Marriage is an age long institution and a sacred union in many societies.
For a good number of people, it is a rite of passage which should be celebrated with family and friends in the grandest way possible.
Typically in Nigeria today, love birds budget about N5 million for their wedding to cover rentage of hall for the reception, refreshments for invited guests, wedding gown for the bride, bridal shower& groom’s suit, bachelor’s night and aso-ebi for the traditional ceremony.
Soon-to-be couples might agree to raise N3 million between themselves, while support from friends and family, and borrowings help them gather the N2 million needed to complete their dream wedding budget.
The glamour of an expensive wedding notwithstanding, renowned marriage experts like Amara Nwosu Blessing, Omobolanle Awoyemi to mention few have advised intending couples to ‘cut their coat in line with their cloth’ while planning for the wedding.
To them, wedding is a day or two-day event, and the real deal is marriage, which is life long.
For intending couples who raised ‘huge’ sums for their wedding, here are areas a tangible amount of that sum, we estimate N5m or close, could be channelled to bring your new family benefits in the near future than expending all on a-day event
1 or 2 plot of Lands in Lekki Free Zone or 4 in suburban Lagos
What better financial foundation could be laid for a new family than owing landed properties
The couple could use half of our hypothecal wedding budget to get a piece of land in strategic areas like Lekki Free Trade Zone, and gradually begin to develop, or sell to get their capital gain.
Why this is a big deal is because unlike other asset classes that are susceptible to risk, procurement of landed assets in a good location offers bumper returns and has high prospects for value appreciation. The price of land has risen at least 25 per cent in the last decade.
I’m sure you would agree that It is not wise for soon-to-be couples to break the bank for a wedding, and run into bankruptcy the following day.
24 months of Rent in a highbrow neighbourhood or 72 months in a middle-income area
The average rent for a 2-bedroom apartment in Mainland range between N150, 000 – N400, 000 per annum and Island N850, 000 – N7.5 million on annual basis, according to estimation from Propertypro.
This means the couple can use a tangible fraction of the sum to cover about 2 years and 6 years of rent charges on the island and mainland in exchange for a wedding party.
1.7 Years’ worth of family upkeep
Starting a family is exciting and at the same time can be stressful, especially since bills would have to be paid to ensure the family is healthy and happy.
Although many Nigerian intending couples would frown on the suggestion of toning down their wedding party, a second look at the opportunity cost show that it could be worth 1.7 years or 20 months of family upkeep after all.
Assuming a newlywed couple spends no more than N200,000 per month on food and clothing alone, the family would be able to sustain itself for almost 2 years provided the average price level does not increase significantly in that time period.
The only inconvenience to the couple would be denying friends and relatives the opportunity to ‘’slay’’ in the latest ‘’asoebi; an act of treason to some.
5-6 Years of quality education for your child
If you have seen the viral video of Success, a young girl in Delta sent home over non-payment of school fees, you would agree that planning for your child’s education should top your priority list pre-wedding.
Forgoing your N5 million wedding might not be exciting to think about but considering what such investment would mean for your child makes it worthwhile to do.
Suppose you pay N900,000-N1 Million per annum for your child’s education, your wedding expense would guarantee a quality basic education for him or her.
While it would not be enough to see your child become the career person s/he desires, the amount saved would provide headroom for the couple to save for the child’s further education.
N5 million investment return for your child at his or her 10th birthday
Ever daydreamed about being your future child’s superhero? It might take N5m (or less) investment at 10 percent per annum over a ten-year period to double your wedding budget and make your kid the coolest in primary school.
Provided that inflation remains subdued, you could make a 100% real return on your initial investment based on a simple interest calculation.
There are a lot of investment options for this, from a fixed deposit, government securities to investing in funds.
A brand new family car
Some people may not agree that a car is an asset, but if you fall into the category that believes in the stress-relieving power of four wheelers then this might be an awesome consideration for you.
With N5 million or at the expense of a wedding of the equivalent cost you can get a car for your new family and cruise around town hassle-free.
Whether for shopping, visiting friends and family, work, or going on family vacations, owning a vehicle has a lot of pros would definitely improve your family’s standard of living.
100 percent capital for a decent retail business
In Nigeria today many families are seeing the wisdom in diversifying income stream-and you should too!
If you have N5 or close to that amount, you could be forfeiting the opportunity of generating more income stream for your family should you be concerned only with throwing the best wedding party ever. N5 million can finance your business plan or even jumpstart your retail business.
If you find it hard contemplating a budget cut, remember it would be just you and your spouse left to deal with financial matters after the wedding ceremony.
This article is not to play down the importance of a wedding ceremony.
However, given the rate at which new families struggling financially after their wedding, there is need for a more careful approach to starting a family.
Intending couples can still have a memorable wedding without breaking the bank whether in a marriage court or at their worship centre.
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