- Ritesh Mastipuram
4 Tips to Create a Wedding Budget
Updated: Aug 1, 2022
India seconds only the US in the wedding industry business.
On average, India witnesses about 30,000 weddings per day.
The average Indian spends about 1/5th of their lifetime’s income on their wedding.
If these statistics could tell you one thing, it would be that we Indians love to splurge on weddings. Weddings are more than the emotional bonding of two people for us.
It is two families coming together and signing up for a lifelong relationship of mutual respect and trust. It is considered a privilege to share this special moment with friends and family.
Contrary to popular belief, it is still possible to go light on your wallet while realizing all your wedding dreams.
Indians always have a question of how to plan a wedding budget. This article explores the best ways of marriage budget planning.
What is a Realistic wedding budget?
Weddings are often seen in pop culture and Bollywood as a dreamy event that just eventually happens to you. While we wish that was true, the reality is that there are a lot of logistics involved in bringing a wedding together.
Undoubtedly one of the most beautiful moments of one’s life, weddings are also the time of emotionally and impulsive waging a war with your financial assets. Especially in a country like ours where people do not think twice before spending on weddings.
But with enough financial maturity among the masses and new age couples, people are making smarter and wiser marriage budget planning decisions.
These decisions help you plan a realistic wedding with all of your goals met, rather than the dreamy idea Bollywood was trying to sell you.
Making a realistic wedding budget would mean listing down your ideas for the wedding and then saving up for it without disturbing your investments and savings.
But how do you exactly do that? Keep reading to know.
4 tips for how to plan a wedding budget
Now you know all the potential factors where you will need to spend. Following are a few tips on how to plan a wedding budget.
Know how much you can spend-
To really know how much you can spend, first set aside 3 months of your income and your fiance’s income. This will be your fund in case of unforeseen circumstances such as any health emergency, etc.
In the remaining fund, deduct any debts or recurring bills such as rent, electricity, etc. Also, subtract the money you regularly save and invest. A grand wedding does not need you to compromise on your wedding.
The amount of money that now remains with you is the money you can comfortably spend on your wedding.
Pro tip: It is recommended to calculate this at least 8-6 months prior to the wedding date, so in case you are not happy with the amount you can plan accordingly. Choose a liquid wedding savings account that will be more convenient.
Track your wedding expenditure-
Steer clear of under budgeting your wedding expenditure. The major reason which puts enormous pressure on the pockets of couples is not their wedding plan in itself but the fact that they did not consider their marriage budget planning more carefully.
Sit down with your partner and shape the vision that you have for your wedding. Is it a closed family event in a cozy space, is it an extravagant wedding but within a confined space, or are you going all out?
Once this decision has been made, you can be certain about a certain amount in your mind.
Pro tip: Even if it seems overwhelming, try to list down every expenditure that might arise. Write down exactly how much you would be able to spend on catering, dresses, decor, etc. This will help you from overspending impulsively.
Have surprise expense funds ready-
A wedding is a perfect place to harbor surprises. Most of them are lovely, and you are going to remember them for a long time in your life. Some of them might not be the ones you are proud of.
To combat such surprises, always have extra surprise funds ready.
A wedding is an event where families reunite, so expenses might always arise out of such situations. Logistically, keeping 5-15% of your wedding savings as surprise funds is a smart plan.
Vender costs, sharing digital photos, wedding certificates, and Insurance, there is a long list of things that you can’t possibly sit and imagine. It is also not possible to avoid these expenses.
Here is how you can save on big bills during your wedding:
> Shop wedding dresses and jewelry from a small and humble family-owned business. This does not mean you have to compromise on your looks for the special day. You can have ideas from social media and get your dress custom-made.
> Do not hesitate to ask friends and family for known photographers and makeup artists who can provide services at discounts. This way you will be supporting them and yet saving some cash.
> Go eco-friendly. Gift plants to your guests. Avoid crackers. These small things weigh heavy on your pocket as well as the environment. So keep them as away as possible.
> Select a special date away from the peak wedding season.
Wedding expenditure includes halls, costumes (which includes jewelry), and catering are probably going to be one of the major cost-inducing factors of your wedding. While you will have to think about the costumes yourself, you are not alone in planning the venue and the food.
Introducing Ridhira Retreat
A perfect place for all wedding functions, let us introduce you to Ridhira retreat.
We are located in a quiet and beautiful location at Gandipet, Hyderabad. We have lush green lawns and backgrounds in front of the most luxurious settings to make your dream wedding come true.
We organize all premarital and post-marital functions like Mehendi, Sangeet, etc. We also have photographic locations where your wedding photos will turn out to be great. With an accommodating facility for up to 800 people, we take pride in serving you with the best.
Click here to contact us. We are open for bookings and would love to add our very own charming touch to your special day. To know more about us, Call us on 9100888643 or 9121232288.