When it comes to your wedding day, the costs can start piling up fast. Creating a budget and saving money for the big day can make a huge difference. It also prevents you from starting married life with debt. In this article, we talk about the costs you’ll encounter, and answer some commonly asked questions about the financial side of wedding planning.
How do I start planning for a wedding?
It’s hard to pin down an average cost for a wedding in South Africa as there are so many variables, including different cultural traditions. However, to avoid stressing over the finances, you should create a detailed checklist and calculate a budget according to your list of requirements.
Divide your list into estimated costs and actual costs. Estimated costs will be the rough amount while you wait to get invoices and the actual costs will be according to the invoice. Also, take into consideration that prices may increase if your date is much further away. However, most of your budget costs will be geared towards the venue and catering.
If you plan on getting married soon after your engagement, say between 6-12 months, it might be best to start saving using a short-term savings plan. It’s a more flexible option that will give you easier access to cash for up-front deposits and bills. You’ll have a fresh list of expenses when setting up your new life, so you’ll want to carry forward as little debt as possible.
You should also consider costs that occur even before your big day, like the engagement. Engagement rings are seen as symbols of commitment, of a love shared, or of a promise of forever. While it carries with it a lot of emotional meaning, it also carries a pretty hefty price tag! But is it worth it?
According to some experts, a diamond engagement ring isn’t an investment. Its value doesn’t increase, and with the huge mark-up, especially on branded rings, you’ll actually lose money. And you’ll never recover your money should you wish to. The value of a diamond is mostly psychological, and a manufactured one from an impactful ad campaign, the sentiments of which have lasted a few decades since.
Wedding Budget Tip: If a diamond ring is non-negotiable though, consider using an independent designer. They’ll be able to advise or suggest ideas based on what you’re prepared to spend.
How do I plan an affordable wedding?
When it comes time to plan the big day, start by agreeing to three elements that are important to both you and your partner. Allocate more funds for these in your wedding budget and cut back where possible on the rest.
Your budget will also be guided by the type of wedding you decide on. A court marriage, which actually happens in a Home Affairs office, is free and can be booked four months in advance. A church ceremony can be inexpensive, too.
The real expense is the reception. According to local wedding planners, roughly:
- 50% of your budget goes towards the venue and catering
- 10% is for wedding outfits and accessories
- 15% should be set aside for photography, music, flowers, and décor
- 10% should be used for the cake, invitations, and table gifts
They also suggest adding a further 10 – 15% of your wedding budget to cover unforeseen costs.
Wedding Budget Tip: You might want to bump up the photography budget to hire a professional to get the important shots. The pictures will be a big part of how you remember the day!
The price of venues varies a lot depending on things like the date, season, and location. But start with R40,000 and work out your spread, then look for ways to reduce. Make your own decisions as a couple and don’t let family or peer pressure land you with an event you can’t afford. It’s your day, after all.
How do I start saving money for a wedding?
We have several online resources you can check out to start thinking about how to save money on a wedding:
- Interested in a calculator to shed some light on how much you should be saving for a wedding? Take a look at our free savings calculator, which can give you an idea of where you are, and where you want to be.
- Download the 22seven app, which lets you manage your money more easily, and invest in your goals.
- Explore our range of investment plans, such as a Tax Free Savings Account.
- Speak directly to a financial adviser to get guidance tailored specifically to you and your finances.
Need help with budgeting?
Use our online budgeting calculator to get an insight into the breakdown and earn some awesome rewards while you're at it!
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