m worried about our OOT guests, since its most of our guest list. i am sending out the save the dates earlier than i normally would have to give people plenty of time to save, but i still worry that alot of people just wont be able to afford the trip.

 

[NewEnglandLady]

You all are definitely not alone--I was just talking with a friend of mine who just got engaged and is worried about the same thing. They have decided to elope to Mexico because they have family all over the nation and didn''t want to force their family to spend money to travel for the wedding when we are on the brink of a depression. He and his fiancee are really excited to be married, but they don''t necessarily feel like throwing a huge celebration, which I do understand.

D and I are celebrating our first anniversary this weekend and we were talking about how much has changed in a year. Though we had a very small wedding, we agreed that if we had waited to get married this year, we probably would have had a very different wedding. We probably wouldn''t have splurged on the honeymoon, either. Even if the wedding doesn''t dig into savings very much, it seems like you''re so much more aware of every dollar you spend.

 

[Babyblue033]

I guess I''m the only one who''s NOT really that worried?

Not that I''m unaware of the current economic trend and not nervous about the uncertainty of what''s coming, but I guess for me at least it''s not that much different from any other times. Job security is something that''s on my mind all the time and losing one''s job is always difficult no matter what the economy looks like. Since FI and I have already gone through it (FI was unemployed twice during the 5 years we were together) and managed to pull ourselves back up, I''m no more or no less worried about it now than I would be normally.

We''re already eloping and were very careful about our budget to begin with, the sort of expenses to have a full fledged wedding would''ve scared us in the best of times, so this certainly won''t put a damper on our enjoyment of it

Maybe it''s because we''re a young couple (turning 30 soon so not THAT young but still

), don''t have children, never had much money to begin with, and always managed to make things work and enjoyed little things even during the worst of times, and that''s why we''re not in a panic that our lives will be turned upside down suddenly. To be honest, as scary as things are right now, in my opinion some of the fear is a bit over the top and people panicking over the possibility of another Great Depression is only going to make things worse

 

[Black Jade]

I only met my grandmother twice. She lived in a foreign country. She lived through two wars and the Great Depression. She also lived through a hurricane worse than Katrina-- as a young mother, her house was blown away and she had nothing. I mean NOTHING. She had the clothes she was wearing and her children alive. She told me she felt lucky at the time. There were people much worse off--one lady tried to steal her youngest daughter, my aunt, insisting that this was HER baby. The woman''s own baby was dead.

Things happen. Disasters happen, even. We shouldn''t worry about them in advance. Trust me, the worst thing that can happen is not another Great Depression. People suffered, yes. But families also grew close and people grew strong. You and your FI would be in it TOGETHER if the economy here went bad. And then the economy would get good again. Just enjoy each other and your love and the fact that you have each other. Right now should be one of the happiest times in your life as you plan the rest of your life together, don''t waste it worrying about things that probably won''t happen.