Marriage is a beautiful love-affair that is wrapped in a blanket of expensive money-affair. Average wedding cost in today’s time can easily amount to 10 lakh rupees. Planning well in advance can reduce much of your wedding expenses.
Traditionally parents have borne wedding cost of their child’s marriage. But now, fortunately, the scenario is changing and children are taking initiative to pay for their own marriage or willing to share some percentage of wedding expenses.
If you are earning and planning to get married in say 5 years, then this article-5 ways to finance your marriage can prove to be really useful.
- Start Early
It’s wise to start saving some amount of your monthly income. The earlier you start saving, easier it will be for you to achieve your financial goals. Also, when you start saving early, you get the liberty to invest flexibly and take certain risks.
- Transform your Savings into Investments
Just saving money in bank account isn’t necessarily going to fulfil your long-term financial goals. It is better to pool this money into vehicles of investment platforms such as fixed deposits, mutual funds, equities etc. Investments yield better returns but smart, long-term investing can make a huge difference and generate better returns. Talk to an investment advisor like Purnartha to reach your financial goals
- Take Calculated Risk
Investing in equities or mutual funds has some risk factor attached to it. Early investing into equities allows you to take the risk and gives you recovery period time. If you are new to equity or the stock market, you can seek the help of equity investment advisor who will guide you in buying, selling or holding of stocks. Mutual funds and equities are subject to market risk and hence, it is important to know your loss tolerance capacity before investing in the stock market. Investing in mutual funds or equities can generate maximum returns that are capable to fight inflation.
- Get Rid of Debts Before Tying Knot
It would be unfair to share your personal debt with your partner. Before tying the knot, get rid of each and every debt. Pay off your educational loan or personal loan first. Taking a personal loan for marriage should be a strict no-no since you have time in your hand and can plan well in advance.
- Talk to Your Partner
Marriage is a celebration of the union of two souls. Hence, it is important to talk to your partner and take into account his/her marriage ideas. You both need to come to a mutual conclusion about marriage plan.
Above mentioned 5 ways to finance your plan for marriage can help you have your dream wedding and enjoy those precious moments.