Be Smart! Cut Short Those Unnecessary Wedding Expenses
Barcelona, Spain, recently witnessed the most lavish Indian wedding for the first time in the history. It was really surprising to know that how the slowdown in the international steel market could not subdue the high profile wedding of Shristi Mittal, who is the niece of Lakshmi Narayan Mittal, chairman and CEO of ArcelorMittal MT, the largest steelmaker in the world. It is a well-known fact that Mittals are among the richest families in the world, and can afford such big fat wedding, but the question now arises, is it that important? Being native of a country where millions of people still live under the poverty line is it worth to spend a whopping $82 million.
On the other hand, there are still a number of government and private sector employees or ex-employees, who have to consider taking loans to marry off their daughters. Matrimony in India should not be considered as social statuses, but is it mandatory to break your wallets for glitz and glamour of few hors? The article tries to suggest some tips that can help in saving a considerable amount of money, yet promise a fabulous wedding.
Start early: it is also advised by the experts to start the planning as soon as you learn about the wedding date, as it takes a lot of time to plan things. Book your venue and pay off some money as advance, as you might get some good deals if you book early. Shop for the things while discounts are on, as you can have some great deals at affordable rates.
Cut short the pre-wedding parties: If you have a huge friend and a relative circle then certainly you would need to celebrate the occasion with them, but make sure that you do not spend much on these pre-wedding parties like cocktail parties, bachelorette parties, sangeet and Mehendi. In Hindi Matrimony, particularly in north India, such celebrations are common.
Wedding functions: A traditional Indian wedding is usually very elaborate and includes a number of rituals and rites, as well as guests! You need to prepare the guest list beforehand and call only those who make it to the list of The Inevitable. You can also limit the wedding meals from 2 to 1 to avoid extra expenditure. These days, may be due to lack of time or to save costs, people have started to opt for a single day function, which includes wedding rituals followed by the reception. This has been helpful in not only saving money, but also time and energy!
Consider the following:
- What is the economic status of your parents? Are they able to contribute to the wedding without incurring debt or they are trying hard to ask for loans from financial institutions?
- Do you have an estimate of how much you can contribute if your parents want to help pay for the wedding costs?
- In case you have opted for a love marriage, and do not want to ask for the money to your parents, then are you having the sufficient money available (not savings credit) to pay for the wedding? If yes, how much?
- Are you planning to start up a savings plan to incur the costs associated with the wedding? If yes, how realistically you can save between the current date and the date of the wedding? Define an economic goal and plan to achieve their goal.
- Do you have offered to sponsor some aspect of your wedding? If so take note of who, what, and formality with which you have provided this detail. Anyway try to plan your budget and if you were not getting these details, then you better count on more liquidity than you planned, in reverse.