When it comes to wedding costs, the norm used to be that the bride and groom’s family would split the costs and cover the entire budget. Starting from the venue to catering, everything would be taken care of by them. However, it is 2019, and individuals have become incredibly independent and want to shoulder the costs of their entire wedding. While a wedding can be a significant expense, you need to remember that you must start saving smartly in order to be able to pay for it.
Furthermore, with financing options such as wedding loans by Bajaj Finserv, available on Finserv MARKETS, paying for your wedding yourself is even easier. One can get a wedding loan approval and know the eligibility limit online within minutes. Moreover, Finserv MARKETS offers loan disbursement within 24 hours with flexible repayment options, taking care of all your financial worries.
Organize and plan
The first step you will have to take if you want to pay for your own wedding is to come up with a saving and cost plan. One of the most important things to do here is to estimate how much your wedding will cost. You can use an online wedding cost calculator to estimate according to the number of guests you are planning to invite. Also, it is important to factor in expenses related to venue, catering, decorations, wedding attire, and accommodation. Ensure that you have not missed out on any major cost as this will change up your plan significantly.
The next step will be to have a look at the current savings you have accumulated for your wedding and estimate how much more you have to save in order to reach your goal. A very important factor to note here is that you must not touch any other savings funds, such as your emergency or rainy day fund to finance your wedding. While we all have limited savings it is important to remember that tapping into emergency funds simply to have a fancier wedding is not financially prudent.
Cut back on monthly expenses
Once you have figured out how much you will have to save for your wedding it is time to have a look at your monthly budget and start cutting down on unnecessary expenses. You will certainly have to make some sacrifices such as eating out less, gym membership amongst others to help you save up for your big day.
Additionally, you will also have to make some bigger sacrifices including any planned vacations. While it may seem like a big deal, remember that these cutbacks are only temporary and you can resume your lifestyle once you have saved enough for your wedding.
Start saving and investing
While cutting down on monthly spends and other expenses will help you save money, it is critical that you start contributing a bigger portion of your monthly income to your wedding day fund. However, saving is simply not enough, you will also have to invest the money wisely to ensure that inflationary pressures from the market do not erode the real value of your savings.
Depending on the time you have available to save up for your wedding and your overall risk-taking appetite you have a plethora of options to help you invest your savings. These are including but not limited to the stock market, systematic investment plans (SIPs), unit-linked insurance plans (ULIPs), savings accounts, bonds, amongst several others.
The reality of the situation is that despite having a plan and saving up for months you still may not be able to bridge the gap between your savings and your wedding budget. Although you and your partner have decided to pay for your entire wedding yourself, remember that you can always take help from banks or financing companies and obtain a personal loan to cover the remaining or majority of the expenses.
Bajaj Finserv, available on Finserv MARKETS, offers personal loans for up to Rs. 25 lakh with flexible repayment options and tenures ranging from 1 year to 5 years (with an annual renewal option for interest servicing loan). In fact, you do not even have to provide any kind of security or guarantee and the loan will be approved in less than 24 hours.
Get to know more about types of interest and charges on personal loan.
Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!