Some couples opt to go on a honeymoon right after the wedding and some put it off until a later date. Whichever you choose, ensure you have budgeted for it. The cost of a honeymoon varies depending on the destination. It’s a fair assumption that you would spend a median estimate of RM5,000 for a regional destination. To save money, go on a local getaway or an ASEAN destination where the exchange rate is in your favour.
After the wedding and honeymoon are over, reality settles in. You absolutely should have a money talk with your significant other before getting married. Don’t leave this to the last hour as you need to have a clear picture of everyday finances before committing to a lifetime together.
Where you choose to build your life together also costs money, in rental or a house loan and for doing up the place. Ensure you always have at least six months of savings and a separate emergency fund. Unexpected expenses are likely to crop up in the moving in or settling down process.
You’re looking at about RM10,000 in pre-wedding costs, RM50,000 for the wedding itself, plus the honeymoon and six months’ worth of savings for both of you for the first several months of married life until your financial situation finds its footing again. The figure could come up to about RM100,000 with some room for miscellaneous expenses.
The truth is, the costs of getting married and staying married differs depending on location, socioeconomic status, and financial ability. Hold fast to the principle of spending only as much as you can afford and you’ll be able to put a ring on it without breaking the bank.
Source:
*https://www.theweddingnotebook.com/checklist/malaysian-wedding-ceremony-sop-by-mkn-malaysia-under-cmco/
This article is brought to you by CIMB as part of our ongoing efforts to raise the level of financial literacy among Malaysians. Financial knowledge and understanding are key to making well-informed and meaningful financial decisions that will improve all our well-being. This, in turn, achieves CIMB’s purpose of advancing customers and society.