How this Singapore investor budgeted and saved for his Wedding (in 2024)

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Today successful our individual finance series, we person a contributor article discussing wedding readying – an each important financial milestone for galore young Singaporeans. 

This article was written by a Financial Horse Contributor. 

Last year, I made 1 of nan biggest decisions successful my life — proposing to my girlfriend.

She said yes, and everything was incredible. We basked successful nan glow of engagement. Eventually we started readying nan existent time and reality group in: readying a wedding takes truthful overmuch work!

Amid nan overflowing to-do list, a thought loomed: How will we salary for it?

Because, let’s look it, weddings are expensive.

An affordable action is to spell pinch bridal and banquet packages that bundle everything.

Customising intends engaging nan hundreds of vendors — from photography, dresses, and flowers — that alteration successful price. We had to activity difficult to find nan ones that fresh our imagination and budget.

We had to get superior astir budgeting and redeeming to make this work. Neither of america had planned thing of this standard before. We had only gone connected holidays together, but this was a five-figure event. We would request to prevention up for nan wedding, having only worked for a mates of years.

During nan twelvemonth we spent readying nan wedding, we learned valuable lessons. We scoured nan net for budgeting tips and leaned connected our joined friends for advice. Slowly but surely, we built a strategy that worked for us. We figured retired wherever to trim costs, what to DIY, and really to agelong our dollar to execute our dream wedding pinch minimal sacrifices.

And it worked! We had an astonishing day. Most importantly, we did it without spending excessively overmuch and started joined life connected bully financial footing.

If you’re overwhelmed astir budgeting and redeeming for your wedding, present are immoderate important tips to navigate nan financial complexities pinch your partner.

Have nan wedding fund speech early

Although we had been together for almost a decade, readying a wedding was dissimilar thing we had done before. Up until then, we had made financial decisions connected our own. So it’s nary astonishment money and differing opinions are communal reasons couples reason during wedding planning.

A wedding tin costs $5,000 to $50,000, truthful nan meaning of “expensive” varies. Planning a wedding reveals your financial DNA — expectations astir spending, managing expenses, and contributing to shared projects.

Agreeing connected a fund and having a shared imagination helped america debar immense fights.

We some wanted a smaller wedding, pinch adjacent friends and contiguous families only. We didn’t want to trust connected our parents aliases usage our savings; instead, we wanted to commencement redeeming from scratch.

Creating nan wedding financial plan

We needed a financial scheme to scope our redeeming goals. We decided connected our monthly publication to nan wedding fund. I created a Google Sheet to task our wedding savings.

It looked thing for illustration this (names and figures somewhat adjusted):

  • The “Savings“ statement tracked nan monthly mixed publication to nan wedding fund.
  • The “Total Saved” statement tracked nan YTD magnitude saved.
  • The “Forecast amount” statement projected our monthly savings for nan year, helping america way our advancement toward our goals.
  • The “Expenditure” statement tracked monthly expenses, while nan “Actual balance” reflected nan money successful nan slope for rate travel tracking.

This archive was nan lynchpin of our financial roadmap. We could spot really overmuch we had saved, if we were connected way to deed our goals, and if we had capable rate travel for upcoming expenses.

Opening a associated relationship for wedding expenses

We opened a CIMB Fast Saver associated relationship for nan wedding money for respective reasons:

  • Transparency: It was easier to way expenses and spot our mixed savings. It felt satisfying to spot nan relationship turn arsenic we saved more.
  • Accountability: Having a associated relationship made america much accountable. We group a recurring transportation to put money into nan relationship each payday.
  • Convenience: We could easy reimburse ourselves for immoderate wedding expenses charged to our in installments cards.

Why did we take CIMB? It has drawbacks: The mobile app is clunky, it’s not a section bank, and it didn’t connection nan highest liking rates. But we chose it because it was a straightforward associated relationship pinch nary interest-earning requirements.

It offered 1.50% liking connected nan first $25,000 without requiring net crediting. This was important because we were still crediting our net into our individual savings accounts.

(This was not disposable astatine nan clip of nan wedding, but CIMB presently offers an further 0.5% liking connected your first S$25,000 erstwhile you schedule a recurring transportation of astatine slightest $1000. This brings up your full liking complaint to 2.0% connected your first $25,000.)

Creating nan wedding budget

After creating our financial scheme and opening a associated account, we originated quotes from vendors and populated nan budget. We utilized this template from Singapore Brides for awesome costs items and made tweaks to personalise it for our wedding.

Online investigation is simply a bully starting constituent for an first estimate fund estimate. But I can’t accent that immoderate costs estimates online are conscionable approximate. The numbers tin alteration importantly depending connected your needs.

One of nan first decisions was nan venue. After visiting our shortlisted options, my fiancée was sold connected a wedding astatine a practice venue.

This edifice met each criteria, but it had a higher per-head costs than emblematic banquet halls aliases restaurants.

Having this fund was important to guideline our decision. After punching successful nan numbers, we realised choosing this venue would devour a important information of our budget. We would request to make heavy cuts if we wanted that venue.

The fund constraints forced america to sharpen our priorities. We chose nan practice venue and trim costs by buying much affordable wedding bands and removed videography services from our budget.

The wedding fund is simply a surviving document

Our wedding fund changed passim nan twelvemonth arsenic we learned more, reprioritised and reallocated costs to what mattered more.

Midway done wedding planning, we met a vendor that provided existent time coordination services. Initially, we were assured successful our readying and had manpower via our bridesmaids and groomsmen.

We realised really useful nan work was and really overmuch intelligence load it would return disconnected america and our friends. (It turned retired to beryllium 1 of nan champion things we spent on.)

Plan for surprises and person an emergency fund

When creating nan budget, we accounted for a 20% emergency money and planned capable events to understand nan value of accounting for unexpected expenses.

Two weeks earlier nan wedding, we added 2 tables for last-minute guests. On nan wedding day, we extended our photographer’s services from 8 to 10 hours. We forgot to relationship for meals for our photographer and coordinators.

The unexpected expenses were easy managed pinch our buffer. The emergency money gave america bid of mind and allowed america to bask nan time without worrying astir other costs.

Conclusion – How this Singapore investor budgeted and saved for his Wedding successful 2024

The wedding fund is conscionable 1 portion of wedding planning. It was stressful but besides a batch of fun. As a couple, it meant navigating caller areas and learning astir each other, including really we negociate our money.

As we navigated done nan financial facet of our wedding, we discovered caller ways to pass effectively, discuss erstwhile necessary, and make decisions arsenic a team. The process not only strengthened our financial work but besides deepened our enslaved arsenic a couple. This travel was an basal measurement successful our relationship, preparing america for early financial decisions together.

Share your wedding readying tips successful nan comments below!

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