Indian weddings are quite well-known for their grand celebrations and lavish style. But affording all these expenses can prove to be a huge burden on one’s pocket. However, this does not always have to be the case. With effective planning, one can easily arrange a wedding that is affordable and does not require an over-the-top budget.
So, how can one set a wedding budget as per their financial means? Let’s take a look at a few pointers that can help!
Keep the number of events in mind
Engagement, mehndi, sangeet, haldi ceremony, wedding, reception – there are a host of events in an Indian wedding. The cost of the wedding is bound to increase in proportion to the number of events involved. For those looking for a budget wedding, it is advisable to keep the number of events limited. It is also quite common to organise separate events together which will help in cutting down the costs.
Look for a suitable venue
There are various kinds of venues where couples can choose to get married. These venues could include a farmhouse, local banquet hall, hotel ballroom, spacious lawn, or even a family member/friend’s home garden. Do keep in mind that venues such as a party plot or lawn are more likely to be expensive. Choose a venue that can accommodate the number of guests and is at par with the budget set.
Plan the guest list carefully
In most cases, the guest list is never-ending. However, do keep in mind that the higher the number of guests, the higher the expenses, especially if there are multiple events being organised. So, make sure to review the guest list to ensure that this list does not significantly increase the budget.
Prepare a budget
This is the most important tip of all – never start planning your wedding without having a sound budget in place first. Consider the shopping list (jewellery, wedding clothes, etc.), catering services to be hired, the number of events at the wedding, and so on. While it is quite the task, try to keep all wedding expenses within the budget.
Consider applying for a personal loan
If paying for the wedding expenses from your savings is not a preferred option, or if the budget does overshoot, one can always apply for a wedding loan. This is a personal loan that one can apply for to cover their wedding expenses. Lenders even offer wedding loans of up to Rs 25 lakh! This can help in covering several costs, so borrowers do not have to worry about the finances. The loan can then be repaid in the way of personal loan EMI payments over the course of five years.
The wedding budget will also most likely be influenced by the season in which the wedding takes place. The wedding season in India begins after Diwali from November to December, as the weather during these months is more pleasant compared to the rest of the year. However, if the primary goal is to cut down costs, it is better to plan a wedding during the off-season. A lot of people apply for personal loans for their wedding expenses as this helps in lifting the financial burden off them while getting a competitive interest rate on the loan too!