How to save money while planning a big, fat Indian wedding
You might want to consider these ways of retaining the lavishness of a wedding while cutting back on the cost.
Representational image of a bride. (AP photo)
Weddings are big and fat in India, and that’s how we like it. Although people often end up draining their life savings to fund this expensive affair, frugality is not welcome. From food and decoration to dresses and jewellery, everything is expected to be the best.
With the wedding season setting in, you might want to consider ways to retain the lavishness of a wedding while cutting back on the cost. You don’t want to let go of your other financial goals in order to celebrate a wedding. Let’s see how you can get the best of both worlds.
Build a fund and don’t rely on borrowed money
First up, when you borrow and don’t use your own funds, you spend more on interest payments. Essentially you pay more than the original price for everything you finance using a loan. Loans are good only when taken to invest in appreciating assets. Loans are also useful when you are in sudden need of money and you don’t have a choice. Weddings are neither and you have time to save up. So invest in mutual fund SIPs to slowly build a corpus. Do not rely on loans.
Book in advance
Weddings have many components and they involve booking the venue, hotels, caterers, event organisers etc. Early planning gives you the power of negotiation. You get the time to explore options. As the wedding season draws nearer, venues, hotel rooms, event organisers tend to be occupied and what remains becomes more expensive. Planning in advance can help you crack a better deal and give you more time to arrange for funds.
Spend smartly on jewellery, dresses and venue
Jewellery and dresses are some of the most expensive components of a wedding. When it comes to buying jewellery, explore hallmarked items from reputed stores instead of buying branded jewellery, which comes with higher premium. Also gold prices increase in India during festivals and wedding season, so try and buy in advance.
Wedding dresses again are expensive and may not be useful any time after the wedding. So why not rent one? Several stores offer wedding dresses on rent at a discount of about 50% on the actual cost.
You can also opt for a court wedding and throw a party at a community marriage hall. If you want a traditional ceremony, you can arrange for an event in a wedding hall/ community marriage hall instead of booking a hotel which is way more expensive.
Send digital invites
Printing wedding cards is a thing of the past. Sending digital invites is more cost effective and personal. Depending on the type of card you select, a printed one can cost you anywhere between Rs 100 and Rs 1000. So, if you invite 500 people, your cost could go up to Rs 5 lakh. An electronic invite can be sent through WhatsApp, Facebook, SMS, emails etc. You can always call your guests or visit them additionally to invite them.
These little hacks can save you from unnecessary expenses, so your hard-earned money can be put to better use.
The writer is CEO, BankBazaar. The article has been published in collaboration with BankBazaar. Opinions expressed are those of the author.
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