Congratulations! You’ve finally found “The One.” After countless dates, ups and downs and maybe even a few frogs along the way, you’re ready to take the next big step—marriage! But as you start planning your dream wedding, the numbers can quickly add up: 150 guests, a lavish meal, designer dresses, rings, DJs, décor, venue hire and everything in between. Before you know it, the budget looks daunting and you’re left wondering how to pay for it all.
The question that often arises is: how do you afford a wedding without putting unnecessary financial strain on yourself or your loved ones? Different families have different traditions when it comes to paying for weddings, but financial stability should always be the priority. Even if Dad wants to foot the bill, borrowing money to do so could be a red flag.
Plan Your Budget, Then Your Wedding
One of the most crucial decisions you will make is how to balance your dream wedding with financial prudence. There’s a significant difference between planning your wedding first and finding a way to pay for it, versus setting a budget first and planning your wedding around that.
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If you plan the wedding before determining the budget, you’re more likely to find yourself making uncomfortable financial choices—borrowing money, delaying debt payments or dipping into savings meant for other purposes. However, if you set your budget first, the wedding you plan will fit comfortably within that financial framework, ensuring peace of mind.
The Hidden Costs of Borrowing
If borrowing money becomes part of the equation, it’s important to be fully aware of the additional costs this can bring. Credit card debt or personal loans come with interest charges, meaning the R1000 you spend might actually cost you closer to R1200 when the credit fees are factored in. That 20% markup may not seem significant on a single purchase, but over the entire wedding, it can turn into a considerable extra cost.
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Borrowing from the Future
Even if you’re not taking out a loan, you may be borrowing from your future by draining savings or redirecting funds meant for long-term financial goals. That money could otherwise be growing, compounding and serving as a safety net for future challenges or opportunities. Maybe it’s saving for a home, preparing for unexpected expenses, or even cushioning against financial surprises, like an unexpected medical bill or a new baby on the way.
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When you spend your hard-earned savings on a wedding, you risk eroding that future security. While the joy of the day is priceless, a financially stable marriage may prove even more valuable in the long run.
A Balance Between Celebration and Financial Responsibility
Ultimately, there is no universal answer to how much you should spend on a wedding. Each couple will have their own unique vision and financial circumstances. But no matter your budget, making financially sound decisions will help set the stage for not just a beautiful wedding day, but a strong and secure marriage.
**by Gareth Price, Founding Owner and CEO of Cloudworx Accounting Solutions
Meet Gareth Price
Gareth Price, a successful entrepreneur hailing from Cape Town, is the Founder of Cloudworx Accounting Solutions, the owner of Investmint, and serves as the CFO of Back a Buddy. With a distinguished career spanning over a decade, Gareth holds a Bachelor of Commerce in Business Sciences from the University of Cape Town and earned his CA(SA) qualification in 2012. His entrepreneurial journey began immediately after completing his articles, founding Cloudworx Accounting Solutions to provide innovative accounting solutions and practical financial guidance to businesses. Recognising the challenges faced by SMEs, Gareth initiated Investmint, a crowdfunding platform aimed at bolstering the SME economy.
