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Getting married but finding it hard to manage the budget? Read below to understand how much should be your ideal wedding cost and tricks to save money.
Back-to-back celebrity weddings with extravagant and expensive elements, such as designer wedding attire, unique wedding rings and mangalasutra, and dreamy wedding photographs, have raised the bar for people currently planning their own weddings. However, it's important to keep in mind the concept of a "budget wedding" and focus on "money-saving" strategies to ensure a memorable and stress-free event without breaking the bank.
While our Indian society expects 'Go Big or Go Home’ from a wedding, not all of us can afford to spend a fortune on a 2-3 day affair.
Wedding planning can be overwhelming without adding social pressure to the mix. There are many rituals to plan, guests to invite, venues to book, shopping to do, food lists to prepare, and much more.
Professional wedding planners can help you manage the entire event and keep you within the budget, but they don't come for free.
And let's get real here, most parents save for their children's education, keeping only a limited fund for the wedding.
Hence, most of the wedding costs fall on the kids to arrange. If you plan to get married soon or soon-ish, this blog will help you create a budget for your upcoming nuptials without going broke or ending up in a loan trap.
1. Follow the 20% Rule
If you are already engaged and planning your wedding within the next two years, both you and your fiance should ideally save 40% of your post-tax annual in-hand salary toward your wedding.
So, assume you're earning 8.2LPA and your fiance 12.5LPA post-tax; then both of you could save 3.28Lakh and 5 Lakh, which is 8.28Lakh in total as the wedding budget.
You can add any extra financial help from your parents and relatives to increase the wedding budget.
2. How to Allocate Money for a Wedding Event?
In the wedding planning phase, you may face the most clashes of opinion. You may dream of wearing designer wedding wear.
At the same time, your fiance wants a destination wedding, your parents wish for the stage/mandap decor to be traditional, and your siblings and cousins could demand a famous DJ, fireworks, and a return gift!
It is truly a never-ending discussion. Hence, to make this process simple, you could follow this pie chart to allocate money.
3. Ideal Breakup If You Have A 10 Lakhs Wedding Budget
Based on the above allocation, here's an ideal budget you can consider for a well-planned wedding function.
4. Prioritize Your Cost
Every family's dream is to have a wedding that every friend and relative gush about for years.
But while you are planning your wedding on a tight budget, you should learn to segregate needs from wants. You can break down the cost into three parts.
5. Tricks You Can Follow to Save Money on Wedding
Once you have finalized your budget, you should stick to it. Yes, the cost can go up or down here and there, but make sure it is not something drastic.
Otherwise, you may have to take on a hefty loan. But, if you are not keen on that, here are some ways you can save cost and make memories at the same time.
Yes, the wedding date plays a significant role in determining your budget.
The cost of almost every venue, be it a hotel's banquet hall or a sprawling lawn, would take up most of your wedding budget. Instead, pick dates during the off-season.
Remember that it is the peak season if you're getting married in November, December, January, or February.
Avoid multi-day wedding affairs
We all know an Indian wedding is extravagant, especially in North India. It commonly consists of Sangeet, Mahendi, Haldi, Wedding, and Reception.
But if you want to control your costs yet keep it fun, combine two or three functions in one day.
For instance, Haldi and Sangeet can be combined into one day, and the wedding can be in the morning followed by a reception at night.
Host pre-wedding functions at home or a relative's place
Party halls or hotel lawns come with a hefty price tag. Opt for local banquet halls to keep the bill under budget.
You can also come up with innovative venues for pre-wedding functions, like a relative's farmhouse or your home's rooftop.
After all, these functions bring people closer and make the wedding more memorable.
Food is an integral part of Indian weddings. It not only reflects our culture but is also a way to show off your social status.
It is believed that people remember a marriage because of its food.
But instead of getting carried out with a mile-long menu of subpar quality, the focus should be on serving tasty food that fulfills guests' souls.
Attire & Jewelry
Every bride wants to look stunning on her wedding day. After all, it's the biggest day of their lives.
But if you have a limited budget, instead of buying an expensive designer wedding trousseau, go for your mother's or grandmother's priceless sarees or opt for family heirloom jewelry.
Choices like these would make the wedding truly memorable.
Ask yourself - do you and your fiance genuinely need to spend on a pre-wedding photoshoot? If yes, and you can afford one, go for it. But if you are tight on budget, focus on capturing the moments of the wedding festivities that matter.
But photographers and videographers cost thousands. The higher the experience and reputation, the costlier their fees are. You can opt for freelance photographers at a fraction of the cost.
Also, instead of getting a printed photo album you would rarely sit and see, you can get digital wedding albums that are much more convenient, eco-friendly, and easily save you Rs10,000-Rs15,000.
We hope this blog has given you a brief understanding of how much you should spend on your wedding and how you can save some extra bucks.
A wedding is not only a major life event in every person's life but also a significant financial milestone.
Therefore, while it is essential for you to be mindful of the budget, especially if you are a salaried person, you should also enjoy the festivities to the fullest and make memories that last a lifetime.
Plan for your big day and enjoy it to the fullest!