We all know how expensive it is to have a wedding in Singapore, with the average cost ranging between S$30,000 to S$50,000 (although you can may get better deals during this COVID-19 period). Yes, we’re talking about having your pre-wedding photoshoot, throwing a wedding banquet, purchasing wedding bands and the list goes on…

Before you start getting cold feet, it is actually possible to have a fun wedding celebration at half of the average cost or less! By saving smartly and spending creatively for your wedding, you can pull off a memorable wedding affordably while ensuring that your guests have a great time!

In numerology, the number ‘6’ is associated with balance, responsibility and love. In Chinese culture, this number represents smooth-sailing matters. With these in mind, we present you 6 money-saving tips for you to have a smooth-sailing and harmonious wedding ahead! Read on!

#Tip 1: Grow your savings wisely

Firstly, few of us get married on a whim, and chances are you and your partner have been diligently setting aside some funds for this major milestone in your life. To make the most of your savings, you may wish to grow your savings more efficiently instead of simply leaving it in the bank. Explore different financial tools to help you to save wisely, so that you have the money to spend for your wedding.

Conveniently available on the Tiq by Etiqa mobile app, GIGANTIQ is an all-in-one insurance savings plan with optional protection riders that offers an attractive 1.8%¹ p.a. returns for the first year. Capital guaranteed and no lock-in period! With the flexibility of topping up and withdrawing your funds anytime², you can work towards your dream wedding earlier while enjoying liquidity in your funds.

#Tip 2: Get your wedding outfits online

With the wedding funds set aside (and growing), you can start planning your wedding. Dressing to the nines on your big day doesn’t have to cost a bomb. Thanks to the wonderful world of e-commerce, purchasing your wedding outfits online these days is a thing for brides and grooms looking for a more economical wedding.

You can get a fancy dress over at Etsy or Asos starting from S$80, or even a made-to-order one from Taobao by sending your measurements over to the seller! The same principle goes for the groom and groomsmen’s suits – get them at affordable prices from high-street brands like Zara or H&M; and your bridesmaids’ dresses from local fashion retailers like Fayth or Love, Bonito.

In contrast, a typical bridal package that covers your wedding dress and suit would cost you at least S$2,000, which you’ll only be wearing for a few hours. Do the math!

#Tip 3: D.I.Y. or purchase your wedding favours online

#SorryNotSorry, but nobody takes a second look at the generic wedding favours from the hotel that looks like the typical corporate promotional merchandise. Rope in the help of your friends to make your very own wedding favours that’s sincerer, isn’t it?

For easy starters, try baking some yummy S’mores cupcakes that would only cost you about S$0.60 each . If you’re not particularly nifty at doing this by yourself, there are always e-retailers to the rescue. Snag uncommon and unique wedding favours from sites like Shopee, Qoo10 or even on Instagram at affordable prices!

#Tip 4: Get creative with your wedding banquet

Assuming you’re planning to have a cosy and intimate wedding affair of between 100-150 guests, there are alternatives to a dinner banquet that’s much more wallet-friendly. A catering or lunch reception would typically range between S$1,500 to S$4,000 while a wedding banquet in a hotel would range from S$15,000 to S$36,000. . (You may get some discounts or perks during this COVID-19 pandemic but with vaccines now in sight, we are hopeful that better days are coming and prices may be back to normal.)

If you prefer to have it at the hotel after all, note that a banquet lunch instead of dinner would save you at least 30-40% of your money! Also, don’t forget to suss out credit cards that give great rebates and benefits. The credit card cashback on this wedding expenses can help you to save much!

You can then channel this savings to fund your honeymoon, home renovation or simply let it grow with GIGANTIQ! Did we mention that you can earn additional interest of up to 0.25% p.a. on first S$10,000 for every rider purchased³ with your GIGANTIQ plan?

With marriage comes commitment and responsibility, and it’s be wise to do a life insurance review. Should you require more coverage, you can then consider adding on a Life protection rider simply by switching it on in your GIGANTIQ policy. See how it works here.

#Tip 5: Have a close friend be your wedding emcee

Instead of hiring an emcee for your wedding, let an outspoken and chatty close friend be your emcee! He/she could keep your guests entertained while sharing personal stories about you, making the wedding more personal. If he/she lets your guests in on embarrassing memories of you, the wedding will be more intimate and fun. Definitely beats a hired emcee that costs more and doesn’t know you well!

#Tip 6: Get alternatives to wedding frills

Some might think that it’s more efficient to hire a planner for your wedding in Singapore. But getting to the details on your own can help you to save a lot of money on wedding frills!

For example, you can get flowers off nurseries at wholesale prices when you buy them in bulk. Alternatively, consider using a combination of fresh and artificial flowers that you can easily get from Daiso, Spotlight or online. Doing so would save you half the money, compared to using entirely fresh flowers from a wedding vendor.

For your wedding cake, you can look for established home bakers with lots of positive reviews on Carousell for a fraction of the price. Photobooths with instant printouts are all the rage at weddings these days, but they do cost quite a bit, starting from at least S$250/hour. Why not D.I.Y. with your own instant Polaroid camera and films minus the sky-high prices that works just the same?

Here’s a breakdown of potential savings with the above-mentioned tips for your wedding:

Are you surprised by how much money you could save for your wedding in Singapore? With our 6 tips, you can save approximately S$28,000+ on your wedding, which is half of the mid-range wedding cost in Singapore! Happy planning and congratulations for your wedding in advance!

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¹ Guaranteed 1% p.a. + 0.8% p.a. bonus (first S$10,000) for first policy year; and Guaranteed 1% p.a. for additional account value above first S$10,000. Prevailing market rates for subsequent policy years with your capital guaranteed. Available on a first come, first served basis.

² Terms apply

³ Selected Life or General insurance products offered as supplementary rider under GIGANTIQ from time to time. Additional interest earned from each rider is only applicable to the first S$10,000 while rider is active. (Coming soon!)

GIGANTIQ is not a bank account or a fixed deposit. It is an insurance savings plan that earns a crediting interest rate.

This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K). Protected up to specified limits by SDIC. As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid.

You should seek advice from a financial adviser before deciding to purchase the policy. If you choose not to seek advice, you should consider if the policy is suitable for you. This advertisement has not been reviewed by the Monetary Authority of Singapore.

Information is accurate as at 9 January 2021. This content is for reference only.

Tiq by Etiqa Insurance Pte. Ltd.

A digital insurance channel that embraces changes to provide simple and convenient protection, Tiq’s mission is to make insurance transparent and accessible, inspiring you today to be prepared for life’s surprises and inevitabilities, while empowering you to “Live Unlimited” and take control of your tomorrow.

With a shared vision to change the paradigm of insurance and reshape customer experience, Etiqa created the strong foundation for Tiq. Because life never stops changing, Etiqa never stops progressing. A licensed life and general insurance company registered in the Republic of Singapore and regulated by the Monetary Authority of Singapore, Etiqa is governed by the Insurance Act and has been providing insurance solutions since 1961. It is 69% owned by Maybank, Southeast Asia’s fourth largest banking group, with more than 22 million customers in 20 countries; and 31% owned by Ageas, an international insurance group with 33 million customers across 16 countries.

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