With the cost of South African weddings averaging about R80 000, it is important for couples to stay objective, consult a financial adviser and be realistic about what they can afford, says Lee Hancox, the head of channel and segment marketing at Sanlam. Hancox says it is important for you to save some money from as early as possible for your nuptials.
Hancox says it takes about five or six years to pay off a loan. Considering that some marriages don't last that long, you will be stuck with paying off a loan while going through a divorce. * Use your savings, don’t go into debt. From a behavioural economics perspective, it’s a strange phenomenon that it feels easier to spend “borrowed” money from the bank than funds you've saved.
* If other people are contributing towards your wedding, have an honest conversation with them about what would be an appropriate amount for them to contribute.* Go to wedding expos and get lots of quotes before deciding on a supplier. Read the fine print for hidden costs, such as a cake cutting fee.