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Wedding on your Mind? Learn Smart Ways to reduce cost.


Time to read: 4 mins | April 18, 2018

Although it might get a little awkward, talk with your parents. They will understand when you tell them that YOUR marriage is YOUR responsibility as well.

Getting married is a big deal and planning for gifts, destination, catering, invitations, and honeymoon is no doubt exciting. But these small and big costs can put a huge financial burden on you, your parents and in-laws. For that reason, it’s important to estimate the cost correctly and to be smart about expenses. Let’s talk about a bit of both.

Estimate thoroughly

Estimate Thoroghly

  • Guest list -Crowd size is directly proportional to rise in expenses of catering and location. And we generally end up calling more people than what we want to. So, it’s best to choose judiciously.
    Invitation cards can cost anything between Rs. 500 – Rs. 3000 each. How about sending out e-invites which are virtually free of cost?
  • Venue and hotel bookings -During peak wedding seasons of May-June and November-January, the charges of banquet halls skyrocket. Best is to book in advance and avoid peak season. Look out for out of town wedding venues in Lonavala or Silvasa rather than venues in metro cities like Mumbai. As per an article in the Economic Times, booking charges for a venue normally includes Rs. 1000-1500 per plate cost for the guests, plus the additional costs of sound DJ systems.
  • Booking professionals -Professional photographers, catering agents, videographer, band, make up etc. can be very expensive. Consider taking services from freelancers or small-time photographers.
  • Food & Beverages & Décor -Instead of going for a diverse menu, go for a theme like Indian or Chinese. Choose seasonal flowers for venue decorations instead of exotic ones.
  • Number of events -Most Indian weddings have a sangeet, mehendi, pheras and reception. Keeping wedding functions small and following it up with a grand reception is a smart strategy. Convince your family (and In laws) about either cutting down on functions or combining them to distribute the resources equitably.
  • Bridals dress and grooms attire -How can one resist the temptation of that beautifully hand woven Benarasi saree? Again, one can be smart here. Ask for rental deals at such shops as wedding dresses have limited occasions to be worn.
  • Honeymoon destination -Go for off-beat locations like Andaman Islands, a cheaper alternative than the more expensive ones like Mauritius or Bali.

The idea is to not go into the minutest details, but rather have a close enough estimate that can serve as an upper ceiling. Depending on your idea, the cost can range anywhere between Rs. 15-25 lakhs. Make an excel sheet of your estimate and share it with those involved.

Invest in Mutual Funds (MF)

Invest in mutual fund

 

If you plan on getting married in the next 3-5 years, start SIPs in MFs. Learn more about how to go about choosing the right mutual funds here (this will be hyperlinked). The returns from these funds might just cover the costs of that dream lehenga or the authentic Rajasthani buffet.

Invest in gold

Invest in Gold

Buying and gifting gold ornaments for marriage is an age-old tradition. So, start investing early in gold. You can invest via SIP modes or ask for zero cost EMI options.

Marriages come with their share of responsibilities and some major expenses follow immediately like a setting up the new house, buying car, furniture, white goods, etc. By proper planning, it is possible to fund your own wedding and reduce the financial stress. Doing proper research and making small changes can significantly lower the costs in almost every aspect of your wedding budget.

Disclaimer: This article has been authored by Dialogbox, a Mumbai based Content Design firm known for offering unbiased and honest opinion on investing. Axis bank doesn't influence any views of the author in any way. Axis Bank & Dialogbox shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.

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