Learned about this story from SG Talk, the couple spent $110,000 on their wedding, wow, $110k, it's a lot of money to me, and to spend it for one day is just out of my league, even if it's within my capability I don't think I will spend like that. Let's look at their debts.
They borrowed:
- $45,000 from a financial institution with a repayment period of two years.
- $4,000 from a licensed moneylender.
- $11,000 from a relative.
- $30,000 via credit cards.
Also note that the couple had savings of $20,000.
So what did they pay for?
- $12,000 for bridal arch.
- $75,960 for 45 tables at 6 star hotel (1 table $1688++ but I use 45*1688=75,960).
- $22,040 for bridal photography, make-up, hair-styling and videography (not sure how much they spent on this so I use $110k-$12k-$75,960).
"They spent so much that Mrs Lee's other dream - a honeymoon in Europe - had to be put off. She said: "We ended up going to Genting Highlands for five days instead."So what about their housing, renovation, furniture and etc?
I'm sure they can pay the money back within a few years, but the problem is they need to pay much more than the original amount due to interest, what's the point?
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