Weddings are special celebrations that are filled with love and laughter. But behind the beauty there is a reality that many couples face is the rising cost of wedding. In recent years, wedding costs have increased, and soon-to-be bride and groom frequently feel stressed and financially weak.
For many couples, the most important thing is to figure out how to divide these costs. This is the point at which taking out a wedding loan becomes relevant. Getting a wedding loan might be a sensible way to pay for your essentials without going over your budget.
We’ll look at how a loan can be a useful tool for reducing the cost of wedding preparations in this blog so that couples can fully enjoy their big day.
Understand the Cost of Wedding in Singapore
Planning a wedding in Singapore is exciting and full of hopes and dreams, but it’s important to understand the financial aspects involved. Let’s break down the different expenses you might face in you wedding:
Venue Rental: The venue sets the stage for your special day. Whether you choose a luxurious hotel ballroom, a scenic outdoor location, or a restaurant, venue rental costs can vary widely. On average, venue rental in Singapore can range from SGD $5,000 to $15,000 or more, depending on factors like location, size, and amenities.
Catering: Food is a central element of any wedding celebration. Catering costs typically include the price per plate for each guest, which can vary depending on the menu, cuisine type, and service style. In Singapore, couples can expect to spend around SGD $80 to $200 per guest on catering, with additional charges for add-ons like cocktails, desserts, and service staff.
Bridal Attire: The bride’s gown and groom’s suit are crucial components of the wedding attire budget. Wedding dress prices can range from a few hundred to several thousand dollars, depending on the designer, style, and customization. Groom’s attire costs are generally lower but still important, averaging around SGD $500 to $2,000.
Photography and Videography: Capturing precious moments is a top priority for couples on their wedding day. Professional photography and videography services can be quite costly but are worth the investment for lasting memories. In Singapore, couples typically spend between SGD $2,000 to $6,000 or more on photography and videography packages.
Decorations and Flowers: From floral arrangements to table settings and venue decor, beautifying the wedding space adds to the ambiance and atmosphere. Couples may allocate a budget of SGD $2,000 to $5,000 or more for decorations and flowers, depending on their preferences and the scale of the wedding.
Miscellaneous Expenses: Other expenses to consider include wedding invitations, transportation, entertainment, hair and makeup services, wedding favors, and administrative fees. These costs can vary widely depending on personal preferences.
Let’s consider an average wedding in Singapore with 150 guests. Here’s a rough breakdown of expenses based on the mid-range estimates provided:
- Venue Rental: SGD $10,000
- Catering (SGD $150 per guest): SGD $22,500
- Bridal Attire (Bride: SGD $3,000, Groom: SGD $1,000): SGD $4,000
- Photography and Videography: SGD $4,000
- Decorations and Flowers: SGD $3,500
- Miscellaneous Expenses: SGD $5,000
Total Estimated Cost: SGD $49,000
Source – Value Champion
Please note that these are approximate figures, and actual costs may vary depending on individual preferences, vendor pricing, and market trends.
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Benefits of Taking Out a Wedding loan in Singapore:
Planning a wedding is an exciting time, but it can also be stressful, especially when it comes to managing the costs. Fortunately, taking out a wedding loan can be a helpful solution to alleviate some of the financial strain associated with wedding planning. Let’s explore how:
Reducing Financial Strain: Weddings often come with a big price tag, including venue rental, catering, attire, and more. For many couples, covering these expenses upfront can be challenging. This is where wedding loans come in handy. By securing a loan, couples can access the funds they need to pay for a wedding without having to worry about draining their savings or scrambling to come up with the cash.
Flexibility of Loan Options: In Singapore, there are various loan options available to suit different needs and financial situations. Personal loans and wedding-specific loans are two common choices. Personal loans provide flexibility in how the borrowed funds can be used, allowing couples to allocate the money towards wedding expenses as needed. On the other hand, wedding-specific loans are tailored specifically for funding wedding-related costs, offering specialized features and terms.
Spreading Out Expenses Over Time: One of the key advantages of taking out a loan for wedding expenses is the ability to spread out payments over time through loan repayment plans. Instead of having to pay for everything upfront, couples can make manageable monthly installments, making it easier to budget and plan for other aspects of their lives. This helps reduce the financial burden of a wedding, allowing couples to focus on enjoying their special day without worrying about the immediate financial implications.
Tips for Responsible Borrowing
Planning a wedding is an exciting journey, but it can also be financially daunting. When considering borrowing money to fund your special day, it’s crucial to do so responsibly.
Here are some simple tips to help you borrow wisely and manage your wedding budget effectively:
- While planning a wedding, it can be easy to have high expectations, but it’s important to be realistic about your financial situation. Consider your options carefully and figure out how much you can reasonably pay back each month before taking out a wedding loan. Keep in mind that your wedding is just one day, and that having a lot of debt when you first get married might cause unnecessary fear.
- To get the best terms and interest rates, take the time to look into and compare loan choices offered by different money lenders. Try a few other offers and, if you can, negotiate before accepting the first one you are given. Over time, even a little decrease in interest rates might result in considerable savings in money.
- Spending should be prioritized according to what matters most to you both as a pair. Spend more of your money on the things that matter most, and be prepared to make adjustments on things that aren’t as vital. You may have an amazing wedding day without going over budget if you concentrate your efforts on the things that really count.
- With the desire to follow every wedding trend and tradition, avoid taking out loans for unnecessary purchases. Carefully assess each expense to see if it’s truly necessary or if it may be reduced or eliminated entirely. Remember that the purpose is to celebrate your love with loved ones, not to spend all of your money.
Everything always seems to cost more than we expect when it comes to wedding preparations. A wedding loan can be the solution if you’re short for funds and need a little extra help paying for your ideal wedding. You can typically get wedding loans in a range of amounts, so you don’t have to accept less than you need.
Oasis Credit Pte Ltd will help you in finding the ideal wedding loan if you need one for your wedding. Apply Now.