How did you pay?

keyaira04 · December 2012

This may be a silly question, but any insight would be helpful, I think.

Jan 2013 will start our payments to vendors. It's our goal to be debt free at the end of the wedding, and a personal goal to have all final payments completed June 1st, one month out.

Any advice on paying off balances?

[Deleted User] · December 2012

key this is gonna sound like huh? but whenever I can, with a group who I trust and who's willing, I sou sou. It's how I paid for my daughter's tuition, for the down payment on my house and my vendors. Trust is the key word, this only works with people that you know won't run off to costa rica with your loot.

http://unitedblackamerica.com/sousou-path-economic-empowerment/

http://madamenoire.com/58465/big-banks-have-new-competition-the-sou-sou-club/

nursing2u · December 2012

Sultry... you have me intrigued...

rowenac82 · December 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/cultural-wedding-boards_african-american-weddings_how-did-you-pay?plckFindPostKey=Cat:Cultural%20Wedding%20BoardsForum:400Discussion:43986724-a959-4de3-8a91-9e057f0ed62fPost:7fdf78d9-6c65-4418-8530-13e2a82f2287">Re: How did you pay?</a>:
[QUOTE]key this is gonna sound like huh? but whenever I can, with a group who I trust and who's willing, I sou sou. It's how I paid for my daughter's tuition, for the down payment on my house and my vendors. Trust is the key word, this only works with people that you know won't run off to costa rica with your loot. <a href="http://unitedblackamerica.com/sousou-path-economic-empowerment/" rel="nofollow">http://unitedblackamerica.com/sousou-path-economic-empowerment/</a> <a href="http://madamenoire.com/58465/big-banks-have-new-competition-the-sou-sou-club/" rel="nofollow">http://madamenoire.com/58465/big-banks-have-new-competition-the-sou-sou-club/</a>
Posted by sultryzulu[/QUOTE]

<div>
</div><div>My mom and practically every Guyanese person I know does this! IT works for those who get it...I don't..lol. I just put my money in a savings account like everyone else. But I Think the key to this is that you can have that lump some of money when you want it and don't have to wait to save it all up. </div><div>
</div><div>So for example, Key, if you know you want everyone paid off by your deadline, that's when you plan on collecting your "hand". </div><div>
</div><div>I personally had payment plans with all of my vendors. With my venue, I started over a year out and made monthly payments since that was my largest bill. All of the others (florist and photographer) got paid with 3 payments over a year leading up to the wedding with the last payment being due around a month out from the wedding. The DJ was one of the smaller bills, so he got a deposit which was more than the minimum they asked for and then a final payment. </div><div>
</div><div>The only person that got paid the day of was the MUA. </div>

[Deleted User] · December 2012

you can have that lump some of money when you want it and don't have to wait to save it all up.

plus

you don't have access to the money (it's with whomever you appoint as your treasurer, ergo have to do it with a group you trust)

= whole heap of your own cash at once. I don't have the discipline to not touch 10 grand of my own money if I KNOW it's sitting up at the bank.

20pearls16 · December 2012

My Sou Sou is called a tax return! I paid most of my wedding with it.

I also took advantage of 6 month no interest when i could (i.e. my dress). All of my vendors allowed me to have a payment plan so I paid in installments everything I couldn't pay with my tax return.

rowenac82 · December 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/cultural-wedding-boards_african-american-weddings_how-did-you-pay?plckFindPostKey=Cat:Cultural%20Wedding%20BoardsForum:400Discussion:43986724-a959-4de3-8a91-9e057f0ed62fPost:0e37e82b-d107-47e6-a8d5-6663f50d338a">Re: How did you pay?</a>:
[QUOTE]you can have that lump some of money when you want it and don't have to wait to save it all up. plus you don't have access to the money (it's with whomever you appoint as your treasurer, ergo have to do it with a group you trust) = whole heap of your own cash at once. I don't have the discipline to not touch 10 grand of my own money if I KNOW it's sitting up at the bank.
Posted by sultryzulu[/QUOTE]

<div>
</div><div>Yup precisely. I am stingy when it comes to money, the fatter my savings account, the happier I am so I have no issues seeing that money in there..lol</div>

rowenac82 · December 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/cultural-wedding-boards_african-american-weddings_how-did-you-pay?plckFindPostKey=Cat:Cultural%20Wedding%20BoardsForum:400Discussion:43986724-a959-4de3-8a91-9e057f0ed62fPost:e994d40a-8f5f-4085-8245-b28ec818c55a">Re: How did you pay?</a>:
[QUOTE]My<strong> Sou Sou is called a tax return!</strong> I paid most of my wedding with it. I also took advantage of 6 month no interest when i could (i.e. my dress). All of my vendors allowed me to have a payment plan so I paid in installments everything I couldn't pay with my tax return.
Posted by 20pearls16[/QUOTE]

<div>Yes, this too! I usually pay the government every year because of the type of position I have but yes, FI at the time, had to give up some of that for wedding expenses..lol. He didn't want to part with all which I was understanding about! :-)</div>

MrsBad13 · December 2012

In May of this year after paying most of the deps with taxes I came up with a time frame to have things paid off of what my left over balance was. In August I sarting paying 50 every 2 weeks on my dress and by end of this month I will be done paying it off. Then in Nov. I started making payments toward my venue 50 every 2 weeks. I will have it that paid off in Feb. Then I plan on doing photog and video starting in early Feb. I plan to have everything paid for by May 1st...that includes dj, cake, and chair covers as well. We are using taxes to pay off food and honeymoon. I dont know how much my way will help but it works for me.

M1ssJ · December 2012

Ro and Sultry Jamaicans do this too and call it a "pardoner"

We used a credit card but not in a "credit card" way. We signed up for the Chase Sapphire which has one year no interest and doubles points. The points are usable for travel and a variety of items.

We set up a payment plan. Venue + Hair/Makeup + Photog + Video= Total

Total/months until wedding. Every month we paid each vendor a certain amount on the card, then paid the card off in cash.

For the miscellaneous items we bought them with CDs that matured. Once the CD matured we bought all clothing and accesories, favors, etc.

Along the way we each put 13% of our checks into a joint wedding account and drew on that for incidentals. (I have no selfcontrol so this was an account with no debit card attached)

In the end we have over $2500 worth of points for travel. We owe about $300 on the CC from an incidental. And our wedding money went straight to savings

[Deleted User] · December 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/cultural-wedding-boards_african-american-weddings_how-did-you-pay?plckFindPostKey=Cat:Cultural%20Wedding%20BoardsForum:400Discussion:43986724-a959-4de3-8a91-9e057f0ed62fPost:395055c1-d7ee-40a1-8fcd-fea67dd858d4">Re: How did you pay?</a>:
[QUOTE]Ro and Sultry Jamaicans do this too and call it a "pardoner" We used a credit card but not in a "credit card" way. We signed up for the Chase Sapphire which has one year no interest and doubles points. The points are usable for travel and a variety of items. We set up a payment plan. Venue + Hair/Makeup + Photog + Video= Total Total/months until wedding. Every month we paid each vendor a certain amount on the card, then paid the card off in cash. For the miscellaneous items we bought them with CDs that matured. Once the CD matured we bought all clothing and accesories, favors, etc. Along the way we each put 13% of our checks into a joint wedding account and drew on that for incidentals. (I have no selfcontrol so this was an account with no debit card attached) In the end we have over $2500 worth of points for travel. We owe about $300 on the CC from an incidental. And our wedding money went straight to savings
Posted by M1ssJ[/QUOTE]

{{obnoxious applause}} make the money make money.

keyaira04 · December 2012

Thanks ladies; I have a lot to think about.

@sultryzulu Thanks lady! I will look into sou sou and talk about it with FI. I had never heard of this before, but its worth a look-see. We are all about building wealth and I am thinking of those in our circle we could trust to do this with. This is something that might really be of interest to us in the future, as we area starting to prepare to buy a house.

@ 20pearls16 and rowenac82 Thanks, I forgot all about the refund check coming. That will be a nice little help, since we forget to plan for it. I was thinking strongly thinking about going the snowball route, paying the largest balance 1st: venue, then photographer, then church.

MrsBad13 Thanks for the $50 a 2weeks tip. I had started to do this as well and was able to have my venue deposit based on this! Thank you Jesus!

Thank you Ladies! You are so helpful!

aquari0216 · December 2012

Wow! I think yall have ya finances in order!....my school refund and tax return will be paying....im letting Steve claim Amir...it makes him feel good? As if im not gonna benefit cuz that's going to the wedding also.....seeing as he wanted this expensive ass venue...

leatba · December 2012

I'm using my refund check and working over the summer to pay my part. FI has a plan to put 100/ month away for what he I paying for. We did open a joint account for this so everything wedding comes out of that account. This does mean that I take money out of my personal account to put into that account. It's worked so far. He pays the deposits and I'm paying the balance. Well everything except for my dress.

MissusD1116 · December 2012

This is a good thread Key! I was pondering the same thing! Refund is already spent when it comes and if The Lord is willing my annual bonus from work will continue to be pretty good. I think I may tackle the small balances first, photog and video. Then cake and miscellaneous (like gifts, etc)....

cookdt5312014 · December 2012

we are just paying the deposits and next year we will pay them off
we will pay half off with refunds this year and pay them off completely with refunds from next year

fancywright2 · December 2012

We initially put 50% down for all the vendors. Then this month, we paid another 1/2 of the 1/2 (if that makes sense). Our plan is to have everything paid off before March, so we'll pay the remaining 1/2 by then.

RanyattaCasey · December 2012

We have been hustling. Just basically budgeting it out. What we did was add up everything thing that was going to cost us for the wedding, then built in a little cushion for each item. We didnt start paying down payments until July so we had a lot to pay in a little bit of time. Since the venue of course is the biggest expense, we are focusing on that first. We paid 25% down and then 10% each month. We should be finished by February. Godwilling. Then after that the big money that was going to the venue is now going to the small vendors like photog and videographer. We should be finished everything by March. And without credit card debt, praise God! Waving and doing my thank you Jesus shout. Basically we have been working hard to stay on budget. I think that is the biggest thing. making a budget and sticking to it.

gelaine22 · December 2012

I put down the initial deposits with vendors (whether it was a set amount or 35-50% of the total) and they have all said I could send payments until the wedding date OR just pay the balance that day. My photographer broke it up into 5 payments with 2 being after the wedding.

Jana711 · December 2012

DH and I were just talking about this last night. Our venue was all-inclusive so and had a payment plan so we made monthly payments. We also set up a wedding account and used that exclusively for the wedding. Other expenses such as my dress, his tux (custom bought), photographer, DJ, accessories, hair/makeup, travel expenses (live in MD, wedding in GA), gifts, rehearsal dinner, etc, we just paid as they came up. We were really blessed to have no wedding debt and paid everything off before the wedding.

We took a delayed honeymoon 3 months later (due to DH's school schedule) and used the money from gifts to pay for that.

Definitely see if payment options are an option for all of your vendors.

island07b2b · December 2012

Please. The Dude has a gig every Friday night shaking that thing. Me, I am his agent. LOL!

Seriously, we made or are making monthly payments. The venue was paid in full awhile ago. We also have upcoming bonuses that we are allocating a part of for the remaining costs of the wedding. The rest goes to the new house, savings, and bills.

@ Sultry - I am very familliar with the sou-sou. Did one with a friend many moons ago. You are right you have to get involved with the right people. Otherwise, you are taking a huge risk with your money.

@20pearls - I wish I could use my tax return to pay part of the wedding costs. Instead I am the pot of gold for the IRS. AMT is a horrible. UGH!

20pearls16 · December 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/cultural-wedding-boards_african-american-weddings_how-did-you-pay?plckFindPostKey=Cat:Cultural Wedding BoardsForum:400Discussion:43986724-a959-4de3-8a91-9e057f0ed62fPost:85e50537-2231-40f7-b38a-0145b12ac08e">Re: How did you pay?</a>:
[QUOTE] @20pearls - I wish I could use my tax return to pay part of the wedding costs. Instead I am the pot of gold for the IRS. AMT is a horrible. UGH!
Posted by island07b2b[/QUOTE]

I am holding my breath this year since I am losig my head of household status. YIKES.

How did you pay?

Re: How did you pay?

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