It is said that marriages are made in heaven. While that may be true, once made, they are planned, financed, and executed right here on Earth. Moreover, the Indian Wedding has grown to be quite an elaborate event, requiring meticulous planning, and a huge pool of funds.
Below are some simple and practical considerations for planning that perfect wedding.
|Lets start with some basic considerations forÂ planning the wedding budget:|
Follow our simple guide so you have time to entertain your guests, instead of worrying about the expenses.
- Create a wedding budget keeping your current savings in view
- Plan for your honeymoon
Making the Wedding Budget
Before creating the wedding budget, its good to know how much funds you have at your disposal, both savings and how much you can save on a monthly basis before the big day.
Use our budgeting tool to prepare and analyse your monthly budget.
Now that you’ve arrived at the kind of wedding you want to have and what funds you have at your disposal, its time to make your wedding budget. The budget depends a lot on the following, so make sure you have them ready:
- Number of guests being invited
- Numbers of guests likely to attend (take an optimistic estimate, say 60% of invitees)
- Number of guests from out of town who need travel arrangements to and/or from venue
- Number of guests from out of town who need accommodation
Based on the above, you can prepare your budget for the following:
- Clothes and Jewels
- Transportation and accommodation
- Photographers, Video crew etc.
The above expenses have to be considered for multiple events like the reception, mehendi etc., not just the wedding itself. Depending on the number of events you plan to have, make sure you also account for the following:
- Religious ceremonies
- Miscellaneous expenses
Once you have accounted for all the above, there are still some minor considerations:
- Wedding Planner, highly recommended especially for out of town weddings, Rs. 20,000 to 50,000 fixed plus 5-15% of activities, lots of supervision and communication recommended
- Wedding Insurance, .75% to 2% of total cost of insured amount
You would have found that the cost of organizing a wedding has become considerable, and nowadays its both acceptable and a good idea to divide certain wedding expenses between the bride and groom’s side. For instance, the cost of the wedding reception could be divided, there could be a common photographer, common wedding invitation card etc.
Usually, the honeymoon expenses are lower than the wedding and related events, but it is always a good idea to budget a little extra, just in case. Some quick steps:
- Make a list of what is traditionally paid for by the groom and what is traditionally paid for by the bride
- Calculate how much you need, how much you must save if the wedding is in 2 years or 5, etc. Make sure to include inflation in the calculations.
- Use our tool for short term goals to plan for your honeymoon
After the wedding and the honeymoon, the financial planning continues with your home purchase.
Have more questions about planning a wedding? InvestmentYogi’s experts are here to help.
Prepare yourÂ personalized financial planÂ taking your unique financial situation and goals in mind.