How To Plan A Dream Wedding Without Taking A Loan?
A marriage unites not only a man and a woman but two entire families. So it is hardly a surprise that the Indian wedding industry is a staggering $50 Billion industry growing at a rapid pace annually despite the global pandemic.
Since the wedding embarks a new chapter in the lives of two individuals and their families and one that will be remembered for the rest of their lives, who wouldn't want to make it a special occasion? A usual wedding in India carries the expectation of a whole lot of people. The neighbourhood uncle is just waiting to find the minutest shortcoming that he can broadcast to his colony friends. That distant aunt who is waiting to pick fault in the food or a distant relative who thinks his daughter's wedding was far better organized.
To add to it, celebrity weddings and their consequent media coverage trigger a whole range of expectations. Be it Virat and Anushka's wedding in an 800-year-old boutique property in Italy or Ranveer Singh and Deepika Padukone's wedding in the scintillating landscape of Lake Como, all of us carry different dreams on how to conduct the big day for our loved ones.
While every parent dreams of giving their children the perfect wedding, not everyone has the resources to do so. In India, societal pressure to host a grand wedding can often take an ugly turn. Parents even resort to sourcing funds from private sources at atrocious interest rates that they are obliged to pay for the rest of their lives! This can often lead to a lifetime of regret.
However, the good news is, if started early you can systematically plan a dream wedding for your kids - with your own money and without having to borrow a single paisa from anyone.
In this blog, we will offer you 5 practical tips on how you can offer your child the wedding they deserve and have always dreamt of.
Setting a realistic budget for your child's wedding is a good way to start. The budget could be a factor of your financial condition and your immediate family's expectations. Once you have an estimate in mind, it makes it easier for other things to fall in place. As per WeddingWire, almost 75% of weddings go over budget and an average wedding is under budget by around 45%. So whatever your initial budget, it is safe to keep additional room for more.
Ever noticed the most beautiful part of any wedding venue - the Flowers? It takes a tremendous amount of systematically placing
Every tiny flower along with its intricate petals forming a glorious display of floral arrangement that makes any wedding like a match being made in heaven!
Similarly, when it comes to financing your child's wedding, there is no better way than to save for it petal by petal, flower by flower.
With a Systematic Investment Plan, you can help discipline yourself into saving a fixed amount towards your child's money at a frequency most comfortable for you. This discipline clubbed with the magic of compound interest may not only help you comfortably finance the wedding but also surprise you by exceeding your expectations.
Allow us the joy to contribute to your child's wedding.
- Step 1- Open the GlideInvest App and open the Goal-Based option.
- Step 2- Select "Child's Marriage" as a goal
- Step-3 Set a Target Amount
- Step 4 Choose the number of years in which you want to earn the target amount
- Step-5 Choose a lump sum amount you want to invest initially
- Step 6 Chose the percentage increase you want on your investment year on year
- Step 7 Choose from our Nobel Prize research-backed funds to invest in
The venue of your wedding to a large extent has the maximum impact on your overall budget and the nature of the celebration. You could either opt for an outstation wedding involving a limited number of guests or a venue closer to home inviting a wider number of guests. A venue in cities such as Mumbai or Delhi would cost a lot more than a venue in a Tier -2 or Tier-3 city. The venue in return also impacts your options for catering. Experts say that venue and catering together constitute at least 40% of your wedding expenses so you can factor this in and choose wisely.
Any wedding can have multiple highlights and each one of them can warrant a budget starting from a few thousand to even a few crores if indulged fully! The question is what is of priority for you? If your priority is to have an intimate wedding that remains memorable primarily to the bride and the groom, then maybe you could prioritize expenses around their clothing and jewellery. However, if you wish to invite a wide range of guests then you may want to prioritize expenses around the guests for whom the food and entertainment matter the most.
Money Saved is Money Earned
If approached smartly, there are plenty of ways you can save a chunk of money while planning the wedding. The venue can be booked at least 6 months in advance. The month of March or early May is usually considered an off-season for weddings in India so you could plan to do a chunk of your shopping then.
Instead of printing cards, you can hand out digital invites to everyone via WhatsApp or Email. You can also request an RSVP from your guests so that you have an exact idea of how many guests to expect and avoid spending additionally on food.
With this, we hope that you can give your child a wedding beyond their imagination. We understand that planning a wedding is no joke and you can always count on us! One-click, and we are with you and your child on this.