A wedding is not just an occasion. It’s a celebration. A once-in-a-lifetime celebration that marks a new beginning, not just for the couple, but for both families. No matter where you go, a wedding is treated as an extravagant affair across the world. When we talk about weddings it comes with a great expense, check out these 5 Financial Planning Strategies To Save Money.
While some intimate wedding ceremonies are spread across an entire day, some are spread across an entire week. And Indian weddings are incredibly famous for their lavish, grand, and populous nature, with their rituals spread across at least 2-3 days.
While hosting around 50 people for a day also costs you a bomb, an average Indian wedding requires you to manage the expenses of hosting at least 100-200 people for 2-3 days, along with spending a fortune on your wedding functions.
Considering all the aspects related to hosting an average wedding, the overall expense is expected to be at least around Rs. 10-15 Lakhs. And spending this amount only on the wedding, along with keeping an additional amount of a minimum of Rs. 1.5-2 Lakhs for the post-wedding expenses, becomes extremely difficult for an average middle-class Indian who earns around Rs.50,000 per month.
But, considering the importance of a wedding, the excitement and expectations related to it, willingly or unwillingly, knowingly or unknowingly, people tend to commit these most common financial mistakes when planning their wedding, and we don’t want you to make the same.
Not Fixing A Budget:
Weddings are directly related to emotions, and when you are high on emotions and don’t have an upper limit for your wedding-related expenses, it is extremely easy for you to get carried away and spend more than your expectations to make this once-in-a-lifetime occasion, a lifelong memorable celebration.
This unexpected and unplanned overspending may give you momentary happiness, but will indeed bother you in the future. Therefore, it is extremely important to set a fixed budget for your wedding and ensure that you do not exceed it.
Missing-Out Or Underestimating The Expenses:
The venue, food, dresses, makeup, jewelry, photographers, decorators, overtime charges, and more… There are endless things involved in a wedding, and everything comes at a cost. Considering the number of major and minute things related to a wedding, it can become difficult for someone to list down the exact nature and amount of expenses. But, sometimes, some unexpected expenses may take things out of your control, which may lead to a complicated situation. Therefore, it is suggested that you try to get as close as you can to the actual number.
Going Overboard:
While the wedding is indeed one of the most special occasions of your life, it’s evident that you would not leave a stone unturned to make it memorable. But, in the process of fulfilling everyone’s expectations related to the venue, dresses, number of functions, jewelry, number of guests, gifts, or anything else, sometimes you may go overboard and spend a lot more.
Though the wedding happens only once, but it’s still the start of your married life and you also need to be ready for the post-wedding expenses related to the honeymoon, shopping for your new home, or even family planning.
Thus, it is suggested that you avoid going overboard and focus on your future financial stability.
Using Your Entire Savings, Investments & Emergency Fund:
As planning a wedding is an expensive affair, especially if you are someone having an average income, it undoubtedly becomes difficult for you to arrange and spend around Rs. 10-15 Lakhs in one go. Thus, in order to arrange such a significant amount, you, along with your family, may combine all your savings, investments, and your emergency fund to host a smooth and memorable wedding function. While your feelings and intentions are respectworthy, but it is never wise to compromise your entire savings, and especially your emergency fund, as you may never know when you might need that fund to attend to an emergency.
Thus, you must always have separate savings and investment options, that are specifically for your wedding, and spending which will not hamper your overall financial health.
Taking A Loan:
When people do not have the required savings and investment in hosting the kind of wedding they desire, it is observed that they take a loan to execute their wedding plans. Though wedding loans and personal loans are easily available nowadays, it is not advisable to use a loan for your wedding as it will make you start your married life with the burden of EMIs and may also impact your post-wedding plans.
Unplanned Shopping:
Wedding dresses, accessories, and jewelry are often expensive. But, purchasing them from anywhere, without any research, negotiation, and at the end moment will make you spend more than required.
So, instead of keeping your shopping at the bottom of your checklist, treat it as a priority and start it as soon as you start planning for the wedding.
Ignoring The Wedding Planner:
While planning a wedding doesn’t seem so complicated that you cannot do it yourself, hiring an expert wedding planner indeed comes with its own benefits. At first, hiring a wedding planner may sound like an expensive idea, but rest assured, you can find many budget-friendly wedding planners who can deliver a quality experience and an exceptional price. A wedding planner might not help you save big on your wedding expenses, but will indeed ensure that everything you need is organized perfectly and your wedding is conducted smoothly in a stress-free and hassle-free way.
Conclusion:
With this, we hope that you do not make any of these mistakes, enjoy your wedding, and start your married life on a wonderful note. Above all, as financial experts, we would also like to update you that the current financial situation across the globe is not in its best shape. The cold wave of recession has already hit some of the major economies in the world, and it may also hit the Indian economy. Amidst the situation where the experts believe that the economic winter is coming, we suggest that along with making your wedding memorable, you must also focus on financially securing your future, so that you can live your married life without any financial stress.
Team Fintoo wishes you all the best for your new beginning!
Disclaimer: The views expressed in the blog are purely based on our research and personal opinion. Although we do not condone misinformation, we do not intend to be regarded as a source of advice or guarantee. Kindly consult an expert before making any decision based on the insights we have provided.
