A wedding is always a spectacular occasion in India. Thousands of people attend a multi-day event that is entertaining, expensive, and pretentious. Many Indian parents begin saving for their children’s weddings well before their children reach the marriageable age.
The true wedding planning, on the other hand, begins approximately a year to six months before the ceremony. As a result, all of the talk about spending and budgeting becomes more practical at that point. Managing a wedding budget is not an easy undertaking, no matter how well you and your parents have financially planned for the big day. An unexpected cost can occur at any time, and given the emotion associated with the event, it may cause the budget to be exceeded.
These helpful financial tips can help you make the most of your dream wedding, without breaking your budget!
- Savings Plan May Save the Day
An average wedding can cost roughly around 20 Lakhs to 5 Crores, and it is estimated that an Indian spends one-fifth of their entire life savings on their wedding. Hence, it is only rational to start saving early and avoid being in debt. If you don’t have a high-risk appetite, you could also opt for investing in Fixed Deposits which offer higher stability along with higher returns.
- Plan Ahead, Know Your Budget & Stick to It
If you are not the sole contributor to your wedding, determine how much money each party – you, your partner, and your respective parents – can contribute. Create a wedding budget by adding all of the monies together.
Budgeting for a wedding now includes not only how much money you can spend overall, but also how much you want to spend in certain areas. Break down the wedding expenditures into categories, and then decide how much of each category you want to spend. Maintain a 5- to 10-percentage-point cushion in your budget to cover any unexpected costs. For example, reception is 50%; ceremonies are 20%; attire/look is 15%; presents are 10%; and miscellaneous is 10%.
- Timing Is Everything
While a July wedding is beautiful for many reasons, if you want to save the most money on your ideal wedding, look at other months and alternate days of the week to minimise the cost of your wedding. #MIDWEEKWEDDING
If you want to be married in June, look at May dates, or if you want to get married in August, look at September dates. You may save a lot of money by relocating your wedding just a little bit. It’s also crucial to consider other days of the week outside Fridays and Saturdays. Mondays, Thursdays, and Sundays are popular, lower-cost alternatives.
- Consider the Great Outdoors for Your Venue
When it comes to wedding venues, it’s better to avoid the obvious spots that are recognised for their celebrations.
Instead, try holding your wedding in a nearby park or similar outside location. It doesn’t hurt to ask whether a business that has wonderful outside surroundings but doesn’t market wedding services would accommodate your gathering. Another advantage of beach, mountain, or backyard weddings is that nature handles all of the decorations. Although the weather might be difficult to forecast, having an outdoor event can help you save a lot of money on locations and décor.
- Trim Your Guest List
This is the hardest guideline to follow since you don’t want to harm anyone’s feelings. However, laying off only one employee might result in hundreds of dollars saved. Consider how much money you can save by reducing a list of over a hundred visitors to a couple dozen.
This may require some soul searching, but you must be truthful with yourself. Is it really necessary for the neighbour you wave to a couple times a week to attend your most private event? While most individuals understand wedding expenses, others may take their exclusion personally. If someone expresses resentment, you might apologise and explain that you can only afford a modest wedding for close family members.
You may begin planning your wedding now that you’ve learned the top 5 ways to save money on it. You won’t have to trade quality for cheap if you use a little imagination and planning. Happy Wedding Planning to You!