Financial Challenges of Wedding Preparation and How to Overcome Them

Weddings are notoriously known for being expensive and stressful.

Be prepared to plan for a year for an event that will happen instantly in a day. The possible options are overwhelming! Not to mention, countless wedding vendors are vying for your attention. You might want to brace yourself, because the average cost of a wedding in Singapore ranges between S$22,200 and S$52,800.

During the process of wedding planning, engaged couples often make financial mistakes that affect their future. Here’s how you can avoid these common financial challenges.


Failure to discuss your financial boundaries can affect your other wedding decisions. The decision to unite as a family isn’t merely about spending the rest of your lives with your true love. It is also about the practical areas of building a future. You need to either rent a flat or buy a flat. Do you plan to have a baby in the next five years? Do you want to travel to Europe for your honeymoon?

It is important for couples to discuss the specifics and mutually agree on a financial plan. Know which funds are “ours”, “yours”, and “mine”. Decide which expenses should be paid for by the “ours” bucket (e.g., venue rental) and which part should come out from your “mine” bucket (e.g., wedding gift to your partner).


Let’s face it – weddings are a lucrative business! The contracts you have with the suppliers are binding. So, don’t simply sign on the dotted line without asking questions. Studying the contract will enable you to bargain strategically. For instance, you can remove unnecessary inclusions such as upgraded linens for VIP guests.

Some contracts leave you financially responsible for empty rooms and chairs that you reserved for the event. This added expense can create a hole in your pocket. Be sure to read the contracts thoroughly.


It’s easy to get into the mindset of having to invite everyone from your secondary school friends to your second cousin whom you have not seen in a decade, but having a huge guest list may turn out to be a big financial mistake. As uncomfortable a conversation may be, you must decide together to only extend an invite to those people who you really want to be at your wedding.

Set clear rules about your guest list such as “no kids” or “no plus ones”. With fewer people, you will be able to maximize your wedding budget and assign your funds to more key areas including catering and venue rental. Best of all? You will only be celebrating this special occasion with the ones closest to you.


You have booked and paid for the flowers, venue, photographer, and catering. Everything on your list is accomplished and small details have been polished. However, unexpected expenses can come on the day itself. While paying for an extra person might not break the bank, before you know it, you receive a bill that you did not foresee. Thus, it is important to create some wiggle room and be ready for unexpected expenses.


Common wedding expenses that you must prepare for include

a. ROM and solemnisation fees,
b. Venue rental and banquet,
c. Photographer and videographer, as well as
d. Wedding party entertainment.

Many engaged couples splurge on their wedding because of this mindset – you only get married once. Coming from someone who has recently had her civil marriage ceremony, I am now planning to have our Church wedding ceremony. Sometimes, you do not get married once. Moreover, going into debt to wed is never the right foot to start your marriage on.

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Having a realistic wedding budget can help you stay within your limits. Have a firm idea of how much money is available for your wedding. Then, create a wish list of the things that you would like to have. Prioritize your list while taking your current financial situation into consideration. There are no wrong or right priorities, just preferences to complete your special day!

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Avoid Wasting Your Money on These CNY Items

In the Singapore calendar, Chinese New Year (CNY) is one of the most awaited events. The Lion City is hopping with excitement in anticipation of the festivities ahead. To save money when celebrating the first day of CNY on January 22, please remember not to waste your money on the following items.


Making your own decorations should not only be reserved for preschoolers. If your home looks attractive to the hungry ghost, start brightening up the place with a few vibrant red decorations. These CNY decorations do not need to be brand new. You can recycle old red packets and revamp your last year’s CNY decorations. To recycle your old red packets, you can follow this video tutorial:


Long queues will flock Changi Airport the evening before CNY. As Singaporeans are desperate to make the most of the long weekend, many people have booked their air tickets in advance. If you have not already booked your air ticket or your hotel stay, you are sure to pay ridiculous prices. Moreover, some tickets or rooms may be sold out. Save cash by opting for a three-star hotel or a local day tour instead.


Whether you are looking forward to peonies or kumquat plants, stocking up on seasonal plants can add up. These seasonal plants carry higher price tags as the CNY approaches. Channel NewsAsia reported that the price hike is due to bad weather conditions, transportation constraints, and increased labor costs.


Your guests look forward to eating bak kwa, cornflake cookies, and pineapple tarts during the party. However, these goodies are more expensive as you get closer to January 22, 2023. Since CNY goodies are available throughout the year, it is ideal to buy them in advance.

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Family is at the heart of Chinese culture, which is never more apparent than with the CNY reunion dinner. The best-case scenario is to have a relative who can accommodate the entire clan in their home. Otherwise, you can try your best to book a few tables at a Chinese restaurant nearby. Expect insanely inflated prices at restaurants during this time.

If these dinner parties are a yearly affair, you would save more money by booking at least 12 months in advance.


With change being a prominent theme during Chinese New Year, it is believed that wearing brand new clothes on the first day of the new year is symbolic of making a new start. Whether you opt for traditional clothing like a qipao or tangzhuang, or a contemporary smart casual outfit, the most important thing to consider is color. Red is the color of choice for many during CNY.

Wait for the sales to hit to purchase your new red clothes to save more money. Alternatively, you may re-style your old CNY clothes or wear them in a different way. You can add accessories or pair your red blouse with a patterned skirt to create a flowing dress.

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What Is the Importance of Money Management?

Creating your budget is crucial, but managing your budget is arguably even more important. You cannot just write down a budget at the beginning of the year and never look at it again. You must continuously manage your money with an updated budget to monitor your finances for every month.

Moreover, this budget will guide your plans to achieve your long-term goals. On that note, let us discuss the definition of Money Management.

What Is Money Management?

The process of keeping track of your finances is called Money Management. This includes your spending, savings, budgeting, and investing behaviors. It is the key to helping you save money to accomplish your personal goals. You need to find a management technique that works for you as everyone manages their money differently.

What Is the Importance of Money Management?

There are multiple reasons why managing your money is important to your life. Firstly, it helps you to stay on top of your finances. You will be able to tell whether you are overspending before you get hit with overdraft fees. Money management also helps you to avoid incurring too many fees on your credit card bill.

Secondly, money management helps you plan for your future. My partner and I recently got married. To help save for our wedding, we made some down payments to the suppliers through careful monitoring of our cash flow. Managing your money increases your knowledge of savings and aids in accomplishing your financial goals.

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Thirdly, money management keeps track of your expenses. How much do you spend on rent and groceries? Perhaps, you can cut back on some unnecessary expenses such as your monthly subscriptions.

Lastly, money management increases the sense of security. There is nothing worse than feeling overwhelmed when it comes to your finances. Reduce the unwanted feelings and be able to pay off the next bill by closely monitoring and managing your cash.

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How to Maintain a Great Relationship with Money

Establishing a healthy relationship with money takes effort, but it pays off. You must manage the highs and lows, and everything in between.


Much like any other relationship, you have to put in effort to your finances for it to grow. A positive mindset and the right attitude towards money can help strengthen your relationship. Plant the seeds of appreciation and contentment for what you already have. Perhaps, you are grateful for your recent promotion, or you are thankful for having additional online vouchers. Working towards a positive mindset can go a long way!


According to clinical psychologist Joe Lowrance, “financial wellness is a component of overall wellness”. Regular financial check-ins are necessary for you to know which areas you need to improve on. Then, you must create an action plan to reduce your unnecessary expenses.

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If you indulge in artisan coffee on a Saturday afternoon, take the time to relish the moment. You could also purchase a small gift for attaining your saving goals or celebrate a small win at work. Acknowledging the little thigs can keep you motivated and improve your relationship with money.


Respecting your money means taking care of it properly by practicing accountability. Your money is influenced by how you treat it. Give it the respect it deserves, and it will reciprocate in the same way.


Money is a tool used to meet your needs and to achieve your financial goals. If your money does not give you pleasure and is only tied down to sacrifices, then you are likely to feel overwhelmed. To relish the rewards of your income, you must plan for it. Use your extra savings to plan something special for yourself. You can also bring along a friend or your loved one.


Some people cannot admit when they have made a financial mistake or deny their poor relationship with money. Be honest with yourself. What is your current financial circumstance? Being honest about your financial situation is necessary for you to learn from your mistakes and to attain financial stability. Try to ditch the excuses and look at your relationship with money through clear lenses.

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Sources: 1 & 2