Pre-payment to Vendors

Lauren2426

I wanted to start getting our vendors paid off but was told by a few people not to pay any more then the deposits as you should not pay so far in advance (wedding is May,2012). What is everyone else doing regarding payments? Thanks!

LissyM83

We're paying payment as they are due. If you want to put the payments aside so you have everything set, that's not a bad idea. 

hvansaders

We are making payments when they are due, not prior.  Our reasoning for this is because if the company goes under they have your money and you will not get it back (even though chances of this are slim if you go with reputable vendors).  Just set them money aside in a savings or checking account and you should be fine.

Plus why should someone else have your money before they require it.  Even tho rates are really low, any interest you can earn is better than nothing.

NJhousewife22

We opened an online ING account and stuck the money in there until things were due. I haven't paid anything early and just paid things as they were due. I'm with PP poster, get the interest! lol

cindyn9178

We only paid the vendors the balance in full if they required it ahead of time. Otherwise, we paid the balance the day of (which was photographer and limo). DJ required balance paid a few weeks before.. but I woudln't pay any further in advance than that.

USER876

I never understood this myself, but it appears some people need to get money out of their hands or they will spend it.  The same goes for tax returns, I never understood how excited people are about them.  Why not change your deductions to keep your return to around zero so you get the cash up front?  Why let the GOV hold it for so long?  I suppose it's a "forced savings" similiar to paying a vendor early or monthly.

alykat216

We paid everything up front, I know we took a risk by doing so but it worked out for us.  It was nice to just pay it off and not have to worry about it.  We were able to get a discount from a few of them once we told them we would pay it all right then and there, so that was good. The florist was the only one we didn't pay in full because I needed to see how many people were coming to get the correct number of tables. 

PeteandJen

I also have been paying more upfront. I found if we told Vendors we would pay in cash (well money order so I have a record) we got a discount. It saved $400 on our D.J. The only one I am not paying before is the Photo and Video, as 1/3 deposit was due when we book, then 1/3 a month before and 1/3 when we get the albums. I figure if I have the 1/3 still, they will be more inclined to follow the schedule to get the balance after the wedding. I know it is risky, but I would rather pay it off before hand so we have extra money for anything that pops up closer to the time or the HM.

Giaspo

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/local-wedding-boards_new-jersey_pre-payment-vendors?plckFindPostKey=Cat:Local Wedding BoardsForum:90Discussion:90fdcca3-f490-4c28-b49a-555b9be87ae0Post:875dbcdf-a430-42a0-8cf2-e785852473ce">Re: Pre-payment to Vendors</a>:
[QUOTE]We opened an online ING account and stuck the money in there until things were due. I haven't paid anything early and just paid things as they were due. I'm with PP poster, get the interest! lol
Posted by NJhousewife22[/QUOTE]

This.  We opened a wedding account and paid all the bills from there.  We paid things as they were due.  This also helped us realize where we were with our budget and, by depositing $ directly into this account, we didn't spend it for other things. 

DoubleAS

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/local-wedding-boards_new-jersey_pre-payment-vendors?plckFindPostKey=Cat:Local Wedding BoardsForum:90Discussion:90fdcca3-f490-4c28-b49a-555b9be87ae0Post:14206bc2-b613-4216-8c23-1b2c600182be">Re: Pre-payment to Vendors</a>:
[QUOTE]In Response to Re: Pre-payment to Vendors : This.  We opened a wedding account and paid all the bills from there.  We paid things as they were due.  This also helped us realize where we were with our budget and, by depositing $ directly into this account, we didn't spend it for other things. 
Posted by Giaspo[/QUOTE]

This too... We opened a joint passbook savings when we came home from our engagement wknd.  Whenever something is due we just pay it from there.  We love seeing it grow, as well!  Somethings we just paid off, like flowers and such bc they're smaller amounts vs. the huge amt like the venue.

NJgurl19

I agree with everyone else this is not a good idea.

KH 2012

the only one we paid more to was our venue deposit because we contarcted at 115people but once we went home and made our guest list it was 150 which a a good amoutn more so we did a little extra on the deposit  so we arent hit with bigger bill then expected.  really some peopelpay the extra and are fien but twith bridal shops closign left and right and little photgrahers and dj companies fallign off the face fo the earth it is safer to protect yourself