Just like buying shoes, an apartment, or a pair of jeans, when it comes to financing a wedding, you should figure out how much you need to spend to get what you want. Set your expectations accordingly.
The average cost for a 150-person wedding is about RM80,000-100,000, inclusive of food and beverage at an estimated RM350 per pax at hotels or RM150 per pax at restaurants.
Here is a basic breakdown of what you can expect to pay:
Wedding Rings: 2%-3%
To avoid stress, allot about 5% of your budget for a "just-in-case" fund.
If you're paying for your honeymoon yourselves, remember to budget for that as well.
How Much Should You Save for the Wedding?
As soon as you're engaged, start putting aside as much of your income as you can for the wedding. Saving 20% of your monthly income is a good -- though painful -- goal. The longer your engagement, the more you'll be able to sock away.
Ways to save: Limit your spending on small stuff (renting movies instead of going out; going to Starbucks once instead of twice a day; downloading just the song you love instead of buying the whole CD). These changes will hardly affect your quality of life, but after a year, the extra cash will cover some wedding essentials.
Make the most of your money: Instead of stashing your money in a low-interest savings account, consider opening a money-market account. The interest rate can be double that of a savings account. Just check the fine print to avoid penalties.
Try our Wedding Budget Sheet here:
Just like buying shoes, an apartment, or a pair of jeans, when it comes to financing a wedding, you should figure out how much you need to ...