Wedding Costs!
Source: IRIS (25-NOV-09)
Though some people do not agree to the old proverb- marriages are made in heaven, they all agree that the riches spent behind it are funded only from earth. Where two families meet and two souls unite, there is a long list of rituals and traditions that need to be respected. However, there is no paradigm set for the expenses.
The Wish-list
Who does not wish to have a wedding in the Mittals and the Chatwals style! But ultimately it is you who knows where to draw the line. Yes, marriage has certain requirements - you need a wedding hall; invitation cards, catering services, photographers, orchestra, decorators, guest accommodation, vehicles, trousseau, jewellery, gifts etc. Where to cut the cost and where not is all you need to decide wisely. And we can help you in that with some of the best practiced methods.
The Check-list
The average cost of a standard Indian wedding may range anywhere between Rs 3 lakh and Rs 6 lakh. Though many of the marriages today go beyond this to meet the demands of the other party or display their status, smartness lies in limiting the over-expenses.
The investments
Amid all expenses of wedding, you might be planning to take help from the investments in mutual funds, stocks and the balance in your savings account. Rank them on the basis of returns they generate, liquidate those that deliver the least returns. It is always advisable to avoid borrowing as that might only add to the financial burden. It is much easier to downsize rather than borrow.
The Cost
Cost of expense needs to be planned keeping in mind all the requirements of the marriage. First of all you must have a complete list of all the expense areas so that you can fix and distribute the expense accordingly.
For example write down roughly the number of people you expect will turn up. This is the basis for all further assumptions you would make regarding your wedding expenses. So keep the figure at realistic levels. Next step can be the hunting and finalizing of hall, caterers, and all this as early as possible- preferably 5-6 months in advance. This can help you get best of the deals and you will also have lot of choices to choose from.
The Cuttings
Some of the areas where you can actually cut the cost and be benefited are-
Guest list: Always remember that the longer the guest list, the higher would be the cost. Additional invitations, additional plates for the caterer, additional rooms for accommodation, will all balloon into a big sum. So, try to confine your guest list to the most loved and dear ones. You could always throw a small party for the office colleagues and friends at your home after the marriage.
Invitation
Usual wedding cards are priced anywhere between Rs 15 and Rs 50 a piece. If possible try not to get in the fancy choices as the traditional cards are considered auspicious event today. And yes, they have reasonable rates. One of the money saving moves could be to e-mail your invite and you can use it to invite your friends.
Cuisine
It is an old belief that the number of dishes is discussed more than their tastes at any wedding. This might be true for people who are running in the race of status and symbol. But ultimately it is the quality that counts. It is a wedding and so there cannot be just 3-4 options, but you can always plan the menu with a sincere thought on good `food` and not a good `show`. Arranging it in a buffet could also save a lot of money.
Wedding wear
Most Indians spend heavily on the wedding trousseau. After all he/she has to look the best. But again, a smart choice can meet both the requirements of looking good and saving money. It is not wrong to look of designer unique clothes, but yes, a limitation in price-range must be carried.
Discounts
In most of the instances, marriages are finalized much earlier than the final day of wedding. So, you have ample time to look for or wait for discounts and special offers in shops. Whether it is the wedding wear, the jewelry, gifts, or anything, a discount can help you save a good amount. So, try to be updated on that.
High season
Industry experts say that nearly 70% of weddings take place in May, when venue costs peak because of the demand. Pick an off-season wedding date and your costs of hiring a venue would be significantly lower. Even hiring vehicles would cost you less.
Insurance
The concept of wedding insurance, though not so popular in India, can also be a good step towards avoiding any unpredictable expenses. Normally the wedding insurance policy covers wedding cancellation/postponement due to fire or any natural disaster, accident of the bride/groom, accident of blood relations for a seven-day range (three days prior to the wedding date, the wedding date, and three days after the wedding date), damage to property including the venue, burglary, and even cases of food poisoning at the function. However, there are several cases which are excluded from the criteria of claiming the policy, for example the cancellation of marriage due to dispute between the two families.
Typical wedding insurance plans include Rs 2 lakh, Rs 4 lakh, Rs 6 lakh, and Rs 8 lakh covers, with their premiums (indicative) ranging from Rs 3,770 to Rs 14,276.
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