After a long break of two years, it is time for people to fully celebrate their lives again as Covid-19 is getting ready to stay in the past. India being the second largest wedding industry in the world sees almost 10 million weddings per year. The money spent after weddings sound like a no brainer and go out of control if not handled carefully. There is always a social compulsion hidden behind the spending pattern when a few rituals are lined up like mehndi, sangeet, wedding ceremony and reception. Here is a guide to help you structure your wedding budget cost effectively:

  1. It all starts with shopping-The wedding couple along with their relatives begin the wedding preparations with a shopping list. Instead of buying new jewelry you can use the traditional jewelry of your mother or like heirloom with minor changes. Not only gold, silver and diamond are costly but also their making and polishing charges are exorbitant. You can save to a greater extent by adopting this strategy. Similarly, the wedding outfits to be worn at various occasions put an additional pressure on the budget. Again, you can choose to use your mother or grandmother’s sarees etc. to make new garments. If you dwell upon the costly outfits displayed in shops/malls to attract customers, your budget will fall apart, and the gap cannot be filled by putting cuts elsewhere. 
  2. Finalizing the wedding date-Depending upon the urgency, wedding can be planned during off season months. Avoiding the busier months will save you money. You can get more options to choose from. There will be less pressure on organizers, caterers etc. also during an off season. Weekdays could save you cost wise instead of going for weekends. If both the families agree they can hire the same place to perform the events.
  3. Choosing a right venue-If the ceremony is not planned in fleeting time, you should try to explore various places to choose from the low-cost venues. Hotels and party-halls which offer cost effective rates should be prioritized before finalizing the place. Party plots are usually expensive. You can arrange it in a farmhouse of your friend or relative as it will have ample space to accommodate guests and will be available for all the rituals without any booking hassles and availability of dates. Make sure you plan it in a way so that all the events are organized at the same venue to save money as well as time. If you do not decide on dates and do the booking, you might end up arranging events at separate places thereby increasing the overall expenditure. A venue allowing outside caterers will be a plus. A place located outside the city or on outskirts will be less expensive. 
  1. Catering and Décor– Food is given a lot of importance in our marriages. Remember how much ever you spend, there will be someone finding it insufficient. You can choose to make it wholesome by including a few dishes at various times instead of making it full of options each time. An elaborate menu will prove to be burdensome. Caterers might tell you that choosing an xyzzy dish is in trend etc. You need not get carried away and stick to your plans. Hygiene and quality can be given importance but not exotic dishes. Décor too comes with innumerable options. The arrangements and decor sometimes take a lot of attention of the family to argue about. You can save by keeping it simple yet beautiful. There is possibility to make it different by applying some creative ideas. You can perform small events like pooja, mehndi etc.at home. A religious place like a temple/church/gurudwara can be chosen if you do not want to spend on any heavy decor and expensive venues.
  2. The list of guests to be invited to different events– A few events are inevitably included in the wedding ceremony. If you have many events, plan them out in a way that they are lined up one by one and do not add to your financial burden. Planning them separately on different dates and time will add to the cost. Making a list of guests is again a tricky subject. Each one of the family members will have their own suggestions. The bigger the list, the more the expenditure. Decide on the total number of people to be invited so that it can be adjusted by making a few additions and deletions keeping the overall number the same. If the total cost is still not fitting into your budget, you can curtail the total number of people as well. You can split a few of them by not inviting them for smaller events and including them only for the main event. 

It is easy to say than getting things done when it comes to ceremonies. Age old theories and customs play a crucial role. Elders are likely to be in a dilemma whether to follow the established norms to arrange the celebrations in a peculiar way or not. Yet you can stand out and make a difference by prioritizing your money spending strategies. There shall be many occasions in future where money will be needed. Like your children’s future, going on a vacation with family, buying latest technology run equipment for your own house etc. 

On an average Rs.20 lakh to Rs.5 crore is spent on ‘Big Fat Indian Weddings’. There are people who take loans to fund their weddings. Poor people struggle their entire life to pay off such debts. We can conclude that breaking the norms is a worthwhile thought once you decide to adhere to it. There is nothing wrong to shape a wedding in a way that fits your budget and does not hurt the notion at the same time. 

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Finvestor Social Media
Krishna Rath is a SEBI Registered Investment Adviser, and since 2015 has been educating netizens on investments and insurance. Krishna is a fee only SEBI RIA and is Odisha's first SEBI RIA. With background in IT, Krishna is changing the advisory space with new innovations in AdvisoryTech.

By Finvestor Social Media

Krishna Rath is a SEBI Registered Investment Adviser, and since 2015 has been educating netizens on investments and insurance. Krishna is a fee only SEBI RIA and is Odisha's first SEBI RIA. With background in IT, Krishna is changing the advisory space with new innovations in AdvisoryTech.

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