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Getting Married In Singapore: Should You Borrow To Pay For Your Wedding?

Your better half has finally said yes to your proposal, now it is time for you two to make it legal and get married.

Of course, the wedding must be grandiose and memorable for everyone. It has to be magical and if you are getting married in Singapore, you and your beloved will no doubt have a wedding to remember.

However, although weddings are supposed to be a joyous celebration, having one can be pretty difficult considering the cost of getting it all together. If you are getting married in Singapore, the prices may also cause you and your beloved to think twice about your wedding plans.

According to an estimate from Yahoo Finance, getting married in Singapore would cost couples and their families up to $30,000 to $50,000. This price would include the venue rentals, reception, banquet, entertainment, bridal package and the video coverage. The banquets alone would eat most of the couple’s budget as there has been a 6% increase in some of Singapore’s top wedding venues this year.

You would also have to consider things like the invitations, wedding rings, wedding favours and the cake when planning your wedding budget. Once you total everything together, you may need to consider how to fund it without having to worry about going into debt.

If you and your partner would like to push through with a memorable wedding, there are ways to fund it. One of them is by going to the moneylender and taking out a personal loan to pay the expenses. Another is by asking the assistance of your family and friends to help you financially. While the second option is ok, it is not very practical. It is custom that the couple must shoulder a part of the ceremony aside from getting aid from family and friends.

What Should You Consider Before Getting a Wedding Loan?

Here are the things you and your partner should consider before you take up a moneylender personal loan for your wedding:

  • Do you both have a stable job that can help you pay the loan?
  • Are you and your partner in agreement in getting a loan?
  • Have you done your research on how much you will spend?
  • Do you have extra funds that would cover your expenses and loan payments for the next 6 months?

If the answer is yes to the following, you can look into getting a loan. Of course, don’t forget that you can still get your dream wedding on a smaller budget. It will still be unique regardless of how simple or grandiose it would be.

Advantages of Getting a Wedding Loan?

When you and your partner decide to get a personal loan for your wedding, there are some positive benefits you may enjoy as you plan your wedding.

First, you do not have to ask anyone to assist you in getting your wedding paid. While family and friends would be open to helping you pay your wedding, it would still cause them to worry. If you are able to fund the wedding by yourself, you can ease their worries and celebrate with you on your special day without worrying about anything.

There is also a possibility that some of your family and friends who would help you sponsor your wedding may try to influence how you should do your wedding. You may even find yourself under a great debt to your family member and would need to do them a favour or two in the future.

If you take out a personal loan for the wedding, you both have full control over your wedding. You can make the decisions on how things should go on your special day. Of course, you can take into account your family’s requests for your wedding, but you will still have the final say.

Getting a personal loan for the wedding may also help you allocate for the future. While you can opt to pay in full if you have the funds for it, what happens after the wedding is unpredictable. Having ready funds in your account for all eventualities is still idea rather than fully paying your wedding and not have backup funds for sudden occurrences.

Finally, weddings are supposed to be memorable and it must be one that everyone should not forget. If you have enough financial resource, you would be able to pull off that magical wedding you have been dreaming off for you and your partner.

Disadvantages of Getting a Wedding Loan

Unfortunately, taking out a personal loan from a moneylender to get your dream wedding does have some setbacks that every couple should consider.

First of all, you and your partner would be beginning your forever in debt. While you may have gotten your dream wedding, you and your partner now have to consider how to budget your pays to pay the wedding loan. Repayments may take a year or two depending on how well you both manage repayments and how much the loan is all about.

If you do take out a personal loan for the wedding, you may end up paying more than what you should for your wedding for the lavish add-ons you add in extra. Some extra add-ons for weddings can be pricey and when the day over, you may regret spending for those extras as you pay the loan.

Remember

Dreaming of a luxurious and memorable wedding is a dream every couple would like to have on their special day. It would mark the beginning of their forever together and spent with the ones they love. However, couples must consider if planning for a lavish wedding is practical especially now that you are starting a life together.

If you do decide to pull off a moneylender personal loan for your wedding, make sure you both will be able to manage to pay it regularly. If you don’t, you and your partner may find yourselves starting your new life together in debt and that is an unpleasant way to start your forever.