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Should You Use Your Savings For Your Wedding? Weigh Pros & Cons Here

Should You Use Your Savings For Your Wedding? Weigh Pros & Cons Here  

You’re getting married! Congratulations!

Weddings are a beautiful time in a person’s life, but they can also be costly.

We completely understand the desire to have the perfect wedding, but we want you to know that it’s more important to have a lifetime of happiness together than it is to have one day where everything goes perfectly.

So, let’s discuss five reasons you should not use all your savings for your wedding.

Bonus: This article harbour more information on having the perfect wedding without breaking the bank!

1. Your wedding is one day, but your marriage should last a lifetime.

It’s no secret that weddings can be expensive. In fact, the cost of a typical wedding now exceeds $30,000. And while it’s certainly possible to spend less than that, it’s also not uncommon for couples to go into debt to pay for their big day. So why not just use your savings? After all, it’s only one day, right?

Wrong.

Your wedding may only last a few hours, but your marriage should last a lifetime. And while you may finance your wedding with savings, that’s not money you’ll be able to use for other things, like a down payment on a house or your children’s education. In other words, spending all of your savings on your wedding could cost you more in the long run.

So what’s the solution?

Start by setting a budget and sticking to it. There are plenty of ways to have a beautiful wedding without breaking the bank. And at the end of the day, what really matters is not how much you spent on your wedding, but how well you start your life together.

2. You will need to save for other essential things in your life, like a house or a car.

When it comes to weddings, the cost can quickly add up. From the dress and venue to catering, multiple expenses can quickly eat into your savings. However, it’s important to remember that your wedding is just one day, and other essential things in your life will require savings, like a house or a car.

Here are just two examples:

An HDB loan requires an advance down payment that can reach 25% of that apartment’s value. Besides, cars in Singapore can easily jump over $100,000 – and their advance payments are on par with that market value.

 

The best advice: Get your priorities straight from the beginning of your marriage.

While it’s fine to splurge on your wedding to some extent, you shouldn’t empty your savings account just for one day. After all, you’ll need something to help you start your life together on solid ground. So be mindful of your spending and don’t let your wedding cost break the bank.

3. Using all your savings for your wedding could leave you in debt if something goes wrong.

Your wedding is one of the most important days of your life. It’s a special day to celebrate your love with family and friends.

But what happens if something goes wrong? What if you end up in debt?

Using all of your savings for your wedding could leave you in a difficult financial situation if something unexpected happens. It’s essential to be practical and think about the cost of the wedding, as well as the cost of the honeymoon and other associated expenses. It’s also important to have a backup plan if something goes wrong.

Don’t let your big day turn into a financial nightmare.

Be smart about your spending and plan for the unexpected. That way, you can enjoy your wedding without worrying about the cost.

4. Your family and friends will still love you even if your wedding isn’t perfect.

Spending all of your savings on your wedding is a bad idea for several reasons:

At the end of the day, what genuinely matters is the love and commitment you have for each other, not the cost of your wedding.

So save yourself some money and stress by keeping your wedding budget reasonable. Your family and friends will still love you, even if your wedding isn’t perfect or luxurious.

5. You can have a beautiful and memorable wedding without spending a fortune.

Weddings are a special day to celebrate the love between two people. But let’s be honest, they can also be a huge money suck. The cost of wedding venues, catering, flowers, and photography can quickly add up.

So how can you have a beautiful and memorable wedding without spending a fortune?

By being creative and thinking outside the box, you can have a stunning wedding that won’t break the bank.

Wrap Up

Most people only get married once (or at least, that’s the plan). So it’s no surprise that many couples want their wedding day to be perfect. But often, this desire means spending a lot of money – sometimes more than they can afford. The cost of a wedding can quickly spiral out of control, leaving the couple in debt before they’ve even started their life together.

However, it is possible to have a beautiful and memorable wedding without breaking the bank.

Credit Master will stand by your side with low-interest, personalised loans approved in minutes. So go ahead and save your money – you’ll need it for the rest of your life together.

Curious what you’re eligible for? Get your quote here.

 

Contact us today for any financial assistance you might need. We promise to exceed your expectations.