If you’re planning on getting married in the future, it’s a good idea to prepare for this in advance. To ensure you saved for this, we highlight the wedding costs that are involved for an average wedding. The numbers are based on the figures spent by the general population.
This representation is not indicative of all weddings in Singapore, as wedding budgets and expectations vary from couple-to-couple. There are also some costs you may be able to recover through your guests “Red Packet”. This is provided if your guests cover the cost of the wedding banquet.
Ring and band – You will generally have to pay around $4000 for a wedding ring and band. This is, of course, a non-recoverable cost.
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Bridal packages – The average cost of bridal packages is $3500. This is also a non-recoverable cost.
Dowry and gifts – A dowry and wedding gifts must be paid for in advance as part of the wedding costs. This financial outlay is non-recoverable.
Photographer – Hiring a wedding photographer is essential to capture the special moments on your wedding day. It comes at a non-recoverable cost of $1500.
Miscellaneous costs – Every wedding will have miscellaneous costs that crop up and must be covered. The general estimate is that these will be a non-recoverable cost of $2000.
Wedding Banquet – A banquet is a major part of your wedding and the general estimated is at $30,000. Whether this is a non-recoverable or recoverable cost is dependent on the generosity of your friends and family.
Based on these figures an average wedding in Singapore will cost $43k. After offsetting the income from all the “Red Packets” for the banquet, it will bring the figure down to $18k.
Knowing The Cost, How Do I Save Enough Money To Get Married?
The cost of getting married should include the deposit on the flat, as well as the costs of future renovations. Below is an average estimate of the savings you’ll require and the breakdown of the cost. This is only a gauge based on the salary and savings of the general population.
Deposit on HDB flat – If a couple with a 22-year-old female and 24-year-old male start working and saving from this age onwards, then within a year they will have enough to put a $17,500 deposit on an HDB flat.
Pay for a wedding – At the same age of 22 years and 24 years, if the couple starts saving for a wedding in conjunction with the deposit on the HDD flat, they will also be able to afford to get married in a year, if the wedding costs $18k, as outlined in the aforementioned figures.
HDB flat balance of the deposit – On top of saving for a wedding and the initial deposit on their HDB flat at the ages of 22 years and 24 years, if the couple also saves for the remaining HDB flat deposit balance they will have covered the final $17,500 in two years.
Costs of renovations – By beginning to save at the ages of 22 years and 24 years the couple will also have enough money put aside to pay for renovation costs of $28,800 within 4 years.
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Featured Image: szefei / Shutterstock.com
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