The big fat Indian wedding! The extravagant event is a manifestation of the couple and their family’s dreams, months of painstaking financial planning and deep pockets.
Earlier, the parents on both sides would foot the astronomical expenses. But, times have changed. Now, with the modern-day women earning handsome salaries, they prefer to take the burden off their parents’ shoulders. Today’s grooms realise how expensive weddings can be and take initiative to split the cost. So, if you are one them, here are few tips that can help you finance your wedding:
Break and make
Before you proceed with the planning, it’s important to break down the costs.
Venue and catering take a big chunk of the cost. It is followed by the decoration, photographer, bridal trousseau and clothing for the family, wedding favours and other miscellaneous expenses. With this information at hand, make a budget.
Choose wisely, live well
The scale of the wedding can only be determined by what you and your family have in mind. Remember, what you choose to do will have a cost associated with it. However, with proper planning and brainstorming, you can optimise the costs and yet have your dream wedding. Instead of an exotic international location, consider country-side. Shop during sales. Prioritise the guest list.
Which wedding date you choose can largely impact your budget. How? Basic economics of demand and supply. Weddings in peak season are costlier. On the other hand, off-season weddings are budget-friendly. You are likely to get discounts on almost all things under the sun, right from the venue to food to even the mehendi artists.
DIY where you can
The do-it-yourself concept is in. Hiring vendors and wedding planners are convenient and spare you the horror of arranging everything yourself. But DIY can not only help you save cost but also have personal and emotional involvement in your own ceremony. Leave the main wedding day to planners. You can DIY the décor and mix-and-match the dresses for pre-wedding ceremonies. Explore the internet and you will find zillions of ideas to do that.
Financial smartness is not just about saving costs but also about having sufficient money to fund your wedding. Even if you plan a budget-friendly wedding, the cost can still run into lakhs. It is likely to eat into your and your parents’ savings.
To avoid such trouble, think of putting your money in short-term investment vehicles. One of the options is to invest in mutual funds. There are a plethora of mutual funds options. But, if you have a short-term goal like your wedding, liquid funds and ultra-short term funds can be ideal options. While liquid funds can help your money grow by 4%, the latter could provide around 3%. These funds are preferred by investors who want to park their money in a fund for a short time.
Hybrid funds can also be a good bet. While they are ideal for medium-term horizon, they have the potential to give higher returns over a year.
Therefore, systematic planning of finances through investments can help you take care of your wedding expenses.
Stick to the budget
Don’t forget the budget after you have made it. Monitor the expenses as they are incurred. If you are over-shooting the budget, look out for ways in which it can be controlled. Going beyond the budget is a strict no-no. You do not want to ask/arrange for money in the final days. If some expense is unavoidable, try to adjust the amount in other areas.
Have a contingency fund
They say – “Whatever can go wrong, will go wrong”. It holds true, especially, in case of such blue-ribbon events in your life. So, it is better to be prepared for emergencies. Allocate a portion in your budget for emergency situations.
Don’t be a bridezilla. Be a bridechilla with these financial tips and plan your wedding like a pro. Even if the wedding is not fixed but marriage is on the cards, prepare well in advance. Start investing in mutual funds today for wealth creation so that you are ready for your D-day and forever after.