Debt Demolition?

debtOkay, before we go much further in my wedding ramblings, I feel the need to confess to you all my nitty gritty budget details.  Brace yourselves, I’m gonna lay it on you…

Current credit card debt:  $5384.80…Before you poop your pants, you should know that last year it was up to $12,000 plus, and I’ve been working aggressively to pay it off at the rate of about $1000 per month.  My goal is to have it all paid off by October 1st of this year.  At that point my only debt will be my student loans (which are on hold because I am in grad school right now…FREE GRAD SCHOOL I might add before you poop your pants again). 

Savings:  Nada…I’ve never really had stable savings.  After my credit card is paid off, I plan on putting that $1000 that was going to my credit card each month in a savings account slash slush fund for the wedding. 

Wedding budget:  Hovering around $18,000

Parent contribution:  $7000

Our contribution:  $11,000

My goal is to have the wedding that we want and get out with little to no debt on a credit card due to the wedding expenses….Do you think we’ll make it?  

Let’s break down the budget.  The following is where I currently stand for different expense categories:

Ceremony:  $900 for site rental and chairs at the golf course.  I don’t really like the $500 site rental, but they aren’t charging us a site rental for the reception, so meh.

Food and Drink:  $9000 for delicious appetizers, plated dinner, and open bar.  Yes, this fee is half our budget, but we feel that food is important.  We may go to a partial open bar to save some money on this in the future, but for now, it stands.

Decorations:  $1800 for all flowers, centerpieces, lighting, linens, etc. 

Music:  $2250 for a Celtic band to play during the ceremony and cocktail hour and a traditional 5 piece band to play during dancing, plus tips for all musicians.

Attire:  $500 for my gown (being hand made at a STEAL), jewelry, veil, and other accessories.  Lingerie and spa treatments I am hoping to get gift cards for this Christmas.

Gifts for attendants and parents:  $500 (This is an arbitrary number as we don’t know what we are going to be doing for our wedding party yet…)

Photography:  $2900 for 8 hours of photography and albums and digital copyright.  Our photographer is FANTASTIC!

Photobooth:  $800 for 3 hours of photobooth time during the dancing hour.  This is our favor to our guests.

For those of you savy calculator readers, you can probably total that up and realize that it’s a little over $18k, but we are getting an unspecified sum from my FI’s parents, so that will bring our total contribution down some. 

So that’s where we stand.  I have been pretty vigilant for this budget from day one, and my FI is kind of in the dark about what we are spending.  This works for us because as far as our contribution, I am paying for the majority of it.  I think this is fair being that he spent $4200 for my engagement ring and will also be paying for the honeymoon.  In the end, I may ask him for a couple grand, but for the most part, I am happy with where our budget is headed. 

So whatdya think?  Are you in debt?  Are you going to be in bigger debt when your wedding is said and done?

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