Even though marriages are made in heaven, you have to spend money here on earth for marriage celebrations. There is absolutely no doubt that marriage costs have sky rocketed. Most often than not, marriage budgets are exceeded as costs are underestimated.
So how should you go about planning your marriage finances?
We offer you some tips.
A typical Indian wedding can cost anywhere between Rs 10 and 20 lacs. After that, another few lacs might be needed for honeymoon and home furnishing etc. post marriage. If your savings and your parent’s contributions do not add up to those numbers, you need to take some financial assistance. These are easily available these days in form of wedding loans. Simply speaking, these marriage loans are personal loans taken for the purpose of funding marriage expenses.
But before applying for the loan, do some homework. Make a list of all expenses and categorize them according to their priority. One way can be to categorize them as necessary, desired and irrelevant. Once you have the list, you will get a broad idea of the amount that you need to put together.
Now compare the required amount with what you and your parents have saved up. The difference between the two amounts will give you an approximate idea bout the required loan.
But don’t just go and apply for a wedding loan after this.
Use online personal loan EMI calculators to see how much EMI that would mean for you. Give a thought about whether you can afford that kind of EMI or not. If you think it would be difficult, then make sure you reduce your loan amount and borrow less.
The biggest advantage of taking a marriage loan is that you get to know in advance your future loan EMIs and that helps in the proper planning of your future expenses.