Planning to get married? Here’s how much it costs in 5 years time

According to a study conducted by ValueChampion in 2019, the average cost of getting married in Singapore  is consistently increasing over the years. The average cost of a wedding banquet skyrocketed from S$923 in 2011 to S$1,392 in 2019. That’s an increase of 51% in just over 8 years, far outstripping MAS core inflation rate of 14% during the same period. There is little to suggest that this upward price trend will not continue once things stabilize post Covid-19.

Cost of a Dream Wedding in 2025

Based on past wedding inflation rate of 32% over a 5-year period, the estimated total cost to hold a dream wedding in Year 2025 would be $100,000.

While Year 2025 may seem too far away to start planning for your dream wedding, the figures have shown how frightening wedding inflation rates have been and will continue to be. $100,000 is an intimidating amount for any young couple to cough up. Therefore, it is important to start planning and saving up for your dream wedding early. For a start, angbaos from family, friends and guests received will definitely help to reduce the total size of the bill. Here are some ways you can mitigate the costs of your dream wedding.

Negotiate with Wedding Vendors

While this may sound obvious, many customers hardly negotiate as they are afraid of embarrassing themselves for fear of appearing “too cheap”. Sometimes, negotiations need not always come in the form of price reductions. For instance, one can ask for freebies such as flower bouquets or floral lapels from the vendor before committing to a bridal package. Wedding banquet providers may also be willing to sponsor wedding favours and waive corkage charges.

DIY For a Personal Touch

Not all of the items need to be procured from wedding vendors. Couples can borrow certain items from friends or simply just do-it-yourselves (‘DIY’). For instance, there is no need to hire a professional company to dress up the reception table. There are plenty of images on Pinterest and Instagram that serve as easy references for couples to do-it-themselves. Furthermore, DIY adds an element of personal touch that will leave a lasting memory for your guests.

Choose the Right Financing Option

The most significant part in mitigating the cost of your wedding is choosing the right financing option. A Personal Loan should definitely be considered if a one-off borrowing is required. A personal loan is a more financially prudent option compared to credit card debt. For example, OCBC is levying 0% interest rate and only a one-time processing fee of 4.5% (Effective Interest Rate 5.20%) for its Balance Transfer Loan. This is significantly lower than a typical credit card interest charge of 25% for roll over amounts. For a $50,000 loan, the savings in interest payments is easily over 5-figures over a 12-month period! Hence, a personal loan can be more a financially prudent alternative to a credit card debt.

To access Balance Transfer Loan, simply borrow from your unused credit limit from other banks to enjoy 0% interest rate. Alternatively, one may turn any unused OCBC credit card limit into cash via the OCBC Cash-On-Instalments with no need for additional income documents. Repay with fixed instalments over 12 to 60 months and pay effective interest rates as low as 9.06%. Such smart cash flow management would net you tremendous savings since interest on credit card debt is easily a staggering 25%!

Finally, even if one does not have any existing unused credit card limit, do not worry as one can still tap the OCBC ExtraCash Loan or EasiCredit. The loan amount disbursed will be dependent on your annual income. Inclusive of the one-time processing fee, the effective interest rate for ExtraCash Loan could be as low as 10.96% with fixed repayments over 12 to 60 months. On the other hand, EasiCredit offers greater flexibility as you withdraw what you need at 1.74% interest rate per month.

Application for personal loans from OCBC Bank can be performed conveniently via MyInfo. This minimises the waiting required which can help to lessen any wedding jitters! A host of convenient repayment options exists to ensure that you never miss your monthly bill!

Conclusion

Holding a dream wedding in front of your loved ones is the aspiration of many lovebirds. When planning for your dream wedding, consider the suite of Personal Loans from OCBC since this is a superior financing option over credit card debt. Proper financial planning ahead can go a long way to ease the financial burden of holding a dream wedding in Singapore.

Visit OCBC for a comprehensive suite of personal loans that grant you easy access to cash without having to wait for an eternity:

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Good Family Money Practices To Abide To

As year 2020 fast approaches, many of us rethink our past decisions and practices. Among these decisions and practices are the ones that greatly affected your finances. How did the past year influence your financial circumstance?

Discussions about assets, incomes, properties, and investments will come up whenever one thinks about wealth planning. A holistic financial planning approach can help improve your relationships in the coming year, including your family dynamics.

Katherine Dean, head of Family Dynamics for Wells Fargo Private Bank, once said: “When families communicate regularly and work on financial issues together, they often develop shared goals and a healthy sense of purpose.” An effective wealth plan not only helps with straightening out your household, but also with deepening your family relationships.

#1: SPENDING PLAN

Everything starts with a neatly laid out plan. Sit down together as a family to develop a household spending plan. You may opt to avoid using the word “budget” as it may highlight sacrifices and the pains of cutting back. Instead, focus on what is important to your family and the spending categories that you care less about. Cut down on the latter and explain to your family members why you must do so.

#2: CAREFUL USAGE OF WORDS

When it comes to conveying a message, it is vital to send out the proper signals. Choose your words carefully, especially when dealing with children. Saying “we cannot afford that” may send the confusing messages to young children. Some children may worry about their family’s financial state and its lack of capabilities to support the family’s necessities. Instead, try explaining why you choose not to spend your money on lavish toys in the aisle. Explaining the value of money and prioritizing expenses can help children learn more about managing money.

For instance, you may encourage your children to create wish lists when their birthdays come. Help them save for it by completing chores. This highlights the importance of saving and the practice of delayed gratification.

#3: IDENTIFICATION OF FAMILY VALUES

Recently, I sat down with my team to discuss the effect of having a shared goal fueled by our work values. Our personal work values affect how we work and how we interact with our colleagues. In the same way, our family values affect our family wealth plan. Having shared intentions and beliefs about money is one of the most effective ways to reach your long-term goals and to avoid making expensive financial mistakes.

Shared family values differ from household to household. For instance, one family may be committed to improving their eco-friendly lifestyle while the other is committed to improving their adventurous lifestyle. Once you pinpoint your common values, you will be able to direct your shared family wealth plan.

#4: SAVING AND SPENDING TOGETHER

You are a team – do not forget this. When it comes to tackling purchases that will greatly affect your household, it is best to spend and save together. Your new computer or your family trip to Bali can help show your kids the value of saving money. Get a piggy bank or a savings jar and add your loose change each week.

Image Credits: pixabay.com

Show your kids how savings can grow in time. When you have saved enough, teach your children how to get the most out of their money. Bring them along while you shop around.

Sources: 1 & 2

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Are You On The Same Page About Money As Your Partner?

As a couple, discussing about finances can be a hard pill to swallow. After all, money is a common source of issue in martial relationships. It is not something you discuss casually without emotional attachments.

Whether you like it or not, being transparent about your finances is essential in building a strong relationship. Talking about money increases understanding and facilitates cooperation as you work on the same financial goals.

You and your partner probably would not get too in-depth about your finances in the early stages of the relationship. As your relationship gets serious, so does your conversations.

Conversations about money often takes places when a couple moves in together. When this happens, do tap the fundamental elements such as your income and debt.

The next step is to decide how you are going to manage your finances as a couple and as individuals. Decide whether you will combine all your finances or keep them separate. The decision depends on your preferences and spending habits.

If you decide not to combine your finances, you need to discuss how you are going to divide the household expenses. Usually, couples prefer to either split things down the middle or to divide the expenses based on their incomes.

You will realize how different it is to be completely on your own financially and to have somebody to help you. Discussing money with your partner will significantly reduce the likelihood of relationship issues cause by finances. Furthermore, you will be able to work out on your financial goals.

Common example of financial goals include paying off debt, saving up for a flat, and being able to retire at a certain age. Goals will depend heavily on where you are at financially.

WORKING OUT THE DIFFERENCES

Handling your financial differences starts with determining what you can agree on (e.g., setting aside some money for travel or paying household bills on time). Let me illustrate it for you as a spender and as a saver. The spender should be allowed some leeway while following a specific budget for disposable income. On the other hand, the saver should be allowed to satisfy his or her needs by putting away some money to his or her own account. Compromise is the key!

Image Credits: pixabay.com

At the end of the day, mutual respect can helps overcome any disagreements about money. You might not be on the same page all the time, but being able to honor each other’s individual needs can sustain your loving relationship.

Sources: 1 & 2

 

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How To Deal With 3 Divorce-Inducing Money Issues

In the hustle and bustle of the city life, Singaporeans are exposed to the high economic pressures. What makes this concrete jungle thrive? Money, of course. Putting matrimony into the mix makes things more complicated.

Managing money is a complex task fraught with emotion. It is natural that conflicts can arise from time to time. To keep your marriage and finances in tact, open communication and teamwork are essential. If only more couples are having regular conversations about money issues before and after walking down the aisle then, we will less likely to have divorces.

MONETARY IMBALANCE

What will happen when there is a massive earning gap between partners? Or, when a spouse comes from a wealthy family and the other came from humble beginnings? More so, living in a single-income household is not uncommon. Sometimes, the imbalance between two people creates power play.

When power play occurs, the person who earns the most dictate the spending habits of the other. He or she will have personal spending priorities in mind. The other partner simply complies.

Handling this situation is tricky. You can either make a pre-nuptial agreement or open a joint account. Nonetheless, marriage should be founded by cooperation in all aspects.

OPPOSING PERSONALITIES

In the list of reasons why couples divorce, money is among the top answers. Friction brought by money can be due to the opposing personalities of two people. Personality towards money plays a vital part in a couple’s marital bliss or the lack thereof.

Imagine living 24/7 with a hoarder when you are a spender yourself. Or, living with someone who is a risk-avoidant when you are a risk-taker yourself. To the extreme, you may live with someone who believes that the person who dies with the most money wins. These opposing personalities can be mediated by empathy. Walk in the other person’s shoes to understand where he or she is coming from. You may also adopt your spouse’s money habits for a month to see how it works. Paying attention to money habits before and during matrimony can be beneficial. Talking about your financial views and feelings can help put both of you at ease.

OVERWHELMING DEBT

From school loans to shopping addiction, many people come to the altar bearing a financial baggage. If one partner has an outstanding mountain of debt and the other does not, this situation can spark a conflict.

In such situations, people often take solace in knowing that debts are not carried over thru the marriage. However, it is understandable to share the responsibility over housing and child care debts.

Knowing what you are getting yourself into can help you decide how to deal with it. Both partners have to be honest and non-judgmental when discussing about their financial habits and bad records. Apply several payoff strategies soon after. And, seek professional help when needed.

Sources: 1 & 2

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3 Budget-Friendly Hen Party Ideas

A hen party is a bride’s last hurrah before she ties the knot. Thus, it needs to be a special. Surprise your beloved bridal squad with these creative hen party ideas.

LET THE SWAPPING BEGIN

As fashionistas, your friends may be interested to throw a “Wardrobe Swapping Night”. Start by choosing a venue by volunteering your own flat or your fellow bridesmaid’s. After setting a venue, give the guests an ample amount of time to raid their closets. Ensure that everyone will bring clothing articles or accessories of good condition. Encourage each bridesmaid to share a story behind each item before starting the swap. Stories and negotiations will get better over a few drinks.

Image Credits: pixabay.com

Not only will you free up some space in your closet, but you will be able to pass your stylish item to a friend that has been eyeing it for ages!

EXPLORE THE GREAT OUTDOORS

For adventurous brides who choose to navigate their lives on the active lane, you may explore the country’s great outdoors! A weekend spent trekking, camping, and cycling is equally frugal and fantastic. Isn’t it amazing to let your hair down and not worry about how you will look for a few days?

Image Credits: nparks.gov.sg

Enjoy dressing down and connecting with Mother Nature by visiting the Southern Ridges and the East Coast Park. The former is one of Singapore’s best walking trails, which covers Mt. Faber, Kent Ridge, Hort, and Telok Blangah Hill parks. It spans through 10 kilometers of lush forest and canopy walkways. While, the latter is the perfect place to have a picnic with friends. Do not forget to bring water, sunscreen, and a hat. See the website of National Parks for more details.

TAKE THE TRADITIONAL ROUTE

One of the things that I look forward to experience as a child was having my friends over at my house. Relive your treasured youthful memories by having an adult sleepover. Suitable for a small group of people, having a sleepover entails an intimate hen party experience. What’s more? You will be able to have proper chats while drinking your favorite booze.

Once your venue is set (e.g., the bride’s flat), encourage everyone to bring their share of treats and drinks. Have a supply of indoor games ready as well. Do not forget the classic Twister, Scrabble, and Truth or Dare. You may also put a twist to these classic games by putting the groom’s face all over the cards or other cheeky hints. Have your Netflix account ready as well!

Image Credits: pixabay.com

Lastly, you may hire a person that offers home nail services. Cindy of Tenth Nail provides nail services at your own convenience. Her rates start at S$25 exclusive of the transportation and parking fees. Please book (by calling +65 9004 4605) at least three days in advance to secure her for your hen party.

Sources: 1 & 2

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