Wedding Dinner Singapore: The Silent Inflation Invitation
You received a whatsapp photo from a distant friend you know from University. You haven’t spoke to her in a while. It reads “XXX and I will like to invite you to our wedding on XX Sept 2018, we really hope that you can attend. Kindly RSVP” . As you think about the last time you had a gathering with her, your eyes run towards the venue of the wedding dinner.
“The St. Regis”. It states. As you go through the latest Wedding Ang Bao Rates, you mentally count that you need to pay $234 for dinner and for your distant friend to “break even”. As you are still trying to remember when was the last time you talked to you, you decided that you are not free that night.
When was the last time you spend $234 for dinner?
In our journey with money, I’m willing to bet that most of you have ever received a wedding invitation. It could be from your family, your colleagues or your school friends. Some of whom you are close with, some of whom you aren’t. There are also times I thought why was paying for a wedding lunch/dinner so expensive. I begin to gather some facts and realised that inflation is creeping into your wedding.
Inflation is the sustained increase in the general price level of goods and services in an economy over a period of time. If there is a downward trend in inflation, why are wedding dinner venues prices so high?
Table 1: Singapore Inflation Rate 2013 to 2018
Wedding Dinner Table Rates
While we don’t have an answer why wedding dinner prices are going up, let’s look at the inflation in wedding dinner prices over the years.
Table 2: Wedding Dinner Rates for Saturday Nights Per Person
These are the more popular hotel choices in Singapore. With exception for Furama Riverfront who seemed to be charging cheaper and cheaper. All other hotels shown a general uptrend in wedding dinner rates with St. Regis Singapore leading the pack.
How Can I Afford It?
If you are considering to plan your wedding at St. Regis in 5 years time, it might be possible that prices will have adjusted up 50% higher then. Taking St. Regis example, your money have to compound at least 10% a year to catch up to that. So what can you do about it?
With the new changes in co-payment for hospital bills, you might to need to plan even more for retirement. Proper financial planning can be done in advanced to help you achieve the lifestyle that you want. It comes in stock investment and also insurance planning.
We will like to share with you an opportunity to make it happen. Journeywithmoney is having a 3 hours workshop on stock investment trading next week to share with how you can use inflation to your advantage. Seats are limited so click the button below to find out more. (This is not a wedding invitation)
Anyway, to those that are about to get married, good luck to you. To those that are attending the wedding, hope you can RSVP to the couple and bless them from the bottom from your heart.