Wedding Budget: Steer Clear Of Wedding Debt


Malaysian marriages, regardless of race or religion, often takes place grandly. It can never go without a huge cheering crowd, fiesta of sumptuous food, lovely flowers, decorations, entertainment, and the list goes on. Every single thing on this list cost money. A lot of money – starting from RM50,000 and can easily reach up to even RM500,000.

Even with the huge cost already awaiting for the ceremony, many couples today still go a little extravagant by incurring wedding debt to fulfil their dream wedding and it gets progressively more extravagant as they attempt to set trends and appear unique from the rest.

That is when the question arises, what can you do differently but still stay within your budget? Alternating on some of these expenses can help you steer clear of the wedding debt trap.

Be Different

wedding debt table 2(1)

With the above suggestions, you can easily save a few thousand bucks that can be spent on your honeymoon instead!

Plan and save ahead of time

Planning a big event like this in advance will not just save you a lot of headaches, but also money! Most often than not, you save for big purchases like – for that Audi down payment, that dream trip to Europe or that posh apartment in Ara Damansara – a wedding should also require the same planning and budgeting.

Most of the time, it is not until the proposal actually happens that the couple even start talking about saving or gathering finances for that once in a lifetime ceremony. But, why not start saving early, even before you have met someone? Like the old Malay saying goes, prepare the umbrella before it rains. Allocate a particular amount of your savings monthly for marriage.

Many are burdened with various financial commitments, such as loan repayments, personal monthly bills or even medical fees for elderly parents, saving for a wedding before meeting the special someone can seem inconveniently painful and stressful.

If you sit down to speak on this matter only after the proposal it can be too late, unless you and your fiancé are going to wait on it for a couple of years. Not quite an easy task. Last minute planning and execution has caused many couples to acquire a long list of debts to raise funds for the ceremony.

So, start planning early, minimum one year ahead and look out for promotions in wedding expos or engage friends at a discounted or special rate. Also, keep track of current costs every time a relative or friend gets married to be able to constantly estimate the cost required.

Create a budget and stick to it

It is important to sit down and estimate the budget. List down and prioritise the items accordingly. Know what you want to spend for and how much you want to spend for each. Outline sequence of events (engagement, wedding, reception, etc.) and what you want included into the wedding (photography, videography, animation, decoration, etc.).

Also, try to choose to get married during non-peak seasons. The items on the list are usually cheaper during this time. Many vendors hike up their prices during this peak marriage periods.

However, creating a budget alone is not sufficient, but abiding by the budget is where the challenge lies. It is vital to know your ceiling point and keep track of all the expenses.

If any point you have exceeded your budget on an item in the list, be prepared to cut off something else! This way you can very well stay away from any wedding debt.

Tie the knot tight

This will enable you to curb all the extra last minute costs and stay away from wedding debt. You will have a variety of choices to choose from to suit your budget and curve your expenses accordingly. When planned well, this need not be a painful process financially and mentally. All the costs saved could very well be invested into a memorable honeymoon.

After the wedding bells have faded, it’s time to change “my” money to “our” money, and “my” financial goals to “our” financial goals. Here are the advantages of merging your finances with your spouse’s.

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