How to Save for a Wedding Fast: Most people actually plan very well for their engagement long before the date is due but trust their several other couples who do not get engaged with their wedding savings. Research has shown that most couples actually start saving after they get married and not before they get married.
In Africa, It is estimated that over 45% of couples take a loan to fund their engagement and wedding bills, This leaves them on their knees in the aftermath.
To avoid this catastrophe from befalling you, the following are the steps you should take while preparing for your wedding or engagement.
How to Save for a Wedding Fast
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Plan Your wedding Type
The first step to saving for your wedding is to know the exact amount you will be spending on the wedding.
Experts note more couples, particularly older millennials, are paying for their weddings out of their own savings rather than asking family for help. Traditionally, one family pays for the wedding day and the other handles rehearsal dinner costs. These costs can vary widely, from the small fees couples pay for a courthouse wedding to more than $100,000 for a large event.
On average, weddings cost $5,000 in 2020, according to the Knot’s annual survey of thousands of couples. This is a significant decline from 2019 costs, and this average was likely affected by the coronavirus pandemic, which pushed many couples to downsize or cancel large weddings. The 2019 national average was $4,000.
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Define Your Wedding Budget
The first thing Mindy Rossignol, owner and lead planner at Private Weddings and Events in New Hampshire, does with a couple at the outset of the planning process is prioritize. She asks couples to rank categories on a scale of 1 to 5, with 1 being the lowest priority and 5 being the highest. These categories might include flowers, food and music.
From this point, couples can begin to build a budget. And according to Rossignol, it’s critical that couples do this step before booking venues or vendors for the wedding. This process involves isolating what’s truly important to the couple.
“I say, ‘OK look, you do not have enough money in this category for a band, so where do we want to pull from?’ Say we pull from flowers. You’re going to lose a few extra arrangements,” Rossignol says. “We work out the full budget before we start booking anything because that’s where a lot of people get into trouble. They’ll go book their dream venue and realize they spent 70% of their budget and don’t have enough money left over for everything else.”
For those couples who are receiving help from families, that money may not be enough to cover all expenses. Rossignol says it’s common to see couples receiving help from families while saving themselves for a particular high-priority item like a band instead of a DJ, which would be much less expensive.
Reduce Monthly Expenses
Whether the wedding is a few months or a year away, couples can cut back on other forms of spending leading up to the wedding.
This might mean reducing dinners out, vacations and other discretionary expenses. Making little sacrifices for a short period can mean more options when it comes time to choose between the seated, five-course meal and the buffet.
Some additional ideas for cutting expenses might include canceling cable and replacing it with a lower-cost alternative, shopping in thrift stores or sale racks and reviewing your credit card bill for unused or unwanted subscription renewals such as gym memberships or streaming services.
Increase Income With a Part-Time Job
Picking up a bit of extra work on the side or seeking a raise from an employer can help get couples where they need to be to afford their wedding.
These days, it’s easy to find gig work through companies like Uber or DoorDash, and couples can also consider weekend or night shifts in industries like restaurants and hospitality to supplement their income.
Be Willing to Make Big Sacrifices
If the wedding of your dreams is truly your top priority, it may be time to make a few big sacrifices.
Those might include taking on a larger mortgage or putting wedding expenses on a credit card, both of which Rossignol says may be the case for some couples. Others might forgo a honeymoon or temporarily reduce retirement savings, however unadvised by financial planners the latter option may be.
Together, couples must decide how far they’re willing to go.
“For many couples, budgeting and saving for a wedding, a new house, family planning, or any of those milestone moments can be one of the most exciting – and sometimes stressful – times in their lives,” Jeffra Trumpower, senior creative director of WeddingWire, said in a press release. “Despite that occasional stress when planning for these moments, the reality is that most couples don’t need to choose between the practicalities of life and celebration – it’s all about finding a unique financial balance.”
Richest Man in South Africa 2021
We bring to the richest man in south Africa 2021
South Africa is a country with favorable conditions for investment. It no wonder companies like MTN, Super sport and many others have taken center stage in the global ranking of successful companies. If you have the vision to invest in South African Economy or simply just want to have information about the richest man in South Africa 2020, this article is for you.
The Richest man in south Africa 2021
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From the individuals that made the list of the richest men in South Africa list, actual entrepreneurs and self-made business people dominate the list; while those who inherited their fortunes have gone on to do even bigger and better things with their wealth. Over the years, some have slipped off the list, while others continue to climb higher and higher each year.
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Elon Musk – $ 27 billion
He is the founder, CEO and chief engineer/designer of SpaceX; early investor, CEO and product architect of Tesla, Inc.; founder of The Boring Company; co-founder of Neuralink; and co-founder and initial co-chairman of OpenAI. He was elected a Fellow of the Royal Society (FRS) in 2018. In December 2016, he was ranked 21st on the Forbes list of The World’s Most Powerful People, and was ranked joint-first on the Forbes list of the Most Innovative Leaders of 2019. He has a net worth of $27.9 billion and is listed by Forbes as the 20th-richest person in the world. He is the longest tenured CEO of any automotive manufacturer globally.
Nicky Oppenheimer – $7.6 billion
Nicholas F. Oppenheimer (born 8 June 1945) is a South African billionaire businessman and philanthropist. He was formerly the chairman of De Beers diamond mining company and of its subsidiary, the Diamond Trading Company, and former deputy chairman of Anglo American. He is the third richest African.
Patrick Soon-Shiong – $7.0 billion
Patrick Soon-Shiong is a South African-American surgeon, professor, inventor, and billionaire businessman. He is the inventor of the drug Abraxane, which became known for its efficacy against lung, breast, and pancreatic cancer.Soon-Shiong is the founder of NantWorks, a network of health and technology startups; an adjunct professor of surgery and executive director of the Wireless Health Institute at the University of California, Los Angeles; and a visiting professor at Imperial College London and Dartmouth College. Soon-Shiong has published more than 100 scientific papers and has more than 230 issued patents worldwide on advancements spanning numerous fields in technology and medicine.
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Johann Rupert – $ 5.5 billion
Johann Peter Rupert is a South African-born entrepreneur, who is the eldest son of business tycoon Anton Rupert and his wife Huberte. He is the chairman of the Swiss-based luxury-goods company Richemont and the South Africa-based company Remgro. As of 1 April 2010, he assumed the CEO position of Compagnie Financiere Richemont. Together with his family, he was estimated to be worth $5.9 billion as of April 2019, and was ranked as the second wealthiest person in South Africa on the Forbes Rich List for 2019, with his fortune reported as having declined from US$7.3 billion.
Richest man in south Africa 2021
Patrice Motsepe – $ 2.4 billion
Patrice Tlhopane Motsepe is a South African mining billionaire businessman of Tswana descent. He is the founder and executive chairman of African Rainbow Minerals, which has interests in gold, ferrous metals, base metals, and platinum. He sits on several company boards, including being the non-executive chairman of Harmony Gold, the world’s 12th largest gold mining company, and the deputy chairman of Sanlam. In 2012, Motsepe was named South Africa’s richest man, topping the Sunday Times’ annual Rich List with an estimated fortune of R20.07 billion ($1 billion)
Koos Bekker- $ 2.3 billion
Jacobus Petrus “Koos” Bekker is a South African billionaire businessman, and the chairman of media group Naspers. The company operates in 130 countries, is listed on the London and Johannesburg Stock Exchanges, and has the largest market capitalization of any media company outside the US and China.
[COVER STORY] Forbes Africa #30Under30 List: Leading The Charge: These are the men and women forging ahead with credible, creative and profound strategies to shape our tomorrow. https://t.co/hOqhpEyB9J #Under30 pic.twitter.com/8h1XvFGCN8
— Forbes Africa (@forbesafrica) April 2, 2020
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