NO MONEY, NO HONEY

SAVING FOR WEDDING (NO MONEY, NO HONEY)

June is here! supposedly the month of weddings =) .. congratulations to all newly weds.

Some wedding trivia:

• Most couples marry in May, followed by December and January. June only came fourth, and the least number of marriages occur in November
• There is one wedding ceremony solemnized for every minute. (Daily = 1578 knots)
• The median age of marrying for brides remained at 24 years old, while for grooms, it was 27

source: census.gov.ph (year 2000)

The average wedding costs $23,657 (not including the engagement ring or the honeymoon). Here's where the money goes.
Item	%	Cheapest	Cheap	Not so Cheap	Extravagant
Reception	46%	$10,120	$11,500	$13,800	$27,600
Photo/Video	12%	$2,640	$3,000	$3,600	$7,200
Attire	10%	$2,200	$2,500	$3,000	$6,000
Flowers/Décor	8%	$1,760	$2,000	$2,400	$4,800
Music	6%	$1,320	$1,500	$1,800	$3,600
Tips/Taxes/Overages	5%	$1,100	$1,250	$1,500	$3,000
Ceremony	3%	$660	$750	$900	$1,800
Stationery	3%	$660	$750	$900	$1,800
Wedding Rings	3%	$660	$750	$900	$1,800
Gifts	2%	$440	$500	$600	$1,200
Transportation	2%	$440	$500	$600	$1,200
Total		$22,000	$25,000	$30,000	$60,000

Source: The Knot (US data)

Pardon me for not having Philippine data, but the above data can still give us an overview on wedding finances and financing. I guess the typical local wedding can range from 250k-1M Php.


Wedding Saving Guide for Bachelors (Guys, pay more attention!)

Assumption:

• Start saving by 21, the age you start working
• Marrying age of 27
  
• You shoulder all the cost. (You don't want to burden your parents anymore. Whatever they have saved should be for their retirement.)

• Invest in equity fund every month (approx.annual return = 10%)
  

For 250K wedding.. you should save at least 2,500 / mo.

For 500K wedding.. 5,100 / mo.

For 1M wedding... 10,200 / mo.


Sounds like much for a single day event eh? *grin*.. fact of life bro, hehehe