Yesterday, I was scrolling through Reddit when I saw a post with the caption “Dream wedding or Debt wedding, who cares?”. Because I care, abi which one is debt wedding again, I paused.
Out of curiosity, I clicked it and saw comments from couples from different countries and places sharing their wedding experiences and life after the wedding. Most of the stories shared were from couples talking about how broke they were after their wedding. I was like how? why? So I kept digging and finally understood why couples go broke after their wedding and honeymoon.
These days, it’s like luxury is the “normal”, and being modest can be tagged as outdated. You may be “broke shamed’ (yes, this is a thing ?) if you do not have a fancy wedding and reception.
Some people don’t care how they get married and would even rather elope ?, but for a large number of others, their public image is everything. Many young couples overlook the effects an over-budgeted wedding has on post-wedding life. Is it really worth it to have a ‘’talk of the town” event if it’s something you can’t afford?
A lot of newlyweds get broke after their wedding. And here’s why:
If you fail to plan, you plan to fail! This isn’t cliche ?
You’ll be close to being correct if you said this is the primary reason why so many newlyweds are broke. To maintain control over circumstances (including wedding planning), you must plan – dot every I and cross every T. Nothing should come as a surprise surprise to you. I put surprise twice because unexpected things often happen while planning for a wedding, but if you and your partner plan excellently well (with a list, I’ll advise), nothing should totally throw you off balance.
To keep everything running, you’ll need a steady source of income. Getting married without a financial plan can leave you really vulnerable. So as you prepare for the wedding, prepare for life after as well.
You are not your friend – All fingers aren’t equal ⍯
Just because your friend did A or B at their wedding doesn’t mean you should do the same.
Some couples spend millions in an attempt to outdo what their friends or family have done but weddings aren’t a competition. ?
If you can afford to go all out, of course, you can plan the wedding of your dreams. What I’m pointing out here is planning a wedding based on someone else’s. You do not have to copy – you can get inspired and not have to copy.
Even if you can afford it but decide to go for a small wedding with only a few guests, that’s fine too! Make YOUR choice.
Family pressure ?
There’s the pressure of seeing someone else’s wedding and craving that, and then there’s the pressure of comments like “Did you see your cousin’s asoebi? You should get something similar!”
Family may put you under a lot of pressure, tempting you to give in to their requests and “suggestions”, but remember that after the wedding, it’s you and your partner that will live together in the house oh. ?
Honeymoon ⛱
Granted, honeymoons are essential. I’m actually a big fan of getting away and enjoying time alone with the “loyl” so if you can go all out, you should. It’s really this one life you have so enjoyment should be part of your life.
It’s the start of a lifelong adventure that often culminates in cherished memories. However, if there’s no money for Maldives or Paris right now, you can honeymoon in more affordable locations within the country, while you plan and save for another lavish honeymoon.
The debt factor ?
There are good and bad debts. Good debts like a business loan can be repaid from the funds made from business sales while bad debts are well – bad! This is because they’re used to cover liabilities and not assets that can make you more back.
Weddings are like assets for your soul, but physically, they’re liabilities.
Plan a wedding that’ll not leave you in debt or result in humiliating comments and social media posts from you owing vendors after the event. If you don’t have the financial resources, plan a wedding with vendors you can afford.
Marriage is wonderful, and weddings must be enjoyable, but don’t become broke after your wedding. As they say, your wedding is just day 1 of your marriage so don’t start day 1 with bad debts.
Need to start saving towards your wedding? Sign up and start here!
RELATED:
Financial Compatibility: Should You Marry Someone Poorer Than You?
Does Cowrywise have 2FA on its app?
Yes Deji. https://cowrywise.com/blog/two-factor-authentication/
This is an amazing article, Cowrysiwe. Kudos to everyone who worked on it.
Really nice article, keep it up Cowrywise and thanks for the awareness.
Thanks for these eyes openers.
Guys you are the best always
But,you should have resolved Funmi’s complain before she made it public.so,was the court order gotten?If it took forever for a funmi to get her funds back, what happens to people without clout?
Let me explain. While Obama was at a rally, someone from the crowd shouted at him about how immigrants were been deported. The issue was that these were illegal immigrants who were working honestly but contributing to America’s workforce, and hence it’s development… But it was tough, they are still illegal immigrants, right? So Obama replied: We [America] are a country of immigrants, yet we are a country of law. How do these two things cohabitate? The answer is: reasonable compromise.
It might be hard to explain to you that it wasn’t the clout that made her get her money, it was months of hard work in tracing the suspected thieves and following the law. The funds were transferred in a normal way any funds will, and the best thing was to work with Funmi to get the money back… By following the law. Unfortunately it took more time than Funmi’s patience, but eventually.
As a Software Engineer myself, one requirement is to always think and be ahead of the intruders… But you’d be surprised that as much as we try to make things for consumers that make their lives easier, there are people somewhere who’s purpose is to destroy that work. It’s tough but possible. We can stop them, or at worse, recover our stolen funds or losses… Even Twitter and other famous website gets gamed or hacked. Is this a justification for Funmi’s case, no. It’s just a point to help you understand, these things are tough. And we all have a role to play.
But we’d hold your hands all through. Trust us.
Impactful and mind opening
Funmi made our cowrywise even stronger?
Thanks for the eye opener. Does cowrywise have 2FA.
Yes we do now, Ifeoma https://cowrywise.com/blog/two-factor-authentication/
Nice one
My account was flagged because of a transaction I made and my 2000 is hanging. How do I get it back????
Thanks for your patience. A flag is initiated when we suspect a transaction, and it is designed to keep you safe. Have you filled out the verification form we sent, please?
My account was flagged I don’t know why and my 90000 is hanging. How do I get it back????
My account is flagged ?and I send a send to be open back I fill the forms and everything? It a week now till eating ,I need the money for business pls u guys should help me ,I can’t even send massage for help ,it only show before massage and she is not reply am getting scared already
This is enlightening. Cowrywise, thanks to your team.
Thanks cowry wise. For a more detailed information on this issue. Thank you.
Insightful and Enlightening. Thanks
Why do I need to my bvn to cowrywise, I don’t feel that is necessary since have already linked my atm card
Why do I need to add my bvn to cowrywise, I don’t feel that is necessary since have already linked my atm card
With your BVN added, we can ensure that withdrawals only go to your bank account.
how do i unflagged my account?
This is a very insightful article. Thanks.
Thank you.
Please I have been asking and begging to unflage my account and no attempt from you please I will still be pleading again unflage my account so I can top up my savings I have sent emails upon emails chart on charts but no attempt to unflage my account was made please unflage my account
un flagg my account why is that flagging thing just common. now i cannot withdraw my saving when i have plannned to use to t
o buy a system
Good insight from Cowrywise team
More win ?
Is it working
Hi ope, I want to withdraw my savings but I am finding it difficult because they keep asking me to put another maturity date which I don’t want to extend that very savings. This is my first time of withdrawal on cowrywise.
This is super enlightening. Thank you Cowrywise ?
I learned a lot from this kudos to the writer