Paying Vendors in Full Early?

NO2012

Are you planning on paying off vendors in full as you are able? Or are you going to wait until the balances are due closer to your wedding date? I am on the fence with this. Part of me would love to have the feeling of "it is paid for!" but part of me thinks this may not be very wise and I should keep the money in savings until the payments are due. What are you doing?

NO2012

I think TK ate my post...:(

SCogs18

Yep, it did.  Post again?

But guessing from the title, I see positives and negatives to paying in full early:

If you pay early you can space out the financial burdon.  But if you pay in full early and then the service is poor you have no power (can't withhold payment).

Maybe you could just have the payments ready early and set it aside so while you are still paying in full all at once, it won't hit your wallet too hard?

NO2012

SCogs, that is basically what I am debating. I would like the feeling to know most of the vendors are paid off early, but I also question how wise that is to pay vendors off early before the balances are actually due closer to the wedding. The money will be in savings, but I am a list person and want to cross those things off my list. Just wondering what everyone else is doing?

BMcLeodTeam

We are paying off early. I have done A LOT of work to search and find our vendors, and have confidence in them at this point. I would love to have as many paid off ahead of time as possible to lower my stress closer to the big day.

bsims726

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-club-boards_september-2012-weddings_paying-vendors-in-full-early?plckFindPostKey=Cat:Wedding Club BoardsForum:a464c18c-2e4d-469b-8eae-3865079cb9cfDiscussion:08cd40fb-0da5-42f7-b84b-b2d812237e5ePost:28cfa9b7-0348-4d9b-87c0-07462cdc813e">Re: Paying Vendors in Full Early?</a>:
[QUOTE]We are paying off early. I have done A LOT of work to search and find our vendors, and have confidence in them at this point. I would love to have as many paid off ahead of time as possible to lower my stress closer to the big day.
Posted by BMcLeodTeam[/QUOTE]

My words exactly. The only thing I want to be thinking about closer to my wedding day is the honeymoon, not who needs to be paid lol

bridezillatobe2009

I guess I'm just not trusting enough, but I would never pay anyone in full until the service is completed. We have a savings account which has enough for the remainder of balances with the exception of booze since it's consumption and I have no idea until after the wedding what the tally will be. This will go on visa temporarily.

mamameech

I'm with Bridezilla. There are so many things that could end us changing closer to the date or services that do not end up provided (but paid for); trying to get money back is not fun. We are paying deposits and percentages of costs, but not many full balances prior to the wedding date. There will be some items paid off however; like the dress, tuxes, rings, all the decor/DIY stuff, gifts, etc... everything that we will be done or physically have prior to the wedding.

Clarustin2011

I'm doing the same as Mama. I would rather have my money in savings earning interest for 6 months than be in someone else's pocket ahead of time.

smartlypretty

To echo PP, many of my vendors require the remainder of the payment on the wedding day. What happens if you pay them off now, and one doesn't show? It would be better to be out a deposit then to need to sue someone for the full cost of services not rendered. When you are hiring someone for a service, you never really know what could happen. I'm a list person too. If I need to pay a vendor with cash on the wedding day, I've been putting cash into envelopes and sealing them. Then it's done and ready to go!

lbarr088

We've paid all of our deposits.  When the next payment installment for the photographer is due we will pay the remaining balance.  Also, as we meet with people within the next few months we will pay them off.  I get a little leery of doing that but I spent so much time researching and meeting with potential vendors before I chose mine that I am confident in them.  Also, they all require to be paid before the wedding so I can't really "wait and see" how their work turns out.  IMO, if I trusted them enough to choose them to be a part of my day then I see no reason why I can't trust them to fulfill their contract if I pay them up front.  

Also, in the majority of the contracts that we have, we have up to two weeks prior to the wedding to make changes so I'm not too worried.  

volleygurl0306

We have a weddings savings account and will be paying vendors the day it is due, maybe a day early.  One, I think you are better earning the interest (even if it's pennies with the way rates are).  Two, it isn't a trust thing for me so much as life happens.  What if my baker gets sick and can't make our cake?  Yes she'd probably get my money back to me eventually but now I'm out several hundreds of dollars while I scramble for a new baker.  Also, my cake and venue can't get paid until I have a headcount.  I could pay my florist but only because I am doing non-floral centerpieces (without a headcount you could pay for too many or too few centerpieces).  Unless you are afraid you'll spend it, I say hang on to your money as long as possible.  Maybe I'm a worrier because we aren't financially stable, but God forbid something happen in this job market, I'd rather have the money and if really need be just eat the deposit of a cancelled service we could no longer afford. 

We'll actually be putting everything on our credit card (it is the safest way to pay because the government protects credit card payments AND I earn points) and then since they are all so close together pay the credit card off the next day for the amounts so the balance stays low.  With automatic payment setups it really shouldn't be too stressful!

I am also a list person....maybe even to an insane degree because I have a chronological list (so right now I'm on my things to do before the 6 month mark list since today is 7 months for me yay).  So, I'm not even looking at my 4 weeks before list when my payments start being do.  I say make a new payment list and put it out of sight.  Then it won't make you twitch when you see uncrossed things haha

BMcLeodTeam

We are using VERY few individual vendors.... our 'house account' at the resort includes catering, venue, rentals, bar, dj, etc.... so the only vendors we have to pay seperately is the photographer (which we love and that was the one vendor I knew I wanted before the engagement even so I totally trust them), video (we're doing Wedit, so not a traditional vendor) and the photobooth which requires to be paid off before the wedding anyway

[Deleted User]

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-club-boards_september-2012-weddings_paying-vendors-in-full-early?plckFindPostKey=Cat:Wedding%20Club%20BoardsForum:a464c18c-2e4d-469b-8eae-3865079cb9cfDiscussion:08cd40fb-0da5-42f7-b84b-b2d812237e5ePost:28cfa9b7-0348-4d9b-87c0-07462cdc813e">Re: Paying Vendors in Full Early?</a>:
[QUOTE]We are paying off early. I have done A LOT of work to search and find our vendors, and have confidence in them at this point. I would love to have as many paid off ahead of time as possible to lower my stress closer to the big day.
Posted by BMcLeodTeam[/QUOTE]

This!  I have confidence that our vendors will do what is expected of them per our contract.  Besides most of my vendors want the payment in full either a week before the wedding or on the day of and there is no way I'm scrambling trying to pay people the day of the wedding.  What's the difference if you pay them a week before or 7 months before?  It's still before the perform their services.  Also, if for some reason they were a no show you better believe I would fight to get my deposit back so whether I fight for my deposit or the whole amount it's still a pain in the butt. 

mamameech

No matter how much you trust your vendors, which we do as well, this is big money and unforeseen events could occur. You can't anticipate a death on the family or an illness or god knows what else. Not fun to think about but I've learned how life can throw some major curve balls when you least expect it. I'm not spending more by paying when amounts are due and it saves potential issues and even builds more $$$ in my account. To each their own and I can appreciate how good it feels to pay stuff off; it's just not the best option for us.

Starfish0116

I'm actually surprised that some of you have vendors that don't require payment in full before the wedding. All my vendors require balances to be paid before the wedding. The only one that doesn't is the band, and he requires the balance in cash the day of. I'll probably pay him before anyway because I really don't want to hassle with paying people at my wedding. I require my brides to pay in full before the wedding, that's pretty standard.

NO2012

Thanks for all of the responses and input.  Each of you touched on all of the things that have been swirling in my head as pros and cons.  I just don't think there is a wrong or right answer (or surely I would have come up with the right answer by now .  

I have a few vendors that require payment in full prior to the wedding (photographer, planner, florist, and cake -all approx 2-4 weeks before wedding), but others like DJ, band, hair/makeup, we will pay day of.  Those are the ones I would be most concerned about them not showing up and being out all of the money.  I do have wedding insurance (getting married in New Orleans...hurricanes are covered!), so this should put my mind at ease about getting money back if something unforeseen happens like mama pointed out, but I just can't shake the feeling that it's bad business to pay everyone ahead of time.  Taking care of final payments is my planner's job anyways.  I think I just talked myself into keeping the money in savings and paying as required by each vendor.  *Sigh*

NO2012

Just wanted to clarify that by "ahead of time," I mean now (7 months early) as opposed to anywhere from 7 to 21 days ahead of the wedding when they final payments are actually due. 

volleygurl0306

My vendors for the most part do require the payment before.  The ones who don't are my coordinators (this is actually just going to be a unrequired tip since their services are free), officiant, and photographer.  The officiant is in cash and my photographer I will set up an automatic paypal payment for the day before.  I will be giving the coordinators tip and the officiant cash to someone else (most likely my dad) to handle so I don't have to worry about it.  But, even though my other vendors are due before the wedding, I still like to hang on to my money as long as possible.  My vendors before are 4 weeks, 2 weeks, and 3 days (my venue/caterer so the largest) before the wedding.  Regardless of how they perform I do have to pay them early.  But like mama was saying, if something happens to my florist (4 weeks) or baker (2 weeks) or even my venue (disasters happen) why pay them before it is required.  The likelihood of something bad happening between now and the wedding vs. 4 wks out and the wedding is higher so it just seems safer to wait as long as possible.  Not all vendors have the same policies though.  On my wedding day my photographer will only be receiving the 2nd of 3 payments.  I don't have to pay the last 3rd until I get my pictures....holds them accountable!

npott044

All of our vendors require us to make our final payment before the wedding. The hall and caterer is 1 week before and we have not paid that off but are making small payments every few weeks. Our DJ and the cake lady required that payment be paid in full 30 days before the wedding. Our other big vendor the photographer required the last payment be paid by July 15th. Most vendors I have looked at in Southern Wisconsin require full payment before the wedding. That being said I totally understand everyone being a little hesitant about paying them in full before services are provided. However, all the vendors we spoke to required payment so there was not much we could do about it always.As of today we have paid of the DJ and the photographer and have a small amount left on the cake.

morenachica110

There are certain vendors that I feel comfortable paying off before. Like the officiant for example. I'll probably give the photographer half before then (if possible) and the rest on the day of. The baker requires everything paid thrity days before, but I can make changes up to two weeks before. I won't be paying the DJ until the night of, though.

SCogs18

Like Starfish said, most of our vendors do require they be paid before the wedding (with in a couple weeks).  I'm not thrilled, but it's in the contract.  Maybe that is a NC thing?

You could XP this on Wedding Recap and see if the ladies there have first hand experience of what they did and how it worked out.

Starfish0116

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-club-boards_september-2012-weddings_paying-vendors-in-full-early?plckFindPostKey=Cat:Wedding%20Club%20BoardsForum:a464c18c-2e4d-469b-8eae-3865079cb9cfDiscussion:08cd40fb-0da5-42f7-b84b-b2d812237e5ePost:7ddd66a1-3539-4806-8f89-3556ca8ac8ac">Re: Paying Vendors in Full Early?</a>:
[QUOTE]Like Starfish said, most of our vendors do require they be paid before the wedding (with in a couple weeks).  I'm not thrilled, but it's in the contract.  <strong>Maybe that is a NC thing?</strong> You could XP this on Wedding Recap and see if the ladies there have first hand experience of what they did and how it worked out.
Posted by SCogs18[/QUOTE]

<div>I think it's pretty standard throughout the industry. I actually thought my required retainer was fairly standard, until I started planning my own wedding. Most of my vendors were requiring at least 40-50% at the time of booking - as compared to my 20% retainer (which I've since changed). </div>

cinderellasjc

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-club-boards_september-2012-weddings_paying-vendors-in-full-early?plckFindPostKey=Cat:Wedding Club BoardsForum:a464c18c-2e4d-469b-8eae-3865079cb9cfDiscussion:08cd40fb-0da5-42f7-b84b-b2d812237e5ePost:28cfa9b7-0348-4d9b-87c0-07462cdc813e">Re: Paying Vendors in Full Early?</a>:
[QUOTE]We are paying off early. I have done A LOT of work to search and find our vendors, and have confidence in them at this point. I would love to have as many paid off ahead of time as possible to lower my stress closer to the big day.
Posted by BMcLeodTeam[/QUOTE]

This!  We have paid my limos, photographer, and dj in full already, Everyone else has a substantial deposit down.  This way I don't have to worry where I will come up with an extra $200 bucks if I missed something.

torontozombielover

Hi Ladies!

I've been watching this board quietly - I'm a september 2012 bride, but we are doing it in Las Vegas (we're from Toronto, Canada) so I've mostly been active on the LV board. But this one caught my eye. I'm definitely a list person - knock it off as early as possible - but we also have chosen to pay our venue in full now because of the CAD dollar. You can never tell how it's going to fluctuate, and since we are doing a mostly all inclusivel package, we decided to pay it all off now while the dollar is good - plus it prevents me from thinking our wedding account is more flush than it is!