06 Aug

Saying I do! The best ways to fund it

 

The questions been popped, the big day is looming forebodingly close and the excitement is growing. Thinking of robbing a bank to make your nuptials as perfect as you want them to be? Don’t let money hold you back. Here are more practical (and legal!) ways to fund your big day:

Create a budget

Before even setting a date plan your budget. Start keeping a separate sum of money every month for your wedding. Divide your total budget by the number of months you have to save till the ‘Big Day’. For e.g. if you are planning to wed in a year with a budget of Rs 600,000, divide Rs 600,000 by 12 (which equals about Rs 60,000 per month). Where should this money go? Accordingly you and your fiance can open a wedding account. Now you can direct a portion of your monthly income towards this account. Open your account in a bank which offers high interest to saving account holders. If this amount seems achievable, defer your wedding or try cutting corners at least till the big day.

Get someone else to pay

Honestly, getting someone else to pay for your wedding is always the best option. If your parents/grandparents/aunts/uncles, anyone and everyone is offering to fund your wedding don’t try and be a saint – accept gratefully. If not for the full amount, you can split the costs with your family. This will help lighten the load.

Consider credit as an option

Like most young couples, if you don’t have a ton of cash in hand (and borrowing the money from your folks is inconceivable), you will have to pare down your ceremony and reception. In this case you can turn to credit. Using a credit card will help you spread and defer the payments. You won’t have to make all payments at one time. But be careful because running up your charge card excessively could cost you ungodly amounts in interest.

Hire a wedding planner

Thinking of saying “I do” to a wedding planner? Wedding planners will help you wrangle details you might otherwise overlook. Since they are in constant contact with vendors they will help you make the most of your budget and allocate it properly. They will cost more money, but they will know about discounts and deals that you don’t.

Throw your wedding during off-peak season.

The date of your marriage has a huge impact on the costs. Avoid months which come with higher price tags. Plan your wedding during the off-season and avail the same quality of services at greatly reduced rates. Getting married during off season means better deals. It is cheaper too. It is far cheaper to throw a wedding on a weekday instead of a weekend.

Opt for a personal loan

You definitely don’t want to commence your married life with a debt. Consider opting for a personal loan as a last resort, only if all other alternatives are wiped out. Wedding loans fall under the category of personal loans.

Though rates for personal loans are fairly low, they turn out to be more costly than what you will pay for a mortgage. This because a personal loan is unsecured – there is no collateral. Remember the very best deals are reserved for those with an excellent credit score. Hence, it is important that you obtain a high credit score.

Now you can make your fairytale wedding come true!

 

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