A wedding is a special event for anyone, and, since it is special, a lot of planning goes into it. To make everything look perfect, the involved parties need to spend a lot of time, money, and effort. Moreover, Indian weddings are known to be extravagant, so much so that even the simplest wedding can make the couple run into lakhs of rupees debt.
Although a wedding is an expensive affair, people still demand it as it is a once-in-a-lifetime event. An average Indian wedding’s cost can range between INR 10-40L. Despite saving for years to fund the wedding, last-minute expenses can throw anyone off their feet. What happens if you go over the budget? How do you plan to cover the unexpected expenses? What are the financial mistakes you should avoid planning for your dream wedding?
Set a Budget – If you are planning a wedding without setting a budget aside, then you are calling for a lot of unexpected expenses to come your way. Setting aside a budget as per your affordability will help you plan better. For instance, if you know you will spend no more than INR 30,000 on your wedding lehenga, then you would look at wholesale markets for your dream outfit within the budget. Setting aside a budget also helps you plan for all the activities accordingly.
Spend Excessively – It doesn’t matter whether you or your parents are paying for your wedding. Money is hard-earned and people should spend it wisely and not go overboard. For instance, while deciding on a menu for a dinner party, you should consider the preferences of your guests as well and order accordingly. Using retirement funds to pay for your wedding makes no sense. However, if you are slightly over the budget and need a few lakhs for a smooth sailing, then applying for a personal loan online can be your best bet.
Last Minute Bookings – It so happens that you have to invite more people than you had initially expected, you need to cover for the extra expense – from hotel rooms to more plates and tables. If you had set aside a budget and need additional funds, then you can easily apply instantly for a personal loan. It makes sense to have instant cash in your account to make last-minute changes to celebrate your day in an unfettered way!
Financial Awareness – It is a good idea to know about your parent’s financial position if they are funding your wedding. It does not make sense to go into debt for a wedding. While it’s okay to take help if you are overshooting your budget, making senseless purchases will do nothing but put a burden on your parents.
If you, your parents, or your partner have already saved up for the wedding, it becomes easier to plan. However, if there is a shortage of funds and you know that you can pay it off in the form of EMIs, then availing a personal loan is a great idea. You can use the online EMI calculator to assess how much you need to pay monthly and for how many years. So, plan wisely, manage your wealth/savings accordingly and enjoy the new beginnings.