7 Financial Mistakes to Avoid While Planning your Dream Wedding

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 Indian weddings are known for their extended celebrations, which span for over 2-3 days and involve multiple rituals. Most spend a fortune on the wedding to make it a memorable affair for the family and mark the welcome of the new family member. 

Depending on the place and time of the year, the average Indian wedding cost can be in the range of Rs 10 lakh to Rs 40 lakh. Despite saving for years to fund the wedding, many have to borrow to meet the expenses and it becomes a big financial burden. 

7 Things to Avoid at all Costs While Planning Your Dream Wedding

1. Not Having A Budget

Not having a proper budget before starting to make arrangements for the wedding is a big mistake. This can result in over-spending and spending on things that don’t matter. It doesn’t matter whether you are having a destination wedding, a regular outdoor wedding, or a simple temple wedding, sticking to a budget in every case is very important, so that you don’t lose peace of mind and be happy on the wedding day.

2. Dipping Into the Emergency Fund

For most, a wedding is a planned affair, where one gets ample time to plan for the expenses and work on financing the wedding. In any case, dipping into an emergency fund to fund unexpected wedding expenses is not recommended. It takes away the net of financial safety and reduces your capability to manage any type of financial crisis. At such moments, taking a personal loan is a much better option.

3. Underestimating Costs

One of the biggest risks in planning a wedding is underestimating costs. Due to inflation and new trends in the market, the cost tends to go up. You should factor in all costs related to your wedding at the latest market rate to have a more realistic budget. For instance, you should always take the latest market rates for renting an outdoor venue, food, clothing, jewelry, etc in your budget.

4. Inviting Too-Many Guests

Friends and family are important in a wedding to make it memorable, but inviting too many guests can make your experience harrowing. Always keep the budget in mind, before making the guest list and inviting people.

5. Not Having The “Money” Conversation

Proper financial planning for weddings requires input from family members of both parties, to avoid any kind of misunderstanding. Waiting too long to have the uncomfortable conversation about expenses with the concerned families or spending on non-priority items can derail your wedding.

6. Spending Too Much On Expensive Dresses

One of the common issues at a wedding is that many items are used only once, but one feels obligated to spend a lot of money to pay for them. For example, the wedding dresses and jewellery, which cost a bomb. You should factor in the costs and spend wisely on such items.

7. Not Focusing On What is Important

Many people tend to focus too much on the wedding day and overspend to make the day memorable and extravagant. Please remember, the wedding is something that will happen only once. The marriage that follows is more important, and expenses post wedding must also be considered. Giving into whims or peer pressure to have the perfect dream wedding can get you into financial trouble. It can create tension between both parties and affect the marriage for years to come. Thus, while creating your wedding budget, it is advisable to factor in expenses which are required after the wedding day - such as honeymoon, home appliances for the newly betrothed couple, etc.

Personal Loan for Wedding Loan

If you are facing a shortfall to fund your wedding, you can consider taking a personal loan for marriage. It will help you to plan the entire wedding with ease, while not fretting over the shortfall in funds. There is no end-usage restriction on the use of loan amounts and can be spent accordingly.

A personal loan for marriage is like an instant personal loan, which you can get easily by fulfilling the personal loan eligibility criteria. Furthermore, you repay it in easy monthly installments between 12 to 60 months. This eases the financial burden and helps you to enjoy the new innings of life to the fullest.

Depending on your budget, choose the right amount you need, and use a personal loan EMI calculator to select the most suitable repayment tenure.

Applicants who fulfill the required personal loan requirements, such as credit score above 750, high income, low existing debts, stable income source and so on can negotiate better terms on the loan, including lower personal loan rates.

Bottom Line

To any person, a wedding is a very important event in their life. Start saving early for your wedding and if there is a shortfall in funds, plan accordingly. A wedding loan, which is just like a personal loan, is one of the best solutions at such moments, as it provides much-needed flexibility without impacting your financial independence and stability. However, in every step, you need to be very financially prudent in terms of choosing the right lender whose eligibility criteria matches your profile, and which is registered with the RBI.