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Tips on Saving Money for Your Dream Wedding

  • Highlights

  • Luxurious weddings may cost a fortune

  • Plan your wedding expenses in advance

  • Invest in a savings plan to compile your wedding funds

  • Choose the right venue, decor and season for your wedding

Weddings are one of the most beautiful moments of your life, which is enriched by the presence of your loved ones. You may have yearned of a dream wedding, with a lavish reception, beautiful décor and an amazing ambience. However, such an enthralling setting may cost you a fortune.

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Managing your wedding expenses could ruin your married life at a later stage. To have your dream wedding, you need not empty your pockets, and cut costs to such an extent.

These financial tips can help you make the most of your dream wedding, without breaking your budget.

Start a Savings Plan

The Indian wedding industry currently accounts for over Rs. 1,00,000 crores and is growing at a rapid rate of 25-30% each year. An average wedding could range between 20 lakhs to 5 crores. A person in India is estimated to spend one-fifth of the total wealth accumulated in his lifetime on his wedding.

Hence, it’s prudent to begin your savings early to avoid being in debt for your wedding. If you don’t have a strong risk appetite, opt for

fixed deposit investments, which offer high stability and credibility along with higher returns.

If both partners start investing in a savings plan for their wedding, funds can mount up quickly for your dream date.

Avoid the Peak Season

Industry experts say, almost 70% of the weddings in India take place between December to February, when the venue costs are at their peak due to high demand. Hotels and banquet halls may charge you much more during these seasons.

Hence, choosing an off-season or avoiding peak seasons for your wedding is a frugal choice. You can save up to 30% on venue and accommodation costs during this time when the demand is not so high. Booking a deal in advance is another good idea to catch early-bird offers.

Additional Read: 5 Hotels That Are The Best Wedding Venues For You

Get the Venue Right

One of the first things that needs to be finalised is the venue for your dream destination. Choosing the right venue at the prudent location might make a big difference to your wedding budget.

Hiring lavish hotels, wedding halls or special wedding destinations could turn out to be an expensive idea. Traditional venue like a farm-house and using your roof-top or basement for other ceremonies all become potential and inexpensive venues for your wedding ceremonies.

Save On the Decor

Choosing expensive decor for the setting of your wedding venue might burn a hole in your pocket. Expensive out of season flowers and luxurious decoration might cripple your wedding budget.

Additional Read: Wedding Décor Ideas For Every Budget

Try in-season and affordable flowers to save on floral costs. You can also use traditional adornments and incorporate non-floral elements like lanterns which are less expensive and can save your decorum bills.

Go Green, Save on The Invitation Costs

Use digital platforms to send invitations for multiple ceremonies rather than personalised invitation cards. Sending text messages through social media is also a noble initiative, which can save paper and help you spread greenery. Sending a text or well compiled video does not cost much and it’s attractive too.

Additionally, you should hire services of your family members and friends to trim down on the manpower costs. Remember to make a budget for your wedding and plan according to it. Make sure to follow proposed savings tool to have a great wedding without getting financially drained.

DISCLAIMER: The mentioned fixed deposit interest rates are indicative only, and may be subject to change periodically. Please check the interest rates on our website.

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