Yes, loans can be an excellent option to fund a wedding. To build a wedding fund, you might apply for a personal loan. A personal loan has the benefit of requiring no collateral from the borrower, and you also do not need to show a reason for borrowing. However, securing a substantial amount with a lower interest rate will depend on your eligibility and credit history.
Money Management in Indian Marriage
Weddings in India are a grand event and can be a huge burden if you do not plan it as per your capability. Everybody dreams of a perfect wedding and spending the most special day with loved ones. However, your perfect wedding does not necessarily have to be an expensive affair.
Therefore, to save some funds while still having a luxurious and beautiful wedding, choose cost-effective alternatives rather than spending everything on your wedding party. Keep reading this article to find the best ways on how to manage finances in a marriage.
Tips on Managing Money in Indian Weddings
Your wedding day is one of the most important days of your life, and you should plan everything to make it memorable.
However, to ensure that you do not end up emptying all your savings on this day, check out the top 8 ways to plan a wonderful wedding within your budget:
1. Hire a Wedding PlannerThere is a popular misconception that hiring a wedding planner is an expensive affair. In reality, it can be your ticket to arranging a budget-friendly marriage. They can help you stick to your budget and also make schedules, handle the arrangements, bargain with the vendors, and make sure everything runs properly. Moreover, hiring a wedding planner allows you to relax and enjoy your wedding without worrying about details. Therefore, hire someone who respects your spending limit and gives you a spectacular event that fits your budget.
2. Reduce Your Guest List
Your guest list determines a significant part of your wedding budget. Unfortunately, in most cases, people often find it difficult to choose between whom to invite and whom to remove.
Therefore, to have a reasonable guest list, cut down on people who add up the plus one list. Also, cutting down on your extended family and long-distance friends can reduce the cost of food. Moreover, if you have a smaller number of guests, you can book a smaller venue and save up more.
3. Choose a Venue Reasonably
Your wedding venue can turn out to be one of the most expensive parts of your wedding budget. Therefore, you should not be enticed by extravagant venues and stick to one that suits your budget. Note that even a smaller venue can do a marvellous job if decorated well.
Furthermore, Indian weddings are 2-3 days long events. Therefore, you can also carry out some of the ceremonies and rituals at your home to eliminate the second venue expense along with transportation and other costs.
4. Reduce Decoration Costs
Any Indian wedding is known for its lavish decorations and beautiful floral arrangements. However, they can significantly boost your expenses. Therefore, you can try renting props from decorators and buying flowers directly from wholesalers.
In case you are hosting events at your home, try out DIY decorations. With the help of your friends and relatives, you can create your own decor, use artificial flowers, or recycle existing decorations.
5. Go for Digital/Online Invitations
Since the world has gone digital, you can use the same in your wedding invites too. Again, it is a more cost-effective and environmentally friendly option instead of traditional printed cards.
You can also build a wedding website simultaneously, including all the details about the wedding, such as the venue, location, travel information, lodging options, food, and more. This will not only reduce your expenses significantly but also allow you to use your own imagination and creativity.
6. Shop Wisely
Wedding shopping can be overwhelming as it includes several aspects from your wedding attire to jewelleries and more. Although dresses from prominent designers may seem more appealing, they may cost you a fortune. On the other hand, there are several local designers who can offer you beautiful dresses with similar designs within your budget.
Moreover, your shopping lists may also include items for your relatives and friends. Therefore, before you start shopping, make a clear list of what you need. To avoid last-minute confusion, it would be preferable if you start with it as early as possible.
7. Plan an Off-Season WeddingMost weddings in India take place in the winter, from November to January. Consequently, booking venues, caterers, and wedding planners increase their prices during this season. Therefore, you might have to pay a lot more to find the finest bargain. Instead, you can skip this period and have a lovely spring or summer marriage at a wonderful location for a lower price.
8. Prioritise Where You want to Spend More
Prioritising your wedding expenses can help you significantly condense your budget. For example, the bigger expenses in an Indian wedding include cuisine, decoration, bridal outfit and jewelleries, and photography.
Therefore, you can make a list of things that you want to focus on. For instance, some may prefer to spend more on food, while others may want to focus on the decorations and wedding choreography. When planning a budget wedding, prioritising your expenses can be of great assistance.
In essence, you need to make the best and most efficient use of your budget. Ensure to have a check on your financial management in marriage. You may have spent your entire life fantasising about your wedding, but how wisely you spend your money on this day will also determine how you spend the rest of your life.
Therefore, unrealistic expectations and plans may leave you bankrupt or contribute to a vast loan repayment burden. These simple pointers above can show you how to manage finances in a marriage so you can have your dream wedding come true.
FAQs on Money Management in Marriage
Indian weddings mainly consist of four main events –sangeet, mehndi, wedding ceremonies, and reception. But, no, all the events are not necessary. Therefore, you can limit the events at your convenience and cut down on major expenses.
Hiring a wedding planner may be a good idea, especially if you are planning a fat and complex wedding. A wedding planner will be able to help you with all the details of planning and executing the wedding, starting from finding decent vendors to managing the logistics. Conversely, in case you are looking for a small and simple wedding, you may be able to handle the planning yourself.
Some of the key expenses that you must keep in mind are venue charges, catering costs, decorations, jewellery, wedding attire, photography and videography, makeup and hair (mainly for the bride), transportation costs, entertainment such as music, DJs, and gifts for your family and friends.
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