How To Save For A Wedding Or Lobola
Valentines Day is almost here! As many of us think of the person we want to spend our lives with, there may be reasons we are hesitant to plan for the future. While a wedding is one of the most important events of your life, it can also be one of the most expensive. While many rely on a Christmas bonus to cover wedding or dowry (lobola) costs, there is a wiser way to use your hard-earned money and still afford the wedding.
1. Don’t wait – Plan Ahead
A long term commitment like marriage needs sustained dedication and long-term discipline. That’s true both for love and saving money. If you know you want to marry one day, even if you haven’t met the person yet, start thinking how you will pay for the costs of a wedding and/or lobola. Think of it as proving your love and dedication – anyone who has discipline to save every month for a goal is a good person to marry.
2. Find Out How Much It Will Cost
Before you can save, you must know how much money you need. Talk to friends and family members who have recently married or paid lobola to get an idea of how much they paid. Also sit with your partner and decide how you want to celebrate – think of the venue you need, what you plan to spend on rings, whether the ceremony will be traditional or western (or both). Think also of your culture’s specific requirements – such as whether you need or to buy cows, a wedding cake, what you must wear, who is making the food, etc. Once you know what you need, find out how much all it costs. Remember the time value of money as well – the things you need may not cost the same in a years’ time.
3. Work Out Your Monthly Savings
The next step is to ensure you put enough money aside every month so you can afford the wedding or lobola price. Use this free savings calculator to easily see how much you need to save, and how long. Build this expense into your budget, and set up a debit order so this money goes into your savings account as soon as your salary gets paid. This way you won’t be tempted to spend it on something else.
4. Choose A Savings Account That Earns Interest
Put your money into a savings account that earns interest so it will grow even more. Some savings accounts get better interest than others. Look around at all South Africa’s major banks to see which is best for you. The bank can also advise you on whether an investment account or fixed savings account is a good option for you.
5. Get Advice When You Need It
Weddings are a community affair! If you need help saving, talk to your family, friends and the elders in your community. They will be able to share advice from their experience to help you.
Saving for a wedding and lobola isn’t as difficult as it seems. So don’t wait until you get a Christmas bonus to start saving – use these tips to save for the wedding you want, today!