You are thrilled to bits to be finally getting married. But amidst the joy, one of your biggest concerns is how to plan the wedding; especially when it comes to the financial aspect. Weddings can be a very expensive affair these days, and they can be difficult to organise. An average urban wedding costs up to Rs. 10 lakh. A more elaborate one can result in expenses shooting up to Rs. 25 lakh. But with some calculated planning, you can ensure that the costs do not take a toll on you.
Here are a few financial tips that will come in handy when planning your big day.
Save Up in Advance: While planning a wedding, you will realise how many things you need to buy. Saving in advance can help manage those costs to a great extent. Keep aside a big chunk of your funds for these expenses. It can help you cover the smaller costs that crop up during a wedding. For larger expenses, opt for a personal loan, which you can easily get from leading lending institutions.
Prepare a Budget for Expenses: Preparing a budget for the occasion is important to understand just how much money you will require. List the venue, food, jewellery, and shopping. Factor in the travel costs as well. Your wedding budget list should be realistic and manageable. Once you have figured this out, you can better manage your personal loan and pay off the major expenses for the wedding.
Weigh your Finance Options: What are your options for funds? Have you already saved up a bit for your big day? Will you need to use your credit card? Is your partner chipping in? Weigh all your finance options before preparing a budget. This is the time to consider if you need a wedding loan. Do not compromise on your dream wedding simply because of shortage of funds.
Opt for Personal Loans: Wedding loans are lifesavers when you need to pay for a wedding, but do not have enough money for it. However, there are some things you need to ensure. The most important thing is to compare various loans and the interest rates at which these are available. You should also look for a loan tenure and EMI option that will work for you. This is important as it will ensure that your finances or lifestyle will not be affected after the wedding is over. Have a conversation with your partner about the repayment options, and look for something that you are both comfortable with.
Check if You Need to Cut Costs: If you feel like you are going over your budget, look for ways to cut down on unnecessary expenses. A wedding loan can cover all your costs, but it should be used wisely and for things that are necessary, rather than on frivolous things. Revise the budget if necessary, and make sure you are fine with the way the money is being used.
If you have a good credit score, getting a loan will not be difficult. Look at options from lending institutions that offer good interest rates, as this will make repaying the loan easier on your wallet. With some financial planning, you can ensure your big day is a big success.