A wedding, though memorable, is an expensive affair and you need to spend a hefty amount each time someone gets married in the family. However, there are some ways in which you can have a great wedding even on a budget. Read on to know more.
Set an amount aside as the wedding budget. Say, for instance, your budget is INR 10 lakhs. You want to have the wedding at your favourite banquet hall and the booking amount is INR 2 lakhs. You also want to book the catering services of your preferred restaurant and they give you an estimate of INR 5 lakhs. So, now you have INR 3 lakhs left to pay for the wedding outfits, the decorations, etc. Working backwards with a set budget really helps in adjusting the requirements and also in managing everything within a set amount of money.
If your wedding is still a few months (or years) away, think about your earning and savings pattern. How much have you already saved? How much can you contribute each month towards your wedding fund? How much time do you have to prepare for the wedding? Once you have clear answers to these questions, you can start planning the wedding within the budget you have set and meet all the expenses comfortably.
For instance, if you have budgeted Rs. 10 lakhs for your wedding and your wedding is set to take place in 2 years, then @8% returns, you will have to contribute Rs. 38,500 each month towards your wedding fund. The more the returns, the lesser the contribution required. However, it will increase the risk of investing in the fund.
Booking a four-star resort in Goa for a period of five days for 200 people would roughly cost you INR 30 lakhs. On the other hand, if you have the wedding in your house or even in the community hall of your housing society, you will have to pay a fraction of that amount. Additionally, you don't have to book rooms for your guests. You can also hire a local caterer and get a better deal than that offered by the expensive resort.
Everyone charges a premium - your caterer, photographer, decorator, or stylist. If you have resources that you can use, utilise them at your wedding. Surely, you have many friends who click great photos with their phones. Designate the photography duties to them and save on hiring a professional photographer.
Similarly, ask your parents or siblings to help style your wedding outfit and save on the expensive designer bills. These small steps will go a long way to reduce your costs considerably.
Time to execute! After all your planning gets over, it’s time to take action quickly by starting your investments as soon as possible. The foremost reason is, there is not much time available to let your funds grow. Therefore, it is important to utilise the time that you have to allow your wedding fund to generate returns.
Give these tips a try and you will surely be able to have your dream wedding even while being on a budget.
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