We all know how expensive it is to have a wedding in Singapore, with the average cost ranging between S$30,000 to S$50,000. Yes, we’re talking about having your pre-wedding photoshoot, throwing a wedding banquet, purchasing wedding bands and the list goes on… Before you start getting cold feet, it is actually possible to have a fun wedding celebration at half of the average cost or less! By saving smartly and spending creatively for your wedding, you can pull off a memorable wedding affordably while ensuring that your guests have a great time!
In numerology, the number ‘6’ is associated with balance, responsibility and love. In Chinese culture, this number represents smooth-sailing matters. With these in mind, we present you 6 money-saving tips for you to have a smooth-sailing and harmonious wedding ahead! Read on!
#Tip 1: Grow your savings wisely
Firstly, few of us get married on a whim, and chances are you and your partner have been diligently setting aside some funds for this major milestone in your life. To make the most of your savings, you may wish to grow your savings more efficiently instead of simply leaving it in the bank. Explore different financial tools to help you to save wisely, so that you have the money to spend for your wedding.
ELASTIQ by Etiqa Insurance is a first-of-its-kind Whole Life Insurance Savings Plan that offers a guaranteed interest rate of 1.80% for the first 3 years, with the flexibility of topping up anytime or withdrawing your funds without penalty and interest clawback after 90 calendar days. With such flexibility, you can save towards your dream wedding earlier while enjoying liquidity in your funds!
#Tip 2: Get your wedding outfits online
With the wedding funds set aside (and growing), you can start planning your wedding. Dressing to the nines on your big day doesn’t have to cost a bomb. Thanks to the wonderful world of e-commerce, purchasing your wedding outfits online these days is a thing for brides and grooms looking for a more economical wedding. You can get a fancy dress over at Etsy or Asos starting from S$80, or even a made-to-order one from Taobao by sending your measurements over to the seller! The same principle goes for the groom and groomsmen’s suits – get them at affordable prices from high-street brands like Zara or H&M; and your bridesmaids’ dresses from local fashion retailers like Fayth or Love, Bonito. In contrast, a typical bridal package that covers your wedding dress and suit would cost you at least S$2,000, which you’ll only be wearing for a few hours. Do the math!
#Tip 3: D.I.Y. or purchase your wedding favours online
#SorryNotSorry, but nobody takes a second look at the generic wedding favours from the hotel that looks like the typical corporate promotional merchandise. Rope in the help of your friends to make your very own wedding favours that’s sincerer, isn’t it? For easy starters, try baking some yummy S’mores cupcakes that would only cost you about S$0.60 each . If you’re not particularly nifty at doing this by yourself, there are always e-retailers to the rescue. Snag uncommon and unique wedding favours from sites like AliExpress or Qoo10 at affordable prices!
#Tip 4: Get creative with your wedding banquet
Assuming you’re planning to have a cosy and intimate wedding affair of between 100-150 guests, there are alternatives to a dinner banquet that’s much more wallet-friendly. A catering or lunch reception would typically range between S$1,500 to S$4,000 while a wedding banquet in a hotel would range from S$15,000 to S$36,000 . If you prefer to have it at the hotel after all, note that a banquet lunch instead of dinner would save you at least 30-40% of your money! Also, don’t forget to suss out credit cards that give great rebates and benefits. The credit card cashback on this wedding expenses can help you to save much!
You can then channel this savings to fund your honeymoon, home renovation or simply let it grow with ELASTIQ! Did we mention that if no withdrawal has been made from your ELASTIQ Whole Life Insurance Savings plan for the past 36 policy months, you’ll receive an additional loyalty bonus of 0.3% of the average monthly account value in every 3 years? Totally awesome when money rolls in without you having to do anything, especially when #adulting means managing your finances like a pro!
#Tip 5: Have a close friend be your wedding emcee
Instead of hiring an emcee for your wedding, let an outspoken and chatty close friend be your emcee! He/she could keep your guests entertained while sharing personal stories about you, making the wedding more personal. If he/she lets your guests in on embarrassing memories of you, the wedding will be more intimate and fun. Definitely beats a hired emcee that costs more and doesn’t know you well!
#Tip 6: Get alternatives to wedding frills
Some might think that it’s more efficient to hire a planner for your wedding in Singapore. But getting to the details on your own can help you to save a lot of money on wedding frills! For example, you can get flowers off nurseries at wholesale prices when you buy them in bulk. Alternatively, consider using a combination of fresh and artificial flowers that you can easily get from Daiso or Spotlight. Doing so would save you half the money, compared to using entirely fresh flowers from a wedding vendor. For your wedding cake, you can look for established home bakers with lots of positive reviews on Carousell for a fraction of the price. Photobooths with instant printouts are all the rage at weddings these days, but they do cost quite a bit, starting from at least S$250/hour. Why not D.I.Y. with your own instant Polaroid camera and films minus the sky-high prices that works just the same?
Here’s a breakdown of potential savings with the above-mentioned tips for your wedding:
|Checklist||Economical||Average cost||Lavish||Average cost||Savings|
|Wedding dress||S$80 to S$200||S$140||S$2000 to S$6000||S$4000|
|Wedding suit||S$80 to S$200||S$140|
|Bridesmaids dresses (4)|
S$18 to S$40
|S$29 x 4 = S$116||S$50 to S$100||S$75 x 4 = S$300||S$184|
|Groomsmen suits (4)|
S$50 to S$70
|S$60 x 4 = S$240||S$100 to S$150||S$500||S$260|
|Wedding bands||S$500 to S$1000||S$750||S$2000 to S$4000||S$3000||S$2750|
|Venue and food|
(50 – 100 guests)
|Weekday dinner banquet/weekend lunch banquet: 30 to 40% cheaper||S$16, 575||Hotel dinner banquet: S$15,000 to S$36,000||S$25,500|
|Emcee||Buddy price: S$0||S$0||Professional emcee: S$500 to S$1000||S$750||S$750|
|Live music band||Buddy price: S$0||S$0||S$300 to S$1200||S$750||S$750|
(50 -100 guests)
|DIY: S$0.60 per wedding favour|
S$0.60 x 75 pax = S$45
|S$2 per wedding favour||S$2 x 75 pax = S$150||S$105|
|Actual day photography||Buddy price: S$0||S$0||S$1,000 to S$2,000||S$1500||S$1500|
|Actual day videography||Buddy price: S$0||S$0||S$1,500 to S$3,000||S$2250||S$2250|
|Makeup artist & hairstylist||Buddy price/DIY: S$0||S$0||S$400 to S$800||S$600||S$600|
|Flowers||Using a combination of fresh and artificial flowers|
E.g. Fresh bouquet + fresh hair accessory + fresh corsages + artificial car deco + artificial table centrepiece = S$300
|S$300||S$500 to S$1,000||S$750||S$450|
|Pre-wedding photography||Buddy price: S$0||S$0||S$800 to S$1,200||S$1000||S$1000|
|Pre-wedding videography||Buddy price: S$0||S$0||S$800 to S$1,500||S$1150||S$1150|
|Wedding planning & styling||Self-plan: S$0||S$0||S$2,000 to S$3,500||S$2750||S$2750|
|Wedding cake||Online/home bakers: S$150 to S$200||S$175||S$500 to S$1,000||S$750||S$575|
|Wedding Invitations||DIY/e-invitation card: S$0||S$0||S$150 to S$250||S$200||S$200|
|Wedding car rental||Borrow from friends/relatives||S$0||S$300 to S$600||S$450||S$450|
|DIY Instant Photo Booth||Instant Polaroid camera:|
S$80 to S$150
S$500 to S$1000
|Polaroid films ~S$40 for 100 films (Qoo10 sale price)||S$40|
|Total savings: S$28, 964|
Are you surprised by how much money you could save for your wedding in Singapore? With our 6 tips, you can save approximately S$28,000+ on your wedding, which is half of the average wedding cost in Singapore! Happy planning and congratulations for your wedding in advance!
As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid. This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K). Protected up to specified limits by SDIC.
Information is accurate as at 19 November 2019. This content is for reference only. You should seek advice from a financial adviser before deciding to purchase the policy. If you choose not to seek advice, you should consider if the policy is suitable for you. This advertisement has not been reviewed by the Monetary Authority of Singapore.
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