5 Reasons Why You Should Not Use All Your Savings For Your Wedding
If you have a wedding coming up soon and some money in your savings account, common sense tells you that’s all you need to finance the ceremony.
Aaaand you’d be wrong.
After calculating the wedding costs with an in-depth wedding guide, the cost is high! Sure, people with minimal wedding budgets and lots of savings may consider this method. For the rest of us, though, a wedding loan is a much more practical solution.
Keep reading along as we discuss five reasons you shouldn’t use all your savings for a wedding.
1. Honeymoon
Using all of your savings for your wedding leaves you pretty much empty-handed. Understandably, you don’t want to burden your marriage with debt. At the same time, you don’t want to skimp your way through life.
Of course, there’s a vast middle ground between these two extremes.
The solution is applying for a convenient wedding loan with Wedding Loan Curation!
You probably know that a wedding can easily cost north of $70k in Singapore, of course, depending on what you’re looking for. Draining that money from your bank account means you probably won’t have anything left for your honeymoon.
Pragmatic spirits might point out that honeymoons are non-essential; living comfortably throughout the rest of your marriage is.
There’s a mistake hiding there.
Not allowing yourself to mark this event can put a lot of pressure on you and your partner as a couple. This slight disappointment and frustration can overshadow the start of your marriage. The problem is that a marriage can grow those negative feelings and turn them into acute, long-term issues.
So while a honeymoon is non-essential from a practical standpoint, it could be vital for your relationship.
2. Buying a Property
Most couples in Singapore will purchase a BTO to build their new home.
If you’re a pragmatist, the last section mightn’t have provided sufficient arguments for the case.
Thus, let’s focus on a real tangible problem: your living arrangements.
You and your partner can be comfortable with renting for now. After all, if you’re like most couples in Singapore, you’re probably young and determined, working long hours during the week and having fun during the weekend.
But after some time, reality hits.
Renting means wasting your money. When you think about it, you’re actually giving around $1000/month or more to someone so that they’ll let you live in their home.
At the same time:
• The owner can always terminate the contract. Even if they offer you a few weeks’ notice, you’ll still have to move. Apart from transporting your things from one place to the next, moving implies lots of research to find a new home.
• The owner might not let you decorate the house how you want or impose specific conditions: no pets, no smoking, no visitors who stay over a week, etc.
Thus, renting implies constantly living with this knowledge in the back of your mind that your home is never truly yours.
Instead, you could apply for a home loan.
The money you’ll pay for that apartment is an investment into your family’s life, and you can do whatever you want in your home.
Still, you might need your savings for a cash advance or purchase furniture.
3. Renovating Your Home
Alternatively, you can keep those savings for renovating your future home.
You might not know this, but a renovation loan from banks in Singapore is capped at $30,000, and it doesn’t cover some purchases. For example, you can’t use your renovation loan to buy new furniture or curtains.
However, you could use some of your savings for those purchases.
If you don’t waste those savings on your wedding.
Think of it like that:
Compared to a renovation loan, a wedding loan will help you cover all the things you need for a wedding. From the venue to meals, photography, rings, suits, and music – it has you covered.
Thus, getting a convenient wedding loan now will save you from many other struggles later. Get a free wedding loan quote here!
4. Baby on the Way
First comes love, then comes marriage, then come babies in a baby carriage.
But that’s not all that babies need.
They also want food (which means buying formula, breast pumps, breastfeeding pillows, pacifiers, etc.), toys, cribs, a cosy room, a car seat, a babywearing system, and lots of attention. You’ll also want to consider medical check-ups during and after the pregnancy, plus the costs of giving birth.
And one more thing: Parenting is hard.
However, taking a wedding loan now will keep your savings intact. That means you’ll be able to splurge on as many parenting books and toys as you want.
5. Healthcare Emergency
When you’re just beginning your life together with the one that you love, having a health emergency can seem extremely implausible or, at least, very far away into the future.
Unfortunately, life doesn’t work like that.
Anyone can face illness or an accident that requires urgent medical care, days off from work, plus medicine.
Even if you won’t have health problems, life’s unpredictable. Your car can break down, your apartment may get infested with termites, or you may lose your job.
In these cases, it’s best to have some emergency funds to fall back on.
If you use those savings instead of getting a wedding loan now, banks might not offer you financial help when you’re in dire straits.
Pay For Your Wedding Without Emptying Your Savings
This article took you through five very likely scenarios where you’ll need your savings. The moral is that a wedding loan now will save you many problems in the future.
The key, of course, is to choose the right wedding loan for your needs.
You want to repay your installments comfortably throughout the tenure. Also, you need to keep your TDSR low because there are likely more loans coming your way after getting hitched. That sounds like a lot of research.
There’s a fast solution, though.
Our intuitive Wedding Loan Curation Platform will show you the best options in the market. We’ll give you these solutions for free in 15 minutes. Thus, you can get loan approval for interest rates as low as 1% within the hour.
Apply here.
