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Your wedding should not cost an arm and a leg
A wedding is one of those life events that anyone would love to make as memorable as possible. But must you break a bank to make your wedding memorable?
In this period when the COVID-19 pandemic has battered the economy and left millions with empty pockets, it is important you take the most financially conservative approach to your wedding plans.
Here are 4 money tips that will help you prepare for a successful wedding.
1. SAVE FOR YOUR RENT SEPARATELY FROM THE WEDDING BUDGET
When planning your wedding, the most important money decision you can make is to save for your rent. Your new wife must have a place to call home after you have married her. And you do not want your landlord knocking on your door a few days after your wedding.
So, to be on the safe side, check the rent off your worry list by saving for it before the wedding. The truth is that there is no amount of money that would ever be enough for a wedding ceremony.
As you plan the wedding, unexpected expenditures would come up, but bear in mind that the wedding would still go ahead if you don’t provide that money. So, resist all pressure to dip your hands into the savings for rent.
A smart way to save your rent would be to stash it away at a fixed deposit account or invest it in government securities. Don’t put it in your savings account where you have easy access.
2. DO NOT SPEND MORE THAN 3 MONTHS OF YOUR SALARY ON EITHER THE WEDDING OR THE RENT
Draw a budget and stick to it. Make sure that neither the rent nor the wedding budget exceeds your three months salary. If you hold a job, you probably have been saving for the wedding. That’s a smart money decision already.
Read also, 5 ways to handle your finances when married with kids
You may find yourself in an awkward position after the wedding if you go all out to blow all your savings on the wedding or rent.
3. TRUST YOUR WIFE WITH MONEY
You may have heard in some places that women are natural money-doublers. This is very true and you are about to find out. Let your wife-to-be in on some money decisions as you plan the wedding. They have the uncanny abilities to take bold money decisions that will save you lots of expenditure.
This should not end after the wedding. In fact, this is the time to appoint your wife the de facto finance manager of the family. You will thank us for it.
4. SAVE ALL THE MONEY GIVEN TO YOU AS GIFTS
During the wedding celebrations, many of the guests will come bearing gifts. And some will bring cash gifts especially some of your friends who are unable to make it to the wedding may want to make up for their absence with some cash gifts.
Be smart about the way you handle those cash gifts. Don’t spend them. This is called a windfall. Save all of it, and you won’t regret it. It would provide a financial buffer you will need to make your honeymoon very enjoyable.
5. CONSIDER A DESTINATION WEDDING
A destination wedding does not mean you go to Dubai or London to host it. You can decide to take it away from the city where you live, maybe a suburb or your village.
If you live in Lagos for instance, and a lot more of your guests will be coming from outside Lagos, say from your village, consider hosting the wedding in your village or state capital. No matter how much you may spend, you will spend far less compared to hosting it in Lagos.
In Lagos, as it is in many city centres in Nigeria, the cost of renting a hall and catering alone is enough to host the wedding for you in your hometown.
Read more about saving money on a wedding here.
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