Getting married

Budgeting for a perfect wedding

Budgeting tips to prepare for your wedding expenses

From a perfect engagement ring to the wedding party of your dreams, getting married is often more expensive than you think. That's why it's important to start prepping with budget planning so over-spending is out of the picture. Get to know an effective way for wedding budgeting and the list of basic wedding expenses you may add to your budget.

Picture your dream wedding and budget accordingly

  • Be on the same page: No matter how you picture your wedding, it's important to keep it open and transparent from the start to manage expectations of everyone involved. Reach a consensus with your other half, as well as parents of both sides on the scale of wedding, engagement gifts and betrothal money to the bride's family (禮金). If the budget exceeds your cash flow, prepare a sound repayment plan in advance. Look into a personal instalment loan for handy cash if needed.
  • Prioritise your spending: List out all your wedding spending. Prioritise them in order of importance for you two. Remember to check out the credit card spending privileges. There could be extensive offers, from wedding bracelet, engagement rings from jewellery shops, overseas accommodation for your pre-wedding to banquet venue booking.
  • Save at your own pace: from 3 to 36 months, it's your call to choose the time needed to achieve your goal when setting your plan with Money Master. You can also register for H A R O WhatsApp to receive useful information and keep track of your progress, allowing you to have a dream wedding with ease.

Work out the wedding budget in detail by planning per expense

  • You may value a nice pre-wedding photo-shoot more than a banquet extravaganza, or wearing a dream wedding dress over glamorous jewellery. Work out how much you need per item by taking reference from the below list of basic wedding expenses to lay down your budget list. 
  • Engagement ring and jewellery: Gold prices have been going up in the past years, wearing a full set of golden jewellery, e.g. wedding bracelet, necklace isn't cheap. On average, the expenses on engagement ring and jewellery make up about 20% of the total wedding expenses.
  • Pre-wedding photography: If you would like to do it overseas, remember to clarify items on the bill with the photographer such as their flight and accommodation, also check with wedding gowns rental on their return policy. Normally it occupies around 6% of the total wedding expense.
  • Wedding banquet: Banquet normally is the biggest wedding expenses of all, contributing to about 50% of the overall budget. You may consider a cocktail party or wedding luncheon, that may reduce the banquet expenses. 
  • Wedding dress and accessories: More and more brides are buying their gowns online because they can find all the latest season items from international designer brands. Keep an eye on seasonal sale and credit card privileges on multi-brand shopping platforms to save even more.
  • Make-up and hairdressing: Remember to understand the service coverage and additional expense items, such as make-up for your parents and bridesmaids. And how long they will stay with you on your wedding day.
  • Wedding day photography: Discuss the fee with your photographer as some of the packages include everything at one single cost while some may charge at hourly rate with additional charges for any chosen pictures or albums. It normally consists of about 5% of the overall wedding expenses.
  • Honeymoon: Try off-peak season to save travel expenses and also avoid the crowds. Yet most importantly, plan ahead to look for budget deals. There are normally early booking bonuses to help you save. 

Look beyond the wedding, start getting ready for a lifetime ahead

  • Harmonise wealth goals to run a family together: To start a new family, the couple should align views on managing wealth and savings to achieve financial goals for the family. Explore ways of  building wealth with suitable wealth management products.
  • Agree on household expenditure with your partner: Either open a joint account to manage family finance together, or a supplementary card to consolidate the cash back reward to save wisely.
  • Future home: If you have yet to be a homeowner, you may start drawing some financial plans to buy your first home with your partner. Assess your combined financial conditions to decide your affordability for a mortgage before house hunting. 
  • Raising kids: It takes more than love to raise a child. Do a thorough financial planning before having a baby by taking the expenses for nurturing a baby, educational fund or even budget for studying overseas into consideration.

Getting married is one of the key milestones in your life, yet it comes with great responsibility. To start a hassle-free life with your beloved ones, why not ensure their protection with life insurance plans? There are various kinds of life insurance that fit your different needs. You may enjoy life protection from the comfort of your home with digital insurance.

Make use of credit card rewards to reduce wedding spending

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Other points to note

  1. To borrow or not to borrow? Borrow only if you can repay!
  2. Investment involves risks. 
  3. Terms and Conditions apply. 


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