A wedding is a once-in-a-lifetime event. Of course, we all want our wedding to be perfect, however, if each detail costs you tens to hundreds of dollars, the total expenditure is very high. Pumping out all your cash may not be wise, but you ask yourself, “Is it worth it to get a loan just for my wedding?” A friend of mine, Janice, is considering it every day.
A wedding costs HK$360k on average
Janice has been dreaming of a grand wedding where she can be a princess for just one day. But being a princess does cost you a diva price. According to a survey by ESDlife, the average cost of a wedding in Hong Kong was HK$360,577. Nearly half of that amount went to the wedding banquet.
Her desire is understandable. Who doesn’t want to be perfect on their special date? She’s also not alone. Many couples insist on getting an ideal wedding even if it’s out of their budgets, especially when it comes to traditional Hong Kong-style families who think that a “proper” banquet is a must.
Getting a wedding loan as a helping hand
After Janice and her fiance looked at the bills, they changed their mind. They decided to do a destination wedding to save cost on the banquet. Here are the costs of three popular locations for travel-themed weddings:
But Janice comes from a big traditional Hong Kong family and needs to invite all of her relatives. She will need to pay for flight tickets for her relatives, which could add up to HK$100,000. In the end, an overseas wedding is way more expensive than a local one.
Whether her wedding is local or overseas, it seems that Janice will need a large amount of money. Janice decided to get a loan of HK$350,000 from banks, splitting it into 48 months, to improve her cash flow. Here’re different personal loan plans from banks:
While the HSBC Personal instalment loan seems the best as its monthly repayment amount is the lowest, it has a maximum loan amount of 12x your monthly income. This means that if you apply for an HK$360,000 loan, you’ll have to at least earn HK$30,000/month.
To all brides: Before taking a loan, you should consider if this is necessary or not. Don’t over-stretch your affordability just for your wedding. Always borrow within your means.