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Guide to setting a budget for your wedding

Guide to Wedding Banquet Planning

Weddings are momentous, once-in-a-lifetime occasions, and many newlyweds tend to hold on to their vision of a perfect wedding. Before you start getting lost among the wedding dresses, flowers and venues, here are some things to take note of in terms of budget. 

1. Set an overall budget  

Depending on the type of wedding reception/banquet, a wedding in Singapore can cost anywhere between S$10,000 to S$60,0001. A typical wedding checklist would include the following:

  • Wedding Banquet Venue
  • Wedding gowns + suits
  • Make-up + hair styling
  • Bridal bouquet and corsages
  • Wedding bands
  • Actual day photography + videography
  • Pre-wedding photoshoot

2. Decide what is of the highest priority to you  

To want the best of everything in your wedding might be too impractical especially if you have a budget to stick to. Instead, we recommend that you and your fiancé sit down together and decide on an item in the wedding checklist that is of the highest priority to the both of you. Which is more important to you - a well-photographed tableau of memories you can revisit later, or tying the knot in your dream venue? Whatever it is, once you have decided what is of the highest priority to you, it is important to compromise on the other items in the checklist if needed, to make sure that you stick to your budget. 

3. Plan your finances 

Apart from picking an auspicious date, it is also important to get married at a suitable time which will not stretch your finances by too much. As seen from the wedding checklist above, a wedding does involve a significant sum of money.  Have an open discussion with your partner on finances and plan how long it would take for both of you to save up enough for the wedding.

4. Start saving for your future 

It is also important to note that you will probably be looking at buying your first house during the same period. Hence you should start planning your finances in the long-term horizon as well. As you might know, due to inflation, it might not be wise to put all your funds into a regular savings account. You can counter inflation by placing your money in savings account with higher interest rates or invest them. Find out why you should invest and how to get started here

You can also consider insurance savings plan which combines both savings and insurance components. For example, Manulife ReadyBuilder (II) is whole-life insurance savings plan that provides you with coverage2 against death and terminal illness, with access to cash value3 and flexibility to freeze premiums4 payment when needed.

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    Footnotes: 

    1. https://blog.seedly.sg/cost-of-wedding-singapore/

    2. Please refer to the Product Summary and Policy Contract for more details.

    3. Any withdrawal of bonus will reduce the total death benefits and the future cash value of the policy. Partial surrender will reduce the sum insured, total surrender value (consisting of guaranteed surrender value, surrender value of any accumulated reversionary bonus, and the surrender bonus), and total death benefit. For regular premium policies, surrender value will be available if the policy is in force and you have paid full premiums for 3 years; while for single premium policies, surrender value will be available once the policy is in force.

    4. Provided the policy has been in force for 2 policy years with 2 full annual premium payments and subject to approval by Manulife. Not applicable to single premium policies. 

                                                

    Important Notes

    ReadyBuilder (II) and its supplementary benefits are underwritten by Manulife (Singapore) Pte. Ltd. (Reg. No. 198002116D). This advertisement has not been reviewed by the Monetary Authority of Singapore. Buying a life insurance policy is a long-term commitment. There may be high costs involved if you terminate the policy early, and your policy's surrender value (if any) may be less than the total premiums paid. Buying health insurance products that are unsuitable for you may affect your ability to finance your future healthcare needs. This article is for your information only and does not consider your specific investment objectives, financial situation or needs. It is not a contract of insurance and is not intended as an offer or recommendation to purchase the plan. You can find the full terms and conditions, details, and exclusions for the mentioned insurance product(s) in the policy contract.

    This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the LIA or SDIC websites (www.lia.org.sg or www.sdic.org.sg).

    We recommend that you seek advice from a Manulife Financial Consultant or our Appointed Distributors, or visit any DBS/POSB Branch before making a commitment to purchase a policy.

    Information is correct as at 19 December 2022.

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