Arundhati Singh, Dalal Street Investment Journal
Martin Luther had once said, “There is no more lovely, friendly and charming relationship, communion or company than a good marriage.”
Maybe this is why we want it to be the most memorable moment of our lives. Maybe that’s the reason why people want to celebrate it the best way. Moreover, the Indian wedding has always been quite an elaborate event, which requires meticulous planning and huge amount of funds and in order to make it memorable, most of us often end up spending more.
Therefore, creating a suitable budget for your wedding is as important as deciding on the date. Your planning for ‘the day’ should start much in advance to avoid getting carried away. Planning and sticking to a budget not only facilitates in making you conversant with everything related with the marriage expenses, but will also make you regimented to organise your dream wedding without compromising on your financial future. Now, let’s see how to go about planning that dream wedding.
Early Start
In India, even today most of the weddings are financed by parents of bride and groom. In order to make their children’s wedding grand and memorable, parents don’t hesitate to spend their lifetime savings.
Many parents also start investing and accumulating wealth for their children’s wedding early.
Also, one of the major expenses in Indian weddings is that of jewellery. Hence, we often come across people investing in gold.
Shivprasad Hiremath, who is getting married on 28th November 2010, says: “We have spent less on jewellery as investment in gold had already been made years back.”
Planning Budget
Apart from the investments made in advance, what is the most important part of the entire planning exercise is deciding on the right budget. You need to sit down with your partner and family to decide on how much you want to spend and, most importantly, can afford to spend on your wedding.
While planning on the budget it is important to keep in mind, that your wedding is a beginning of a new life, so you definitely need to keep aside savings for your future.
“This might sound like a war planning, but meticulous planning is very necessary to figure out what is necessary and what is lavish. That helps you stick to your budget. But always remember, it’s not always the cost that matters because it’s one of those once-in-a-life moments that you would cherish forever,” says Shivprasad.
Explaining how he planned for his marriage, Himanish Goswami, says “Secondary research and also lot of planning went into the marriage as we had about three months in hand. Did a bit of market research and discussed with the key stakeholders, and yes, got the priorities laid out first (logistics, etc.)”
Affordability
You need to set your budget before you can narrow down on the expenditures. Once the budget is set, prioritize on what amount of money goes where. Weddings are elaborate affairs that involve multiple parties, high-end attires and good food. Speak to your friends about their weddings. Ask them about the expenses and what, according to them, could have been avoided or been better?
Shivprasad says, “My family members had done most of the groundwork, which includes getting various quotes from marriage halls, banquet halls, decorators, caterers, photographer and videographer, etc. That made it easy for us to sit together and list out some of the best options according to cost as well as convenience.”
Gargee Wathodkar, who is getting married early next year, says, “While planning for the wedding expenses, preference was given to the necessary expenses, after that the expenses are arranged according to our post-marriage needs and requirements.”
It is important not to plan for an extravagant wedding just to show off. “I think there is no point in spending lakhs on decoration. I don’t personally believe in showing off. We are not getting married to show off our wealth and money to our relatives or guests. In fact, the more we save, the more money we will have to begin our married life. So why waste money on decoration that would last just for a few hours?” says Snehal Naik, fiancée of Shivprasad.
Source of Finance
Once the estimate cost is set, you need to check all your sources of income and whether you need to opt for financing your wedding. If your parents are financing the big day of your life, make sure that they have some saving left for themselves. This is necessary because many parents don’t think twice before spending their lifetime’s earning to make their children’s dream wedding come true. See whether you need to contribute and how much, and if you need to contribute, then decide on the source of income and saving.
Shivprasad has taken a loan against a fixed deposit to finance his wedding.
Timeliness
Time is the major factor in wedding. Remember, your wedding is not the only one in your town. So you need to be fast in making the basic arrangements that of booking venue for the wedding day. Getting late in doing so may cost you bombshell and may also add to your stress level.
Short-listing
It won’t be wrong if an Indian wedding is said to be equivalent to a festive season. Like Diwali, Navratri, etc. weddings in India bring in shopping season. So, after taking care of the venue and menu, and the estimated costs, its time to checklist other expenses like attire, wedding rings and jewellery, invitation cards, etc.
Walk down the street before getting into a store for your final shopping. You may get better or same quality stuff for half the price. In case you are aware of your wedding date well in advance, wait for the festive season, you might get best of deals at best of rates. Shopping during discount season will any day help you not only cut down your costs, but also add some more to your post marriage saving accounts.
Wedding Planner
Wedding planners are professionals who help you arrange your marriage at your budget. There is a myth that only business tycoons and upper middle class families opt for wedding planners or event organizers for the wedding arrangements.
The fact is even with a fixed amount of Rs 20,000 to Rs 50,000 as service charge your wedding events will be taken care of. All you need to do is stay in touch with your wedding planner and your finances and the rest is taken care of. Wedding planners are highly recommended especially for out of town weddings.
Wedding Insurance
Very few people know about the concept of wedding insurance, and even if they know they really don’t feel the need of taking one. But just in case something goes wrong during your wedding - may be burglary, fire, etc. - then wedding insurance is a big help. It is always wise to be ready for the worst times than be ignorant.
ICICI Lombard and Bajaj Allianz offer wedding insurance. In case of Bajaj Allianz, premium policies range from Rs 3,770 to Rs 14,276 for a sum insured of Rs 20-70 lakh. The policy covers six options that add up to the total policy amount.
For example, the minimum insured amount for cancellation, damage and personal accident each is Rs 2 lakh and above, while the public liability cover is of Rs 10 lakh or more. Which means if you plan to modify your cover by insuring the ceremony only against event cancellation and fire, your premium will reduce as compared to a wide-ranging cover including all six emergencies.
ICICI Lombard’s wedding policy, which comes under their event insurance package, also includes three options: cancellation of the event, material damage and public liability. The premium charged is 0.75-1 per cent of the policy amount.
Some PSU insurers have event insurance policies that also cover weddings. In case of Oriental Insurance, the premiums are anywhere in the range of 1-2 per cent of the sum insured. If you opt for wedding insurance, keep a record of all the bills and expenses of wedding, which your insurer would ask for in case of any mishap.
Prepare For Contingencies
These can never be planned, but that does not mean these will never occur. When you are planning for your wedding you should be ready for shelling some extra pennies for such situations. Hence, it’s always advisable not to blow away all the money you had kept aside for the wedding.
Even if you don’t get into any such situation, the money saved will come in handy.
The Honeymoon
Along with your dream wedding, comes your dream honeymoon. The cost of honeymoon needs to be included in the wedding budget. The cost will depend on the place you wish to go to and the number of days you wish to spend there.
Things To Do And Avoid
People do get tempted to spend more than what they had planned for. Resist the temptation. Financial planning does not help if not followed religiously. Say a no-no to using credit cards for bits and pieces of expenses, as it is difficult to keep a track of the overheads during the hassle of wedding.
Wedding should be a happy and family affair than a status symbol. Before shelling out money, think twice or thrice whether it is really required. Maintain a checklist of all the activities and expenses. This will keep you informed about your budget range. Many times due to the hassles and rush of the event, we lose the track and keep spending which results in our exceeding the budget.
And Live Happily Ever After
If you are determined to plan and be prepared, you can definitely organise your dream wedding and also save a lot for your future. You would definitely not apply for any job without preparation. Similarly, you need to do your homework before stepping into a new life. Once you are married, you may want to look for an apartment, maybe a car, etc. “Keep it short and simple. You can spend lakhs on your wedding but end up feeling tired and drained out at the end of all the celebration. The simpler it is, the less stressful it is. And yes, plan in advance, as a wedding planned well in advance is really soft on your body, soul, and the pocket. Most importantly, save as much as you can,” advises Snehal.
A well-planned and equally well-executed wedding will not only keep you make your dream come true but will also keep you financially secured during married life.
After all, love stories should always end on blissful note, where you will live happily ever after with your prince or princess.
Source: Dalal Street Investment Joural, Dated Nov 2010.
Martin Luther had once said, “There is no more lovely, friendly and charming relationship, communion or company than a good marriage.”
Maybe this is why we want it to be the most memorable moment of our lives. Maybe that’s the reason why people want to celebrate it the best way. Moreover, the Indian wedding has always been quite an elaborate event, which requires meticulous planning and huge amount of funds and in order to make it memorable, most of us often end up spending more.
Therefore, creating a suitable budget for your wedding is as important as deciding on the date. Your planning for ‘the day’ should start much in advance to avoid getting carried away. Planning and sticking to a budget not only facilitates in making you conversant with everything related with the marriage expenses, but will also make you regimented to organise your dream wedding without compromising on your financial future. Now, let’s see how to go about planning that dream wedding.
Early Start
In India, even today most of the weddings are financed by parents of bride and groom. In order to make their children’s wedding grand and memorable, parents don’t hesitate to spend their lifetime savings.
 |
| (pic courtesy: fbcutepic.com) |
Also, one of the major expenses in Indian weddings is that of jewellery. Hence, we often come across people investing in gold.
Shivprasad Hiremath, who is getting married on 28th November 2010, says: “We have spent less on jewellery as investment in gold had already been made years back.”
Planning Budget
Apart from the investments made in advance, what is the most important part of the entire planning exercise is deciding on the right budget. You need to sit down with your partner and family to decide on how much you want to spend and, most importantly, can afford to spend on your wedding.
While planning on the budget it is important to keep in mind, that your wedding is a beginning of a new life, so you definitely need to keep aside savings for your future.
“This might sound like a war planning, but meticulous planning is very necessary to figure out what is necessary and what is lavish. That helps you stick to your budget. But always remember, it’s not always the cost that matters because it’s one of those once-in-a-life moments that you would cherish forever,” says Shivprasad.
Explaining how he planned for his marriage, Himanish Goswami, says “Secondary research and also lot of planning went into the marriage as we had about three months in hand. Did a bit of market research and discussed with the key stakeholders, and yes, got the priorities laid out first (logistics, etc.)”
Affordability
You need to set your budget before you can narrow down on the expenditures. Once the budget is set, prioritize on what amount of money goes where. Weddings are elaborate affairs that involve multiple parties, high-end attires and good food. Speak to your friends about their weddings. Ask them about the expenses and what, according to them, could have been avoided or been better?
 |
| (pic courtesy: webvivah.com) |
Gargee Wathodkar, who is getting married early next year, says, “While planning for the wedding expenses, preference was given to the necessary expenses, after that the expenses are arranged according to our post-marriage needs and requirements.”
It is important not to plan for an extravagant wedding just to show off. “I think there is no point in spending lakhs on decoration. I don’t personally believe in showing off. We are not getting married to show off our wealth and money to our relatives or guests. In fact, the more we save, the more money we will have to begin our married life. So why waste money on decoration that would last just for a few hours?” says Snehal Naik, fiancée of Shivprasad.
Source of Finance
Once the estimate cost is set, you need to check all your sources of income and whether you need to opt for financing your wedding. If your parents are financing the big day of your life, make sure that they have some saving left for themselves. This is necessary because many parents don’t think twice before spending their lifetime’s earning to make their children’s dream wedding come true. See whether you need to contribute and how much, and if you need to contribute, then decide on the source of income and saving.
Shivprasad has taken a loan against a fixed deposit to finance his wedding.
Timeliness
Time is the major factor in wedding. Remember, your wedding is not the only one in your town. So you need to be fast in making the basic arrangements that of booking venue for the wedding day. Getting late in doing so may cost you bombshell and may also add to your stress level.
Short-listing
It won’t be wrong if an Indian wedding is said to be equivalent to a festive season. Like Diwali, Navratri, etc. weddings in India bring in shopping season. So, after taking care of the venue and menu, and the estimated costs, its time to checklist other expenses like attire, wedding rings and jewellery, invitation cards, etc.
Walk down the street before getting into a store for your final shopping. You may get better or same quality stuff for half the price. In case you are aware of your wedding date well in advance, wait for the festive season, you might get best of deals at best of rates. Shopping during discount season will any day help you not only cut down your costs, but also add some more to your post marriage saving accounts. Wedding Planner
Wedding planners are professionals who help you arrange your marriage at your budget. There is a myth that only business tycoons and upper middle class families opt for wedding planners or event organizers for the wedding arrangements.
Wedding Insurance
Very few people know about the concept of wedding insurance, and even if they know they really don’t feel the need of taking one. But just in case something goes wrong during your wedding - may be burglary, fire, etc. - then wedding insurance is a big help. It is always wise to be ready for the worst times than be ignorant.
ICICI Lombard and Bajaj Allianz offer wedding insurance. In case of Bajaj Allianz, premium policies range from Rs 3,770 to Rs 14,276 for a sum insured of Rs 20-70 lakh. The policy covers six options that add up to the total policy amount.
For example, the minimum insured amount for cancellation, damage and personal accident each is Rs 2 lakh and above, while the public liability cover is of Rs 10 lakh or more. Which means if you plan to modify your cover by insuring the ceremony only against event cancellation and fire, your premium will reduce as compared to a wide-ranging cover including all six emergencies.
ICICI Lombard’s wedding policy, which comes under their event insurance package, also includes three options: cancellation of the event, material damage and public liability. The premium charged is 0.75-1 per cent of the policy amount.
Some PSU insurers have event insurance policies that also cover weddings. In case of Oriental Insurance, the premiums are anywhere in the range of 1-2 per cent of the sum insured. If you opt for wedding insurance, keep a record of all the bills and expenses of wedding, which your insurer would ask for in case of any mishap.
Prepare For Contingencies
These can never be planned, but that does not mean these will never occur. When you are planning for your wedding you should be ready for shelling some extra pennies for such situations. Hence, it’s always advisable not to blow away all the money you had kept aside for the wedding.
Even if you don’t get into any such situation, the money saved will come in handy.
The Honeymoon
Along with your dream wedding, comes your dream honeymoon. The cost of honeymoon needs to be included in the wedding budget. The cost will depend on the place you wish to go to and the number of days you wish to spend there.
Things To Do And Avoid
People do get tempted to spend more than what they had planned for. Resist the temptation. Financial planning does not help if not followed religiously. Say a no-no to using credit cards for bits and pieces of expenses, as it is difficult to keep a track of the overheads during the hassle of wedding.
Wedding should be a happy and family affair than a status symbol. Before shelling out money, think twice or thrice whether it is really required. Maintain a checklist of all the activities and expenses. This will keep you informed about your budget range. Many times due to the hassles and rush of the event, we lose the track and keep spending which results in our exceeding the budget.
And Live Happily Ever After
 |
| (pic courtesy: craftingcreatures.wordpress.com) |
A well-planned and equally well-executed wedding will not only keep you make your dream come true but will also keep you financially secured during married life.
After all, love stories should always end on blissful note, where you will live happily ever after with your prince or princess.
Source: Dalal Street Investment Joural, Dated Nov 2010.
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