Here are a few ways to throw the best party of your life without having to let go of your financial goals or draining all your savings.
The wedding season has set in and if you are planning to tie the knot this winter, you must be busy juggling between shopping, ensuring all your favourite dishes are in the menu and preparing the guest list. Amidst all this chaos, it’s only human to forget the cost aspect of it. Plus, Indian weddings are meant to be grand and frugality is not welcome. However, what if there were ways to retain all the lavishness you want, but on a budget? Best of both worlds, right?
Let’s look at a few ways to throw the best party of your life without having to let go of your financial goals or draining all your savings.
1. Don’t get married with borrowed money
When you borrow money for any purpose, you end up paying more for less, thanks to the interest that accumulates. So while it’s alright to borrow for purchasing an appreciating asset such as real estate, as your benefits outweigh the cost, for throwing a party, borrowing only increases your burden. So avoid depending on loans and try and save up for the event. Mutual fund SIPs and RDs are good options to raise the required fund. In case you don’t have enough time to save or you are falling short of funds, opt for advance salary from your employer or borrow from a friend or family to avoid the interest burden.
2. Book in advance
Don’t wait for the last minute to book the venue, venue, hotels, caterers, event organisers etc. You won’t have much time to explore options or negotiate for a good deal for that matter. Planning in advance gives you more time to arrange for funds and crack a better deal.
3. How about a daytime wedding
Daytime weddings are slowly picking up. It’s easy to arrange with not much lighting and decoration required. This will reduce your expense. You can always arrange for the event over the weekend or on a public holiday so your guests can attend the wedding easily. Instead of stretching the event of wedding through a week, you can club events to make it compact and finish it off in a day. This will reduce your other expenses associated with hotel bookings and food, as the cost will go down with reduction in the number of days.
4. Shop smart for dresses and jewellery
Every bride wants to look her best in her wedding and jewellery and wedding dress are some of the most expensive components of the event. While you don’t want to compromise on the look, you can opt for cost-effective alternatives. Buy hallmarked jewellery from reputed stores instead of buying branded jewellery, which comes with higher premium. Also, try buying gold jewellery in advance, as gold prices in India soar up during festivals and wedding seasons.
When it comes to wedding dresses, rent out your attire instead of buying it. You are only going to wear it once. So, why waste money on it? Several stores offer wedding dresses on rent at a discount of about 50% on the actual cost.
5. Send digital invites
A printed wedding card is passé. At an age where everyone is on a hand-held device, opt for e-invites for the wedding. It is cost-effective and personal. Depending on the type of card you select, a printed card can cost you up to Rs 1000. So, you will end up spending Rs 500,000 for a guest list of 500 just on the invitation cards.
(The writer is CEO, BankBazaar.com)