If you’re thinking about getting married, you need to be financially prepared. Everything from the engagement or Roka to sangeet, mehendi and haldi ceremonies cost a lot of money. And then, you have to pay for the wedding itself!
You can look for a wedding loan in India if funds are tight, but that isn’t the only way to prepare for your big day. Let’s look at what else you should do.
Planning a Wedding? Take These 5 Steps Well in Advance
Here are 5 financial moves you should make before planning your wedding:
- List Major Expenses – Create a list of basic expenses you will need to pay for, including venue, catering, outfits, entertainment, photography, rings, etc. Start checking how much these will cost, and add smaller expenses such as invites, gifts and pre-wedding celebrations. This will give you a clear idea of what your wedding budget should look like.
- Figure Out a Budget – Look at your current savings, earnings and monthly expenses, to understand your financial situation better. Compare these figures against your wedding budget and decide where you can cut expenses to reach that goal. If you don’t think your savings will do it, start shopping around for a marriage loan to help you out.
- Think of the Future – Paying for your wedding today shouldn’t derail your finances tomorrow. Consider these aspects of future financial health:
- Insurance Plans – Life and health insurance are critical investments to protect your loved ones in case of your injury or death.
- Home Loans – If you want to buy a home after marriage, you need to ensure you have enough money for down payments and EMIs.
- Retirement Savings – Make sure you have a savings and investment plan that will help you enjoy a safe and comfortable retirement.
- Debt Management – Paying off debt isn’t easy, so plan ahead about how you will reduce your debt burden and eventually be debt-free.
- Discuss Money Together – You may have a certain method of managing bank accounts, bills, etc., while your significant other does it differently. Just like everything else in a relationship, the key to successful money management lies in communication. Before you get married, sit down with your partner to talk about how you will manage finances as a couple.
- Plan an Emergency Fund – You never know when you might need money urgently, whether for unexpected wedding expenses or other emergencies. Most of the time, these require you to have easy and quick access to cash. Keep some funds aside for unplanned costs that show up with no warning before, during, or even after your wedding.
There are many benefits of using a personal loan for wedding expenses, right from easier budgeting to saving cash for emergencies. If you’re looking for a flexible marriage loan, check out Moneytap today!