EVERYONE has their idea of a dream wedding, but they all have one thing in common.

Dream weddings don’t come for free.

Unless you have been saving and planning in advance before you (or he) popped the question, chances are you may not be able to afford your dream wedding.

With the rising cost of living, wedding costs see a hike too.

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In 2014, an average price in a Chinese banquet restaurant will cost about RM988++ per table of 10 pax.

However, if you are planning your wedding for 2016, the same menu at the same restaurant, would have spiked to RM1,168 per table. That’s almost 20% up!

If your dream wedding takes place in a five-star hotel in the Klang Valley, the price would be significantly different.

Costlier packages at the hotel would cost you well over RM3,000 per table and come with a minimum requirement of 30 tables.

A couple who purchase this package will need to prepare to pay RM90,000 to RM95,000 for a reception at the venue (not including other costs involved).

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Bear in mind that the reception makes up only half of the wedding average wedding budget!
What do people spend on in a wedding?

According to various wedding websites and available resources, here is a basic budget breakdown of the average wedding in Malaysia:
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Seasoned wedding planners estimate that an average wedding in Malaysia would set couples back by at least RM50,000. However, given today’s weaker currency and lifestyle inflation resulting from the Goods and Services Tax (GST), the cost of getting hitched today could have escalated well beyond that.

And this does not include the cost of your honeymoon!

Not surprisingly, soaring wedding expenses have caused some couples to take out personal loans to pay for their nuptials if they are unable to get the financial support they require from their parents.

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You may not realise this when you’re caught up in the frenzy of floral arrangements and the sparkly sequins of your designer dress, but taking on debt to pull off your dream wedding may just be the worst idea ever, and here’s why:

Till debt do us part

Money has been cited as one of the top reasons why marriages disintegrate. Unfortunately, money problems could start cropping up way before you even walk down the aisle, if you are not careful.

As is, many young couples enter a marriage carrying their own debt loads.

A recent study by the Asian Institute of Finance (AIF) revealed that Malaysia’s Gen Y are experiencing significant financial stress early in life with many living beyond their means and are trapped in emotional spending.

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Unfortunately, for many young couples, the debt only increases within the first few years of marriage (and with only 28% of respondents reported of feeling confident in their financial literacy, we’re not that surprised).

What many fail to realise is that splurging on a wedding also often means having to make sacrifices during the beginning stages of your marriages.

In the short term, being bogged down by debt could mean having a relatively uneventful or even troubled newlywed year. And this could mean anything from not being able to travel to your desired honeymoon destination, having to scrooge on wining and dining, or worse, having trouble paying your bills.

Who wants to spend their first year in marriage penny-pinching and stressing over the looming balance of unpaid loans or on your credit cards?

Long term consequences can be more serious. Over time, a huge wad of wedding debt can seriously derail your long-term financial plans and goals.

For instance, if you took out a personal loan for your wedding, having outstanding debt can affect your credit score and make you a less desirable candidate when it comes to applying for a mortgage or a car loan.

You could be denied a loan completely or get stuck with a less favourable interest rate, which will affect your finances for many years down the road.

It gets trickier when you want to start a family, as having children will no doubt add a whole new dimension of debt and financial burden.

So if you look at the grand scheme of things, not only can wedding debt spoil your plans, it can also add layers of stress on your marriage down the line.

Hence, before you sign up for a personal loan, ask yourself whether a single day – as magical as you want it to be – is worth many years of financial tension and sacrifice.

This article is contributed by iMoney.my, Malaysia's leading financial comparison website. To compare and apply for the best financial products, such as credit card, home loans and personal loans, visit www.iMoney.my