The 3 Golden Rules For Wedding Finances: Prioritize, Research, Budget! Part 2
Contributed by Peiru Teo April 10, 2016
After prioritizing your wedding wants and doing tons of research online and offline (in Part 1), now is the time for you to make an informed decision on what is realistic given your budget.
Step 3: Budget
We have categorised three types of weddings for you. It is important to bear in mind that no single category is superior over the other — it really depends on what type of wedding you would like to have as a couple.
The No-Frills Wedding
Believe it or not, it is possible to have a no-frills, no-drama wedding in Singapore. ROM for instance, offers no-frills solemnization rooms and services to keep weddings affordable. The key to a no-frills wedding is to keep things really simple and sweet.
For couples who want to embark on the no-frills wedding, this budget breakdown could be a good guideline:
- Bridal package – 15%
- Wedding ceremony – 5%
- Wedding banquet – 60%
- Honeymoon – 20%
There are also budget friendly wedding banquets that cost from SGD$100 to $500 per table, but let’s not expect exotic delicacies here! It is also possible to reduce the honeymoon spending by opting for vacations in neighbouring countries.
The “Norm”
The average Singaporean couple spends SGD40,000 to SGD50,000 on their weddings. A mid-priced wedding package costs around SGD3,500. The average cost per table ranges from SGD600 to SGD1200, depending on the reception venue.
Extravagant
Extravagant weddings cost around SGD80,000 up to SGD150,000. An expensive wedding package costs around SGD5,000 to SGD7,500, and wedding rings that are specially tailored to the couple can cost above SGD10,000. If you have the means to plan such a fairy-tale wedding, then go ahead and enjoy it. Also, be sure to take your honeymoon in Europe, or somewhere far away and have the best time of your life!
Always remember to include a buffer of 10-20% of your budget for emergencies! Very often, we hear stories about couples overspending on their budget. That being said, whenever you have decided on a budget and a list of items, be sure to stick to them and not add onto the list. This is to keep the overall costs in check!
So here are the three financial rules to bear in mind for your wedding: Prioritize, Research and Budget. Have fun planning!
Visit La Belle Couture page to find out more about Peiru’s work.
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