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Common Financial Mistakes people make while planning a Wedding

Planning a wedding: A wedding is more than just a special day. It’s a festivity. A once-in-a-lifetime event that ushers in a new era for both the family and the newlyweds. Everywhere you go in the globe, a wedding is regarded as a lavish event. Weddings are very expensive; for more information, see these 5 Financial Planning Techniques to Save Money.

A week may pass between certain small-scale wedding rituals and others that take place over the course of a single day. Additionally, Indian weddings are world-famous for being opulent, expansive, and crowded, with traditions spanning at least two to three days.

An ordinary Indian wedding asks you to handle the costs of hosting at least 100-200 people for 2-3 days in addition to spending a fortune on your wedding functions, even if entertaining 50 people for a day also costs you a fortune.

It is anticipated that the whole cost will be at least Rs. 10-15 Lakhs, taking into account all the expenses associated with organizing a typical wedding. And for an average middle-class Indian who makes about Rs. 50,000 a month, spending this much just on the wedding and saving a minimum of Rs. 1.5–2 lakhs for post-wedding expenses becomes very challenging.

But, considering the importance of a wedding, the excitement and expectations related to it, willingly or unwillingly, knowingly or unknowingly, people tend to commit these most common financial mistakes when planning their wedding, and we don’t want you to make the same.

Not Fixing A Budget:

Weddings and emotions go hand in hand. If you don’t set a limit on your wedding expenses and you’re feeling very emotional, it’s very easy to overspend in an attempt to make this once-in-a-lifetime event an unforgettable celebration for the rest of your life.

Although this unforeseen and unplanned overspending may make you happy in the short term, it will cause you problems down the road. As a result, it’s critical to establish a specific budget for your wedding and make sure you stay within it.

Missing-Out Or Underestimating The Expenses:

The location, refreshments, outfits, jewelry, makeup, photographers, decorators, overtime fees, and more A wedding has countless details, all of which have an associated expense. It might be challenging to enumerate all of the specific costs associated with a wedding given the multitude of small and significant details involved. However, there are instances when unforeseen costs can put things beyond your control and result in a difficult circumstance. It is therefore advised that you make an effort to approximate the actual number as closely as possible.

Read also: Finance Tips: 5 Investment Options for Financial Freedom in India

Going Overboard:

Even though your wedding is one of the most important events of your life, it is clear that you will do everything in your power to make it unforgettable. However, you could occasionally overspend in the course of meeting everyone’s expectations regarding the location, gowns, number of events, jewels, number of guests, gifts, or anything else.

Though the wedding happens only once, but it’s still the start of your married life and you also need to be ready for the post-wedding expenses related to the honeymoon, shopping for your new home, or even family planning.

Thus, it is suggested that you avoid going overboard and focus on your future financial stability.

Using Your Entire Savings, Investments & Emergency Fund:

Given the high cost of wedding planning, particularly for those with average incomes, it might be challenging to organize and pay for the estimated Rs. 10-15 Lakhs of expenses all at once. Therefore, to plan for a wedding this size, you and your family can pool all of your assets, savings, and emergency fund to ensure a seamless and unforgettable day. Although your goals and feelings are admirable, it is never a good idea to risk all of your resources, especially your emergency fund, since you never know when you might need it to cover an unexpected expense.

Thus, you must always have separate savings and investment options, that are specifically for your wedding, and spending which will not hamper your overall financial health.

Taking A Loan:

It is common for people to take out loans to carry out their wedding preparations when they lack the necessary funds for the type of wedding they want to host. Even while personal and wedding loans are widely accessible these days, it is not a good idea to take out a loan for your wedding because you will have to start your married life paying back interest and it can affect your post-wedding plans.

Unplanned Shopping:

Wedding dresses, accessories, and jewelry are often expensive. But, purchasing them from anywhere, without any research, negotiation, and at the end moment will make you spend more than required.

So, instead of keeping your shopping at the bottom of your checklist, treat it as a priority and start it as soon as you start planning for the wedding.

Ignoring The Wedding Planner:

Although it may not seem impossible to organize a wedding on your own, there are advantages to working with a professional wedding planner. Hiring a wedding planner might seem like a costly idea at first, but fear not—there are plenty of affordable wedding planners that can provide excellent services at competitive prices. While a wedding planner may not be able to significantly reduce your wedding costs, they will guarantee that everything is well-organized and that your wedding runs without a hitch or inconvenience.

Read also:10 financial planning rules to manage money in your life

Conclusion:

With that, we wish you avoid any of these blunders, have a great wedding, and begin your married life with much delight. Above all, we would want to inform you that the state of the world’s finances right now is not ideal as financial specialists. A number of the world’s largest economies have already been impacted by the cold wave of recession, and India’s economy could be next. In light of the current circumstances, in which financial experts predict an impending economic winter, we advise you to prioritize financial security for the future in addition to planning an unforgettable wedding in order to ensure financial ease throughout your married life.

Disclaimer: The article or blog or post (by whatever name) in this website is based on the writer’s personal views and interpretation of Act. The writer does not accept any liabilities for any loss or damage of any kind arising out of information and for any actions taken in reliance thereon.Also, www.finnbuzz.com and its members do not accept any liability, obligation or responsibility for author’s article and understanding of user.

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