Getting Married Soon? 5 Simple Steps To Plan Your Dream Wedding In Budget
In India, a wedding is always a grand affair. Thousands gather for a multi-day event, which is fun, lavish, and pompous. To financially prepare for their children’s wedding, many Indian parents start saving towards the event long before their children reach the marriageable age.
The real planning for the wedding, however, starts about one-year to six months before the event. Hence, that is when all the discussion starts getting more realistic around the expenses and the budget. No matter how well you and your parents have financially prepared for the D-day, managing a wedding budget is not an easy task. An unexpected expense can crop up anytime and given the emotion attached to the event, it might push the budget off-limits.
In this blog, we will tell you about the 5 steps to follow to plan a great wedding but within budget.
#Step 1: Decide what kind of a wedding you want
In most cases, people overshoot their wedding budget because they don’t have a concrete plan. So it is extremely important to be clear about what kind of wedding you want to have.
For this, get all parties in one room — you, your partner, and respective parents — to discuss every detail about the wedding. For example, the number of events, venue, look, theme, and scale for each event, the number of guests to be invited, gifts, miscellaneous cost, etc. Put everything down on a paper for future reference. This will help you estimate the costs involved.
#Step 2: Know how much money you have and create a budget
After this, get clarity about the money each party — you, your partner and respective parents — can contribute. Calculate all the funds together and create a budget for the wedding.
Now budgeting for a wedding is not only about how much money you can spend in total, but also how much you want to spend under specific areas. For this, break the wedding costs into categories, and then take a call on how much percentage you want to spend on each category. Also keep a buffer of 5 to 10 percent of the budget to meet with some unexpected expenses.
For example, reception — 50 percent; ceremonies — 20 percent, attire/look — 15 percent; gifts — 10 percent, miscellaneous — 10 percent.
Similarly, take a call on how you want to divide the expenses and stick to it.
#Step 3: Ask quotes from different vendors
From the venue, to caterers to decorators etc. — ask quotes from different vendors and negotiate to pin down the best deal. And when getting quotes from vendors, do not just take their word for it. Get those into writing along with the clarity till what time that offer stands. The price for today does not mean it will be the same in six months or a year. Having a contract means that the vendor cannot raise the price without letting you know beforehand.
#Step 4: Know how much you can afford
Now that you know how much money you have in hand and also the quotes from the vendors, compare between the two to estimate the costs. If the estimated costs are well within the budget, then stick to what you have planned for.
However, if the estimated costs overshoot the budget, then decide how to cut the cost. After discussing with your partner, decide what is completely non-negotiable for you. Once you know that, it is much easier to make your mind up on what you can do away with.
#Step 5: Refrain from taking a personal loan
Sometimes when the budget falls short, to fulfill certain wishes we resort to personal loans, or worse pay it through credit cards. Refrain from that. Personal loans and credit card loans come with very high-interest rates, i.e.12 to 14 percent and 30 to 40 percent respectively, which can delay other important financial goals for years.
Hence, it is advisable to plan the wedding expenses around the budget you have, and not the other way round.
A Virushka style wedding looks good in the pictures, but might not suit your pocket. Like all other financial goals, you have to be realistic about what kind of wedding you want and also the means. So draw up a budget plan and spend judiciously to make the event memorable.
A wedding is more about memories than the lavishness!
Originally published at https://www.etmoney.com.