In the olden days, people saved for many months, or even years, to pay for special events like weddings and birthdays. Families often helped each other out and sometimes the entire community even chipped in to help ease the costs.
Today, engagements, lobola’s, weddings and even 21st birthday parties have become expensive events, whereas in the past, this type of money would often have been used to help newlyweds or young adults get a head start on their new life path.
Kabelo Makeke, Head of Inclusive Banking at Standard Bank says, “While celebrations are important in any family, spend should be carefully managed, with the main focus being on contributing towards a couple’s first home or a child’s educational costs.”
Here are some tips to help you get the best of both worlds, a memorable event that won’t break the bank.
- Decide on how much you want to spend then draw up a budget of estimated costs. Instead of taking out big loans, try cut expenses where possible. If a loan is required, rather borrow a small amount of the money than take out a loan for the entire event cost. Aim to begin the new path in your life without the burden of debt.
- Keep your special event small. Intimate events are more manageable, financially, and can still be memorable
- Set a bar limit if there are alcoholic drinks involved, or provide table wine and cold drinks only. Spirits cost a small fortune at hotels and restaurants.
- Have a brunch instead of a dinner and eliminate an expensive drinks bill.
- Consider hiring the dress and/or Tux if you are having a formal event. Use a photographer for a few professional pictures and then get creative friends to take the rest. The reason the pictures are so expensive is because the photographer has to spend numerous hours at your event.
- Use a friend’s beautiful garden instead of an expensive venue.
- Hire candles for the tables instead of buying flowers.
- Lose the table bling if it’s eating into your budget, get creative and use other more affordable options.
- Going to a restaurant as opposed to a specialised wedding venue can cut half of the bill. Specialised wedding venues cost far more per head than restaurants would.
- Don’t be afraid to do things differently. Use the internet to look for inspiring ways to create a memorable event whilst still saving.
Mr Makeke advises that by managing your spend, the extra saved cash can help you reach your next goal quicker.
