Planning a Wedding – Money Matters to Consider
Many couples argue over money so speaking openly and honestly about your finances from the start helps to ensure a smooth ride through the wedding planning process. It also helps set the tone for how you deal with your finances throughout you married life.
Involve family members from both sides, especially if both families are contributing to the costs. Your families will have ideas and traditions that they want included in the wedding. Be open to their suggestions but remember that it is your day – do not be talked into spending money on something you do not want.
Budget
-
Decide what your overall budget is.
-
Decide how much of your budget you want to allocate to the different parts of the wedding. Bridal magazines and websites will have information on this and the following will help you as a guideline*:
- Bridal package – 15%
- Wedding ceremony – 5
- Wedding banquet – 60
- Honeymoon – 20%
- Consider attending a marriage preparation programme. The cost ranges from $150 to $300. See www. marriangecentral.sg for more information.
- Do not forget to factor in costs like thank you cards, gifts for bridesmaids, etc.
- Ring fence a buffer amount for unexpected costs.
- Do not spend more than you can afford. You do not want to be paying for your wedding years after the event.
- Remember, spending a lot on your wedding does not necessarily mean that you will have a better time. Being surrounded by family and friends is the most important part of your wedding day.
*Expenditure depends on an individual couple’s preference for emphasis on specific events.
Borrowing money
- Think carefully before borrowing money to pay for your wedding.
- If you do borrow money, ask yourself the following:
- Check you can meet the monthly repayments
- Consider holding your wedding later and saving the money rather than spending on credit
- Calculate how much the total loan will cost over the loan period and decide whether you want to spend that much.
- Think about whether you want to start your married life in debt
Money saving tips
- Shop around for the lowest Effective Interest Rate (EIR)
- Make your payments on time so you do not pay interest or late payment fees.
|
Guest list
- The number of guests you have will have a huge impact on your overall budget.
- Start discussions with both families early about who to invite.
- If money is tight, try to limit your guests to family and close friends.
- Make sure you celebrate your special day with people that you love and that love you.
Bridal package
- Shop around and compare the different packages on offer. Visit exhibitions and attend promotional events to find out more about what is available in the market.
- Key questions to ask are:
- Are a dress and bouquet included for the Registry of Marriage ceremony
- How many gowns are provided for the photo shoot and the actual day
- Does it include hair and make up for both bride and bridegroom for the Registry of Marriage, photo shoot and actual day
- Is there any additional charge for the loan of accessories
- How many photos are included and are softcopies provided?
- How much do they charge for additional photos?
- How many albums and photo frames are included
- Will they take photos/ video of the actual day
- Does it include use of a bridal car?
- Decide which parts of the package are essential for your wedding day, and which are just "nice-to-haves".
Money saving tips
- Consider renting your wedding gown instead of buying it
- Ask if there are credit card partnerships with bridal studios or banquet venues which mean you can get a discount if you pay with a certain credit card. But remember to pay your credit card bill in full at the end of the month or any discount you receive will be eaten up with the interest you are charged.
- Negotiate with the supplier to see if you can get any extras thrown in.
- Think about asking some friends to help photograph you and your partner in an idyllic location rather than paying a photographer.
|
Wedding ceremony
- Discuss with both families what kind of ceremony you want and think about any customary requirements. E.g. the Chinese will typically hold a tea greeting session with the elders of the family in the morning of the wedding day; hence you need to include costs for food and drinks for the guests, plus red packets for the helpers and the children.
- If you choose a church wedding, a tea reception may be provided to guests after the ceremony.
- Think about whether you want to decorate the venue and factor this into your costs.
- If you decide to have your Registry of Marriage on the same day, include costs for arrangements for the Solemniser, e.g transport reimbursements and a token of appreciation.
Money saving tips
- Hold your Registry of Marriage at the Solemniser’s office instead of paying for another venue, as well as the Solemniser’s travel costs.
- See the Registry of Marriage website for venue ideas http://app.rom.gov.sg/internet/reg_info/rom_married_outside.asp
- Ask your friends and family to help with decorations if you choose to get married in a church.
- Go on your honeymoon straight after your marriage registration.
|
The Wedding Banquet
- Remember that popular venues are booked six months to a year in advance so book this as soon as you have set a date.
- Find out which venues fit into your budget. Shop around and compare what is on offer. Key questions to ask are:
- Is it within your budget
- Will it seat the number of guests you are having
- Will there be any complimentary tables
- Can you personalise the invitations and is the price of printing included
- Does the venue provide:
- drinks – e.g. welcome cocktail, wine, beer
- wedding gifts for guests
- Master of Ceremonies (MC)
- a projector for the backdrop
- a hotel room for the wedding night.
Money saving tips
- Consider saving money by holding a lunch instead of a dinner.
- Think about holding your wedding on a weekday – it is cheaper than the weekend.
- Negotiate with the venue - ask for extras such as free bottles of wine.
- Consider having a fake cake - a typical eight course wedding banquet will be sufficient food for the guests.
- Do not feel that you have to stick with the set menus. See if there is room for negotiation.
|
Honeymoon
After all the excitement (and stress) of planning a wedding, you will both need a holiday. Talk about what sort of holiday you want, e.g. would you like to relax on the beach or have a more cultural experience? Then see what destinations are in your budget.
Money saving tips
- Start planning this early on. Flights are often cheaper when booked in advance.
- Shop around for the best deal. If you book through a travel agent, compare prices before committing to one.
- Do not forget to budget for adhoc expenses, e.g. the fee to exchange money to a foreign currency, spending money for when you are there, airport taxes, and tips.
- Look out for any promotions. There may be interest free credit card installment plans available where the agency ties up with certain banks. Remember that it is only interest free if you pay your installments on time and in full so make sure you do so. .
- Think carefully before borrowing money for your honeymoon. You do not want to be paying it back for years to come. If money is tight, think about going for a shorter holiday close to home, or postponing it until you have managed to save more.
|
Top tips for planning a wedding
- Set your budget and start to plan early. You may be able to get early bird promotions or other promotions if you plan early.
- Spend within your means so that you will not be burdened with debt long after the wedding.
- Consider enlisting the help of family and friends to do the decorations, photography, etc.
- Consider giving yourself time to save up for your wedding rather than holding it sooner and borrowing money to pay for it.
Remember – an expensive wedding is not necessarily a better wedding. Celebrating with those that you love is the most important part of the day.
|
