John Lennon famously sang that money can’t buy love, but for those who are planning to make the ultimate commitment this Valentine’s Day, it’s worth their taking a step back from the thralls of passion to consider whether they are prepared for the financial commitment associated with getting hitched.
“It may not be the most romantic notion, but it’s important to budget for your big day,” says James Williams, the head of marketing at Wonga, which has three tips to help couples ensure they’re financially prepared to get married.
1. Make sure you are aware of the costs. The average cost of a wedding in South Africa is more than R70000 and this doesn’t include the costs associated with getting engaged or starting a life together. For example, there are a number of costs that have to be considered ahead of the wedding itself, such as buying an engagement ring or paying lobola.
The typical budget for an engagement ring in South Africa is about R20000 and lobola payments usually range from about R10 000 to R100 000, with the average groom paying about R60 000. Luckily for him, a portion of this cost is usually used by the bride’s family to fund the wedding.