Debt Update…

September turned out to be a painful month for us. Two weddings and all the hoopla that comes with them hit us for more than $2,000. Fortunately we were able to keep the expenses off our credit card but we had to rob our dwindling savings account.

I had NO idea how expensive it is to be a part of a wedding. New rule – no more weddings except for family.

We made no progress and made only the minimum payment on the truck.

Debt Breakdown:
Auto Loan 1: $0
Credit Card: $0
Student Loan: $9,731.52
Auto Loan 2: $11,532.21

Posted by Beks on October 5, 2009 at 5:00 AM in Debt Updates | 9 Comments »
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  1. John DeFlumeri Jr responded:
    Posted: October 5th, 2009 at 5:34 am

    Weddings are very rough financially, best only as a guest rather than an important particupant.

  2. Maureen responded:
    Posted: October 5th, 2009 at 7:33 am

    Celebrate the fact that you didn’t have to put the cost on the dreaded credit card! That’s HUGE in my opinion…. This is probable terrible to say, but I hate when I get INVITED to weddings of people I hardly know….. UGH!

  3. 2dogcasa responded:
    Posted: October 5th, 2009 at 10:13 am

    It is extraordinarily costly to be in a wedding, that’s for sure! The last two times I was in a wedding, I was surprised by how much I was asked to spend. It is so hard to say no as a bridesmaid.

    I was in a wedding about a month ago, though, where I was “just” a reader. I wore dresses I already owned to the rehearsal dinner and wedding and didn’t have to pony up for a salon hairdo or pedicure and manicure. Actually, the bride totally understood my budget concerns when I told her I couldn’t afford a night on the town for her bachelorette party. I had 17 cents in my bank account that day. Maybe next time you or your husband are asked to be in the party, maybe you can defer and request to do a reading instead.

    Or maybe next time, you can say you’re touched, flattered, but just unable to swing it financially. Either way, (costly) lesson learned! And kudos for avoiding the credit cards!

  4. Dan responded:
    Posted: October 5th, 2009 at 11:28 am

    I think this post is a great lesson to all the folks getting married out there–try to think of the costs to your guests!

    I certainly wouldn’t want a close friend to not be able to attend due to expenses.

  5. mewithoutdebt responded:
    Posted: October 6th, 2009 at 1:14 am

    Sad to hear that. My month was pretty good as far as debt payment was concerned. Here is my post http://www.mewithoutdebt.com/2009/10/debt-roundup-october-2009.html

  6. Cheapskate Sandy responded:
    Posted: October 6th, 2009 at 1:19 pm

    I made it a rule a long time ago to not be in any wedding with the exception of my best friend since grade school. It’s worked out so far.

    Weddings are an especially expensive and prohibitive for many people but it’s hard to turn down a friend. I’ve used the phrase that I am happy that they have found love, and I will celebrate with them but not as a party in the wedding. Works for me.

  7. Kari responded:
    Posted: October 6th, 2009 at 5:29 pm

    Not to be too judgmental, but you knew these weddings were coming – did you have a plan in place to save for them?

    Also, are your savings for emergencies? If so, then attending a wedding (and the related events associated with them, i.e. bachelorette parties) doesn’t really qualify. Of course your brother’s wedding is something you can’t miss, but you’re doing yourself a disservice if you have to dip into your savings to pay for it.

  8. Nicole responded:
    Posted: October 12th, 2009 at 12:10 am

    Hey, it may have been a bad month but it’s not the end of the road. Remember that before you took the class that was your everyday life. It’s good to know that now it’s just temporary : )

  9. Slinky responded:
    Posted: October 26th, 2009 at 2:07 pm

    I just went through some crazy bridesmaid expenses as well. We’re wearing floor length gowns, but we all need to have a certain color shoe? What?! Now that I’m planning my wedding, I’m trying to make it easy. I’ve told all the girls they can wear any long, formal, black gown. Everyone can get whatever they like and looks good on them and fits in their budget. There’s one accessory I’d like them all to have, but they’re getting really nice, fancy ones as their bridesmaid gifts. I’ve also included in my budget the cost of them getting their hair and makeup done. So, hopefully they’ll all have pretty minimal expenses.

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My Debt

  • Original Debt: $38,495.86
  • Added Debt: $1,781.50
  • Total Debt: $40,277.36
  • Paid: $36,084.36
  • Remaining: $4,193.00
  •  
  • Broken Down
  • Auto Loan 1: $0.00
  • Credit Card: $0.00
  • Student Loan: $4,193.00
  • Auto Loan 2: $0.00
  • Vet Loan: $0.00

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