Most of us are taught from a young age to “never a borrower nor lender be”. But as with many adages, this is an oversimplification. In fact, it can sometimes be imprudent wipe out your existing funds, rather than use a loan. Here’s when you should use a loan in place of your savings:
Planning for a wedding is an amazing journey to take with your partner, but it does take plenty of time and energy. The hope, excitement and raw emotion mixed with the long list of items on your to-do list can be a little overwhelming, not to mention the potential cost once everything is tallied together. Whether you’re happy to spend big on an extravagant ceremony or want to keep things casual to save on costs, it’s important to have a budget so you can track spending and keep expenses within your means. Even if you cut down on luxuries, it can be surprising how quickly costs can climb for a wedding in Singapore without the right preparation.
Common wedding expenses to account for
There are a range of expenses you are likely to encounter when planning your wedding, some of which are more easily avoided than others. Common costs include:
- Wedding venue
- Reception venue
- Wedding cake
- Event planner
- Wedding dress
- Hair and makeup
- Groom attire
The list can start getting long, but don’t take that as a reason to call the whole thing off. Weddings are affordable when carefully planned, so try to account for as many costs as you can think of when drafting your budget. This makes it easier to avoid unexpected last-minute expenses and cut out unnecessary spend before it causes you any stress.\
Over budget? Here’s how to cut costs
At first glance, it might seem impossible to go without any of the things you’ve listed in your wedding budget. But it’s easy to get carried away when you first plan the wedding, and after some thought, it’s likely you’ll spot unnecessary costs.
1. Pass on professionals
You can find professionals for just about anything at your wedding, from the Master of Ceremonies to stand-in bridesmaids. While some are certainly more sensible than others, you can make big savings by replacing them with a friend or family member who can do it as a gift or at a discount. A capable and willing loved one can stand in as a photographer, MC, florist and just about anything else with great results.
2. Make use of early-bird discounts
The longer you wait, the more you’ll pay. Planning your wedding far in advance not only makes it easier to schedule but also gives you a better chance to capitalise on early-bird discounts offered by venues, caterers, photographers and other services.
3. Trim the guest list
It’s perfectly understandable to want as many people as possible to attend your wedding, but a long guest list is one of the quickest ways to blow your budget. Trimming it can be a difficult task, but the financial relief will be invaluable. You might consider excluding:
- Partners of guests and other plus ones you aren’t close with
- Children outside of your immediate family and friends
- Friends of your parents
- People you have invited only because you were invited to theirs
- Colleagues you don’t see outside of work
Should I take out a wedding loan?
Even after all the planning, budgeting and difficult decision-making, weddings can still be expensive. To help you afford it, you may consider taking out a wedding loan that relieves the pressure of all the upfront costs and gives you and your partner more room to breathe and enjoy your special day.
Before applying for a wedding loan, check to make sure you meet the eligibility criteria and familiarise yourself with the repayment terms to make sure you can comfortably afford the repayments. The right loan can be a great way to spread the total cost of the wedding over a longer period of time provided you do your research, ensure a loan suits your circumstances and stay disciplined with your repayments.
With CompareSing, it’s easy to compare wedding loans in Singapore and choose the offer that’s right for you. Use our wedding loan comparison tool to check interest rates, repayment terms, fees and eligibility on one platform and take the stress out of planning your big day.