How to make the right choice
INQUIRER.net
Q: My girlfriend and I are getting married next year in June after going steady for five years.We're very excited about this, and we are already starting to plan for our wedding. We both realize that weddings can now be so expensive. Catering alone can go up to six digits. Although my fiancée has shared her dream wedding details, a part of me is hesitant to go all the way in expenses. There is life after the wedding. What is the best thing to do? – Rico
A: Weddings and debuts can indeed be costly these days, especially if you want all the works. There's a whole wedding industry involved, from wedding planners, fashion designers, and cake bakers to giveaway suppliers, wedding singers, and invitation designers. Costs can go up in the millions of pesos—no kidding.
You are right in saying that there is life after the wedding to look forward to. In fact, that is the more important thing in your marriage, rather than the wedding day itself. Although it would be nice to have a fancy wedding in an out-of-town destination, the total cost may take away valuable funds you could use for starting your married life.
Let's look at this more closely. Here are the advantages and disadvantages of having a dream wedding:
Advantages:
1. You can make your fiancée's dream come true.
2. You can invite as many family and friends as you like.
3. Your wedding can be guaranteed to be unforgettable.
4. You will make many people happy.
Disadvantages:
1. It may hurt your pocket in a major way.
2. There will be too many details to look into, thus compounding stress for everyone involved.
3. If you don't have a big savings fund started, you might have to live from paycheck to paycheck after the wedding.
4. Worse, if you don't have enough budget for your dream wedding at this time, you may be saddled with debts to pay your wedding suppliers long after the wedding is over.
On the other hand, here are the advantages and disadvantages of having a simple wedding and using the bulk of your savings for a starter fund to live on after the wedding:
Advantages:
1. You'll begin your married life with some savings which you can use for starting a fund to build your own home, or for other priorities.
2. You won't be plagued with debts to pay your wedding suppliers.
3. You'll be able to start off your married life on a good positive note.
4. You're ready for any emergency crisis that may arise, even the day after the wedding.
Disadvantages:
1. Your fiancée may not have the wedding of her dreams.
2. You may have to invite only a limited number of guests, which may result in resentment for some people.
Simple but memorable wedding
Is it possible to still have a good wedding on a limited budget? The answer is a resounding yes.
Here are a few tips on how to do that:
1. Settle on a guest list comprising only your closest family and friends.
2. Find a venue that would not be too costly, yet is beautiful and appropriate. Look for an intimate church, a garden, or an events place that charges reasonably.
3. Book wedding suppliers who may not be that well-known but are reliable and good too. Ask around for referrals and look at their sample products.
4. Enlist the help of family and friends who will be able contribute to the wedding preparations: emcee the reception, do the invitation design, coordinate the wedding day itself, etcetera. Their help will be a labor of love and a wonderful gift to you.
5. Save on your honeymoon. See previous article “Ways to save on your honeymoon”.
Now as to your starter fund, Citibank Philippines' Jacqueline Wieneke, Vice President and Makati Branch Manager suggests: “Open a checking or savings account in both you and your fiancée's names for all the wedding cash gifts you receive.
Then, determine what portion of your funds you may set aside for your long-term needs that is in the next 3-5 years. You may invest this long-term pot in a pooled fund such as a unit investment trust fund so it can earn potentially higher returns over the years. You may also regularly add to the investment, as you are able, to enhance your potential returns.”
But before making these financial decisions, Wieneke also advised: "Discuss your financial objectives and risk appetite with your fiancée to make sure you are both in agreement."
Start your married life with security and peace of mind. Congratulations!
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