First comes love, next comes marriage, then comes...debt?
Your dream wedding could leave you neck deep in debts with a newfound strain on your relationship. You may even have to forego that honeymoon you've been dreaming of. Read this couple's story...
For many couples, their wedding day is a very big deal. After all, it is a once in a lifetime sort of day – we all know little girls start dreaming of their wedding days around the same time they start watching Disney cartoons.
It was no different for this Singaporean couple that wanted to revel in the magic of their dream-wedding day. Mr. and Mrs. Cayden Lee are still paying off the debt that was incurred in October 2012 for their wedding ceremony.
Mr. Lee said in a report that he regrets clocking up such a grand debt and that he and his wife struggle to make ends meet on a monthly basis.
The total sum of $110, 000 came from various different sources, such as financial institutions, relatives and legal moneylenders along with their total savings of $20,000.
Mrs. Lee said, “When we first did our calculations, we were confident that we could afford it. We gave ourselves a year or two, at the maximum, to work things out.”
However, Mrs. Lee found herself slipping into depression and quit her job just six months after the wedding.
The wedding was indeed extravagant and even consisted of a bridal arch made out of 999 tulips from Holland along with a banquet dinner at a 6-star hotel in the Marina Bay area.
Due to the amount of money they pumped into the wedding ceremony alone, they had to forego their other dream – a honeymoon in Europe. They settled for 5 days in the neighbouring Genting Highlands instead.
The couple explains that they did not realise that many of their relatives were simple folk with simple education and jobs – making it hard for them to break even from the red packets that were collected.
This financial strain from the wedding has placed much stress on their marriage and they have found themselves fighting more than they did throughout the 6 years prior to marriage.
Most of their arguments were over money and who was to blame. Changes to the couple lifestyle also had to be made to ease the financial strain. They have since advised a friend’s daughter against making the same mistake with her own wedding.
Couples planning on tying the knot – plan your finances wisely a big wedding isn’t everything. Spend less on the ceremony and have more for the honeymoon or even on your first house!
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