With more and more of us believing in DIY (Do-It-Yourself), what’s the point of leaving “wedding budget” out. Here’s some help on creating a wedding budget that’s perfect for you and your family, without missing out on the fun stuff. We’ll take you through it—the planning with a tinge of thriftiness.
Figuring out your wedding budget can be taxing, but don’t take stress! Whether you’re dreaming of a prolific wedding at a destination resort or an intimate get-together at a nearby banquet or farm house, answers to following questions will help you figure out how much you’d need to spend for the desired experience – and live it.
Who all are paying for the Wedding?
Start by communicating: Discuss with your families on who will be paying for what. Sometimes bride’s family pick up the entire tab, sometimes groom’s family also participates and sometimes the bride and the groom also bear a share of the expenses.
So, how should you bring up the subject? Talk to your respective folks separately. Here are some guidelines to help you and your families arrive at an initial budget:
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- Ask both sets of parents to commit to a specific amount, add your fiancé and your contributions to create the total wedding budget.
- Alternatively, ask each set of parents to finance a particular aspect of the wedding (such as the wedding venue, catering, some ceremonies, shopping or the honeymoon trip).
How much do you actually need for the Wedding?
Now take a different view. List down the things you want to plan for the wedding. Determine how much you’d need to spend on each of those things that you desire. Depending on your personal preferences and budget needs, you’ll want to decide which elements of your wedding to prioritize – basically, what to save on versus splurge on.
Here are some helpful statistics to give you an idea of how generally North-Indian wedding budgets are allocated:
The average cost of a wedding is about 15 Lakhs (excluding the honeymoon).
- Here is an example breakdown of a typical North-Indian wedding:
|Wedding Ceremony and Reception||33%|
|Attire for Bride, Groom and their families||13%|
|Flower and Lighting Decoration||7%|
|Entertainment / Music||2%|
|Photography / Videography||7%|
- To avoid any last minute hassle, keep aside 4-5% of your budget as “last-minute-emergency” fund.
- And don’t forget to budget for your honeymoon if you’re covering it yourselves!
How much money should you save for the D-Day?
As soon as you’re engaged, or even before that, start saving for your wedding. Set monthly saving goals and stick to them. The earlier you start, the more you’ll be able to save. Some quick tips –
- Small changes go a long way. Limit eat outs, eat healthy home-cooked food, replace gym workouts by brisk walks and cycling. Shop for essentials only.
- Instead of stashing your money in a low-interest savings account, consider investing in Fixed Deposits (safety is also important).
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