Marriage is a scam they say...

"Marriage is a scam!"?

Said your complaining friends beaten down by the expenses of their wedding bills.?

However, you are finally at the stage where you're considering settling down and tying the knots with the love of your life. You look at your partner and finally decide to be on your knees and open that diamond ring.

"I want our marriage to be the grandest event ever, where I get to be the princess of the day!" listening to this sentence while scratching your head thinking, "how much should I prepare to make the love of my life happy?"

Jokes aside, before you get down on one knee to pop the question or even say, "Yes, I do!" Let's find out how much you need to save every month if you're planning to have the "average" wedding of your dreams in one year.

Opinion Disclaimer:

The views and opinions expressed here are based on the authors' statistics of Singapore wedding expenses (two articles below) and do not necessarily reflect the official policy. Any content provided here is of the author's opinion and not intended to malign any religion, ethnic group, club, organisation, company, individual, or anyone:

Aim of this article:

This article will not detail the best value for money, but it will focus on the psychology and the mentality when making a financial decision for your wedding day.?

Topic

• Average wedding cost in Singapore
• FOMO
• Don't Rush
• Only invite close ones
• Do your research
• Don't wait to save money

Average Cost

Singapore is not known to be a cheap place to live in and does the wedding expenses. Base on Value Champion published on January 2021. The average cost of a wedding in Singapore is about $30,000 - $50,000 taking all religious practices into considerations. If this information is accurate and planning for a wedding in a year, you would need to save up to about $2,500/month. To some people, it could result in a massive dent in your wallet if your earning power is not as much.

FOMO - Fear Of Missing Out

Looking at the average cost, indeed not an easy price to be achieved. Let us start with the giant elephant in the room—the heart of your expenses represents significant bulk from the wedding banquet. Just like inflation, the cost has steadily increased over time. The trends of weddings are also getting more extravagant. It is easy to fall for being FOMO among friends, especially all the grand weddings featured on our Instagram feed. It is to no surprise that we all want to have a grandeur wedding ceremony as well. Well, stop comparing and start with something more vital for you.

"Does a small diamond ring mean small love to your loved one?" If your partner says "yes", we indeed have a much bigger problem than we know. You might want to consider marrying someone else...?

I'm kidding :)

But in general, when buying diamond rings, people get too deep into the marketing that makes you think that only diamonds represents forever. In reality, many other things are also "forever", like the money with which you can build a future. Spend it because it is of meaning, not because everybody does it.

Though it is undoubtedly an important day in your life, it could be the most EXPENSIVE day without proper thinking.?

Don't Rush

"Don't get married because you feel your clock is ticking. Enjoy your life until the right one comes along. Marriage should feel right, not rushed." - Unknown.

Can you hear that clock in your body ticking, rushing you by this age? Should you have been on the altar saying your vows to the forever person in front of you?

Maybe you're pressured by your parents for having to nag at you for wanting grandchildren?

source: https://vulcanpost.com/187541/tell-youre-becoming-singaporean-auntie/

Whatever the voices are telling you, take a deep breath! Because none of their opinions matter. You are the one that is going to move on with your life, and you must be ready for it. There is no point in rushing to marriage when you're not financially secure and suffer later on.?

Marriage is a lifetime and not a single night event.

Only Invite Close Ones

Have you seen your cousin from your uncle's wife's sister-in-law son?

The biggest question is, do you even know him?

source: https://www.mandarinsociety.org/the-complicated-chinese-family-tree/the-complicated-chinese-family-tree/

If you can't find him in this complicated family tree, maybe you should reconsider inviting the person. On your wedding day, it is meant for you also to be intimate with your guest. Ask yourself if you have 300 friends who want to sit through a few hundred dollars 2 hours of table dining and spent 60 seconds to see you.

You may consider having a smaller and more meaningful intimate celebration. Take out space fillers ASAP!

Do Your Research

Take your time researching the best value for money. It is always suitable to budget your money. Bridal gowns usually come with all kinds of promotions and packages. Be careful on the offer, as sometimes they would be upselling you.?

There are many comparisons online that you can choose from, though some people go to the extreme of buying it out of Tabao. It depends on individual preference. No judgment.?Don't Worry.

Don't Wait To Save Money

source: https://www.hellomagazine.com/brides/2020021784875/how-to-save-money-on-wedding-planning-bridebook-report/

Though not everyone wants to get married or have yet to find the one for them, it is never wrong to save up as early as possible if you are sure that you will tie a knot with someone one day.?

Give yourself a few years in advance while researching early on what to expect will help purposeful savings. If you're clear on what kind of wedding is suitable for you, saving up for it will be easier.?

Conclusion

I hope you will have a better financial judgment while embarking on your married journey by knowing this information. At this stage in life, it is only natural that you're very much stressed.?

Instead of focusing so much on giving the best experience to your guest, ultimately, it is still the celebration of the union of your new stage in life. Guest is there to enjoy the night and celebrate with you, and in reality, it will just be another day for them as much as it is for you. The family and friends that love you will be content with seeing you happily married.??

Please don't overdo it that you have no budget for the rest of your journey together.?

Financial planning isn't one-size-fits-all. If you have a question or face any challenges in your financial planning, drop me a text on WhatsApp or LinkedIn message to jump onto a quick Zoom session! ??

Contact Info

Author:?Mark Sim Zheng Jia

WhatsApp/Contact:?+6597200823

LinkedIn Message:?https://www.dhirubhai.net/in/mark-sim-wealth-accumulation-strategist-and-investment-422603178/

Country Base:?Singapore

Instagram:?@thebook_mark

References

Tan, L. (2021, January 14). Average Cost of a Wedding in Singapore 2021. Retrieved from https://www.valuechampion.sg/average-cost-wedding-singapore#nogo

Getting Married In A Year? You Need To Save $2,300 A Month To Afford An "Average" Wedding. (2020, October 20). Retrieved from https://blog.seedly.sg/cost-of-wedding/