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Getting Married? Here’s How You Can Plan and Save For It

By Finserv MARKETS - Nov 24,2021
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Wedding bells are ringing! Your big day is coming up soon. There’s so much to plan, so many things to do – choosing a venue, booking the caterer, talking to the florist. Oh! A DJ as well? That’s going to take some rigorous planning. Wait! You forgot clothes. Not just for you to look amazing on that day, but also for your family and close friends.

You’re indeed looking at a major expense heading your way. To reduce your financial burden and stress, it is of utmost importance that you plan. Your happy day should not affect you financially in the long run.

Wedding Costs

This one’s completely on you! The amount spent is dependent on what kind of a wedding you want. Many believe in big-fat weddings that come with all the glitter and expenses. Others, love to keep it simple. Your wedding expenses are directly proportional to the size of the party you’re throwing. So, you must plan out the party and start calculating the costs right away!

Venue

The location of the wedding determines the cost associated with it greatly. You might want to get married to the love of your life at a banquet in your city. You might want to have a destination wedding, or it could be simply at the registrar’s office. All these plans come at different costs. So, you and your partner need to discuss the venue and then start saving accordingly.

How Can You Save for Your Wedding?

Pretty simple. Start planning and saving early. If you know that you want to get married, start saving for it as early as you can. This will help you gauge your financial commitments. You might have some ongoing financial commitments, so the sooner you start planning, the easier it’ll be for you economically.

If you’ve just proposed or been proposed to, enjoy the excitement for the first couple of weeks. But then, get back to reality and discuss with your partner on how to make things mutually cost-effective and remarkable.

Calculate the Budget

This is probably one of the most important things on the to-do list when it comes to weddings. There could be ad-hoc expenses, overshooting of the budget, and so on. Even after a lot of planning, many couples end up spending more than their actual budget. This causes unnecessary financial stress for them and their families.

It could be a wise idea to save some money additionally for such unforeseen expenses for weddings. It’s amazing to stick to Plan A, that is, staying within the wedding budget. However, there should always be a Plan B. Save a bit more, it won’t hurt!

When you calculate the budget of your wedding, discuss with your partner, and decide how many guests would be invited. This, when mutually decided, eases out the expenses to a great extent. An event with 20 to 30 close friends and family will be far less expensive than a grand wedding.

Set Targets for Your Savings

Once you have a good idea of what the expenses look like, set some saving goals for yourself. It is always better if it is done on a weekly or monthly basis. Understand what works for you best and set your targets.

Keep tracking the numbers and see how you get closer to your set budget. Not only will these numbers boost your confidence, but also reassure you that you are well prepared for your big day. Now, isn’t that nice and comforting?

Bottom line:

You must understand that getting married is a huge thing, but the wedding is a momentous event. If you end up spending without planning things properly, your finances will get hurt. Look for wedding deals during the wedding season, compare venues and caterers, and bargain with the florists! You’re going to be on a beautiful journey together with your partner. Make wise decisions now and plan a better future with each other.

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