Marriage in India is not just an event, there is a big opportunity related to a feeling, tradition and memories. But with this happy occasion, there is often a burden. And that is .. worry about money. In 2024, there were about 80 lakh marriages in India, which cost about Rs 10.7 lakh crore. This figure shows that now it has become more important to prepare for money for marriage than before.
Marriage can become a huge burden without planning
Example 1: Amit and Meera had saved 20 lakh rupees for the son’s wedding. But as the preparations increased, the expenditure also increased. Venue fare, number of guests and other things. He had to take a loan from ignoring planning and inflation without budget, so that his financial condition was staggering for years.
Example 2: Neha’s parents started savings for her marriage since she was just 10 years old. He saved a fixed amount every month and a good fund was ready after 20 years. With this, they could get a memorable marriage without stress.
Rising cost of marriage
According to Wednesday, every year marriage expenses are increasing by 7%. The average wedding cost in 2024 was Rs 36.5 lakhs and the cost of luxury weddings can be more than Rs 1 crore. It becomes difficult to raise such a huge amount without planning. The partner is the only one to affect the targets of the rest of the life such as buying houses, children’s education, retirement or medical needs.
How does financial planning help for marriage?
With the round-based savings plan, you can fulfill the rest of your dreams along with marriage. It has many benefits.
Discipline Savings: A large fund can be prepared by adding a little amount every month
Security from inflation: Savings grow according to inflation
Safety Net: Even if something untoward happens, the planning of the family is affected.
Life Insurance: A smart option for wedding saving
According to Sujit Kothare, Executive Vice President of Tata AIA, instead of saving in FD or gold, it can be more beneficial to take a round-based life insurance plan. If you have a home loan or business loan on you, then only your wife and children will get the benefit of the policy. Even if something happens to the policyholder, the policy remains operational and keeps getting benefits.
How to make a wedding fund of Rs 1.17 crore?
If the wedding cost is 36.5 lakhs today, then after 20 years it can increase to about 1.17 crore rupees. If 6% of inflation is accepted. If you save Rs 45,000 every month and get 8% returns on it, then you can prepare this fund in 20 years.
Who should do this planning?
Young parents: The sooner you start, the better.
New married couples: for future protection.
People of the age of 30: Timely savings will reduce stress.
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