S’porean Couple Postpones Wedding But Good Budgeting Helped Them Deal With The Financial Blow
The sagely advice of saving for a rainy day never rang more true than now.
The Covid-19 pandemic came swift and hard, prompting the government to step in with 3 different budgets in 48 days to help blindsided citizens cope with money matters.
But for one Singaporean, his hard work of saving for 6 years paid off when he could comfortably – arguably – postpone his wedding this year.
His experience, detailed via elaborate illustrations in The Woke Salaryman’s Facebook post on Tuesday (7 Apr), has since gone viral with over 3,100 shares.
But what about his post resonated with the masses?
Dilemma on whether to postpone the wedding
Firstly, the man faced the arduous decision of whether to postpone his wedding or not.
Balancing prior plans with future safety is something most of us had to do at one point during the Covid-19 saga, so we feel the weight of his decision.
The couple eventually went with the socially responsible decision of postponing their wedding, but was surprised by how well they took it themselves.
The author chalked the relatively easy postponement to 2 aspects.
Budgeting modestly for the wedding
Firstly, his modest wedding budget gave him breathing room for when “shit hits the fan”.
By shooting pre-wedding photos and doing up invitations by themselves, and proposing with a $200 wooden ring, they managed to keep costs low.
The couple estimated that the maximum total losses were approximately $20,000, which is significantly lesser than average cost of $30,000-$50,000 for a wedding in Singapore.
Having enough savings to cover potential losses
Although their wedding would have constituted a manageable loss, the groom also highlights the importance of having enough savings.
Over 6 years, the couple managed to save an equivalent of 6 months of their joint income in cash. This allowed them to postpone the wedding without taking on any debt.
He credits this nest egg for preserving the sanctity of his relationship, admitting that not having savings might have led to nightly arguments about finances.
The author explains that having emergency savings allows one to ‘buy’ stability, and time to think things through.
Advises readers and reminds them to stay woke
To other couples facing the same dilemma, he advises them against continuing with the wedding as “having a wedding right now just isn’t responsible”.
Instead, couples should put aside their egos, stem the financial bleeding, and plan for the long run.
Learning from the experience of others
People always say ‘practice what you preach’. In this case, the author is preaching after he practiced so there is some legitimacy in his words.
Even though his advice might come in a bit too late for couples currently facing this dilemma, the lessons he is trying to impart pervades other aspects of our lives as well.
Saving for rainy days is always good. Let’s be wise with not just our health, but our finances as well.
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