Weddings are a time for celebration and a joy to look forward to. It may seem like a long way off, but we all know how quickly our children grow up, and before you know, it will be your child’s special day. Will you be ready for that?
Whilst customs vary from country to country, one common theme is the increasing cost of the wedding. Many families will struggle to pay for lavish receptions, gifts, the bride’s dress and jewellery and the honeymoon. This is in addition to any start you want to give them, such as a down payment for their first home together.
It certainly pays to start saving now rather than having to curtail the celebrations and having to resort to giving to borrow for your son or daughter’s wedding.
Investment Tip: The average cost of a wedding in the UAE is $81,000. If you had to borrow this amount, you would have to repay $1,580 per month for 5 years. However if you had planned to save for the wedding earlier, you would only have had to invest $505 per month for 10 years, and would have saved $34,200.
So by planning for your child’s or even grandchild’s wedding celebrations now, this allows you to spread the cost over time, and giving your savings a chance to grow significantly. By seeking advice from a qualified Nexus Consultant, you can help to reduce that worry and bring you peace of mind.
As with any financial planning matter, securing expert, independent advice is the best way to ensure that you understand all of your options and can source the best package or solution for you.
We want to help you to look forward and enjoy your family’s weddings. For more information about wedding savings planning, simply fill in your details in the Enquiry Form to receive free financial advice.