Tuesday, July 20, 2010

Financially Prepared : Part I

Now everyone wishes to have a perfect wedding. We are all aware that wedding does not come cheap especially in Brunei Darussalam where most of the stuff i.e. ribbons; wedding favors are at marked up prices. This urges us, Sadly Bruneians to shop elsewhere for wedding favors, dresses and all those stuff we need for the wedding. Totally not helping the country economy here, but this is my personal opinion and natural fact that we love to splurge money elsewhere, don’t we? I think like typical Bruneians as well so by splurging elsewhere sounded more exclusive isn’t it?

So first and foremost, in planning a wedding and to make your dream wedding come true, you have to be financially ready on the money you would splurge. You have to be aware on the cash you will spend. I myself had a rough estimation on how much my wedding would cost and the cost includes the other half too. Mind you, being an engineer changes the way you think that I took it too much in my wedding plans as if making a BQ(Bill of quantities) to avoid that variation order i.e. overspent. My god, to have a good and beautiful wedding of your dreams cost you more than BND$50 grand for only the ladies side. The men’s side would be slightly cheaper because they have much simpler events and they didn’t have to think for complicated, well-tailored attire, make up artist and ladies stuff. For us Ladies, this planning is one of the most tedious and time consuming. But what can I say, want a perfect wedding? You’ve got to work for it and planned it!

Remember, that it’s your wedding day. If your wedding is from your own money earned and savings, remember; that it’s your money and you wouldn’t love the idea of overspending. You have to be aware of hidden expenses in a wedding too, the nearer the wedding date; the more obstacles that requires money comes your way. So stay strong and keep your heads up to a positive beautiful wedding. Some plan wedding two years in the phase of their engagement which I think is just nice to save up cash for the wedding. This is my calculation, if you alone save up BND$1500/monthly in 24 months you mange to save BND$36,000. The more you save the more money you have for your wedding day. But mind you, you’ve got to be strict. At least either you or the other half has to be strict in managing the money not to withdraw or have the urge to use the money even it’s for temporary and the promises to top up the money taken back. Trust me; it will never happen because we all have temptations when it comes to money.

What’s great is that, I would encourage partners opening up a joint account especially for wedding savings and with no ATM card at all. Fixed deposit is good as well but the return is slightly lower and you have to put in a fixed amount with hassle and bustles. I’m not an expert in terms of the availability of banking facilities so excuse me. By opening up a regular bank account for the sake of the wedding could seriously save your day than taking up personal loan just for a wedding.

One point to keep in mind is that you’re splurging into an event that last only for hours, taking up a loan is not a smart choice it will just destroy in your future planning. Taking an example; you take up a loan for the maximum of 7 years with your monthly deduction of probably less than BND$1000. You are just letting daylight robbery to take place i.e. paying the bank interest. 7 years is a very long period and by your 1st or 2nd year of marriage you would be blessed by offspring’s of your own. Then when they grow up, you have to think about their education, clothing, food and damn diapers and formula milk doesn’t come cheap now a day! Then you’ve got your individual car loans to pay. When your parents’ house gets cramped, you need to move out. Lucky to government servants having the beneficial of subsidize house rental charge so you may have a bonus there. People just love taking up loans. Just as they’ve finished paying for their personal wedding loans, gifted by probably 5 kids, you’ve got to take up another loan; house loan. So it’s a continuous process of letting daylight robbery happened to yourself. You see that flow? The financial commitment? You might as well get married with the bank than your man! Which personally for me, it’s not an exception. You will feel much more satisfied spending money that you’ve earned and collected throughout the months. Some may say, you’ve got more money when guest gave money as a wedding gift to pay the expenses. How about this, If you spend on your wedding with your own money, the gifted money you could use it for your honeymoon and shopping. Nice isn’t it?

So think about it… think smart. =)

I apologize if I’ve got anyone offended by my post but this is just my piece of mind and absolutely no intentions on hurting others.

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