Indian weddings have always been a lavish affair. With the focus shifting to destination weddings, couples now prefer to have an intimate and close ceremony in an exotic location. But this does not come cheap!
Considering the destination you choose, it could be difficult to save for the wedding overnight. Here are some tips that will help you save for your big day.
- Start early
If you are lucky to have enough time before your wedding, you will be able to start early and save big. Set aside a particular sum each month and have it deposited in a separate account. This way you will not spend it for anything apart from your wedding requirements. You can keep a track of the funds and analyze your financial situation from time to time.
- Book your services with one vendor
Destination weddings include a lot of planning in terms of décor, food, favors for the guests, and much more. If you book every service with a different vendor, your cost will go up by three to five times. Hence, it is advisable to book as many services as you can with a single vendor and negotiate the cost of the same. For a seller, a bigger deal is what they are looking for. Both the parties will benefit and there will be more room to negotiate.
- Look for the best deals
While you are searching for vendors to help you with your wedding, search for the best deals. A number of sellers offer discounts and deals if you book them in advance. Photographers, especially the newbies in the market, often offer a free pre-wedding shoot. Additionally, look for deals in airlines and hotel bookings so that you can save on that amount. With time in hand, you will be able to make the most of the seasonal discounts and offers available to you.
- Keep the wedding guest list intimate
In order to reduce unnecessary expenses, it is important to keep the guest list limited. With each additional guest, you will be paying for the airfare and hotel room. Hence, the trick to make the most of a destination wedding is to keep it small, private, and intimate.
- Invite the guests well in advance
Once you have prepared the wedding guest list, you should invite them in advance so that they can RSVP. It will allow you to know the exact number of guests you need to book the hotel for. Give enough time to your guests to plan and revert to you. RSVP helps in reducing the unnecessary costs of booking and ensures that the wedding is well organized.
- Make a wedding wishlist
Avoid the trouble of making space for unnecessary gift items inside your house. Instead, prepare a wedding wishlist where you add all the items you are looking forward to use in the future. Share the same with your guests so that it is easier for them to choose wedding gifts for you. This way, you can receive gifts that are useful and you may utilize them in the future.
- Invest in mutual funds
Money does not multiply overnight. The first step to maximizing wealth is to start saving and the next is effective investment. Mutual funds offer high returns and carry low risk. You may opt for a Systematic Investment Plan (SIP) and ensure that a particular sum set aside by you is invested in the scheme every month. It can offer returns as high as 12% per annum. If you invest in mutual funds, the fund managers will invest the sum into a mix of debt and equity, which will reduce the overall risk of the portfolio. Additionally, you can benefit from the compounding of interest. With each SIP, you will be able to gain the benefit of compound interest and maximize the value of your investment. Remember, it is important to remain invested for a long duration in order to generate higher returns.
Planning for a destination wedding will require a financial commitment and discipline. Start early in order to save enough for the wedding and ensure that you make the right investment choices for maximizing returns to have your dream beach wedding at the Maldives.