Congratulations on getting engaged! As a happy couple preparing to walk down the aisle, you will quickly discover that all the beautiful wedding photos, extravagant wedding banquets, and luxurious honeymoon getaways that we see on social media, also come with an equally blinding price tag. So exactly how much should I spend?
What makes up your wedding
Getting married in Singapore costs only $42, to file a marriage notice with the Registry of Marriage (ROM). But for the majority of us, getting married is much more than just a legal formality. It is a once-in-a-lifetime event that we wish to capture in print to remember forever, and also an opportunity for us to celebrate with our family and loved ones, the beginning of a new chapter of our lives.
Generally, there are 3 main categories for wedding expenses:
Pre-wedding expenses: Wedding rings, pre-wedding photoshoot and betrothal gifts;
Actual wedding day expenses: Banquet cost, engaging a photographer, and miscellaneous expenses for bridal car rental, transport and helpers’ red packet etc; and
Honeymoon expense
Pre-wedding – Photoshoot and wedding gifts
A quick search shows that pre-wedding photoshoots can cost anywhere between $3,000 to $8,000, depending on whether you do it locally or overseas. You will also need to factor in the cost of airfare and accommodation for yourself and your entire entourage (photographer, make-up and hair stylist etc) which can easily increase your expenses by another $5,000 if you are heading to destinations such as Korea, Australia, Asia or Europe. Thereafter, if you want to keep nearly all the photos from the shoot, then be prepared to pay a large top-up fee on top of your pre-agreed upon package.
Apart from pre-wedding photoshoots, couples will also need to budget for wedding gifts. If either you or your significant other comes from traditional families, the bride’s family will very much be expecting wedding gifts from the groom’s family. What makes this expense particularly difficult for most couples to budget, is that it varies greatly depending on your family’s customs. The wedding gift usually comes in the form of cash, gifts and jewellery or all the above which can easily set you back by a few grand!
Actual wedding day – Banquet, photography & miscellaneous costs
Depending on date, location, and menu choice, wedding banquet prices range from $1,200 to more than $3,000 per table, and hotels usually require you to book a min. of 15 - 20 tables*. On top of that, other “mandatory” expenses also include the cost of engaging a make-up and hair stylist, renting your gown and suit, hiring a photographer and videographer, etc. Add all these up, and be ready to fork out at least $30,000 for actual wedding day expenses. And don’t forget miscellaneous expenses such as bridesmaid and groomsmen attires, red packets for them, and hiring wedding cars etc.
*15 hotels searched include Copthorne King, Amara Sanctuary, Conrad Centennial, Hotel Jen, Holiday Inn, Mandarin Orchard and Park Royal for weddings held in 2019/2020
Honeymoon expenses
The honeymoon is what excites most couples because all the hard work is done, and you can finally relax! A faraway destination is most popular for honeymooners, and many will even splurge on business class seats and a hotel suite. So expect to pay $13,000 - $18,000** for a 7 day trip to USA/Europe for just the business class airfare, and the 5-star hotel accommodation.
**Travel period checked for February 2020 through Expedia for the cheapest direct flights to New York, Los Angeles, Washington, Florida, Budapest, Paris, Rome, Santorini and Madrid whenever applicable.
Reality check
An estimate of how much it cost ranges from $30,000 - $80,000 (breakdown below) depending on the size and grandeur.
Figure 1: Breakdown of the main wedding expenses
¶Bridal package includes local pre-wedding photoshoot, gowns & suit rental, and make-up and hair stylist for pre-wedding photoshoot and actual wedding day.
While there is currently no recommended % of annual income to spend on a wedding, your affordability is dependent on how much you can save. For instance, an average Singaporean couple who earns the median gross monthly income of $3,800 each (excluding employer’s CPF contribution), will take around a year to save for a $30,000 wedding. This means they save at least 30% of their monthly income, or the whole chunk of their budget set aside for discretionary wants and the whole 13th month bonus for that year. Which also means that they have to give up shopping, holiday, and entertainment such as Netflix subscription and movies at the mall for an entire year. Is that what you want to do?
Weddings are special, but what lies in the heart of the union are the vows that you make. It is wise to be prudent and spend within your means, you certainly do not want to argue about money or end up in debt like some couples. If you want to know more on how to save and stretch every dollar, Chloe` and her team is happy to be of service.
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