Weddings taking place in metro cities are generally more expensive than in small towns. Venue costs are one reason. But guest count and personal taste also play a role in pushing the costs upwards. Two households in the same city, with the same venue, can end up spending very differently due to things like catering style and decorations. But having a fixed budget for a wedding can help avoid the costs from going out of control.
Setting the Budget and Allocating Funds
It is important to fix the budget beforehand. You can do that by allocating funds in different categories like venue, catering, accommodation, attire, jewellery, etc. That comes before anything else. Another thing to decide is on how to fund the wedding expenses. Many families still depend on household savings. But a personal loan for marriage is increasingly becoming the go-to option. Sometimes families also combine both these options.
Venue and catering usually take up a huge portion of the wedding’s total budget. Attire and jewellery also don’t come cheap. In fact, some families spend more on these two categories than anything else. Photography and videography follow next. Venue decoration, invitations, logistical costs, etc., cover up the remaining categories. None of these items may seem too expensive on their own. Add them up together and they can push the total budget over the edge easily.
Managing Venue and Catering Costs
The final venue costs depend a lot on the time of booking. October to March is generally the most preferred wedding slot. Families usually book the marriage hall months in advance. Still, they end up paying a hefty premium if the wedding date falls within these months. The same function hall may cost up to 50% less during the off-season.
Catering also takes up a significant chunk of the wedding budget. The catering costs are usually not fixed. It can move upwards easily depending on the final guest count and menu options. Some families may be able to reduce the costs by having fewer live counters and a simpler spread. But most marriage functions have a multi-cuisine buffet which can add to the overall costs significantly.
Some venues give the option of adding the catering expenses to the overall costs. This can help in better pricing and is a more budget friendly option. Sometimes families take a marriage loan to cover venue and catering costs while using their household savings to manage the rest.
Keeping Attire and Jewellery Costs Under Control
The bridal wear alone can be very expensive. An Indian wedding involves multiple functions. Having different bridal dresses for each of these occasions has its own costs. Many families rent these dresses rather than buying them, especially for smaller events outside the main wedding ceremony. The same logic can be applied for jewellery as well. Some families buy the main piece for the wedding day while renting jewellery for other events like engagement or reception.
Attire and jewellery are not items that people look only from the cost perspective. Families attach a lot of emotional value to these as well. They are more than ready to splurge heavily on them. Hence, it is important to set an upper limit before taking the first shopping trip. Otherwise, the costs can spiral out of control over multiple showroom visits.
Managing Photography and Videography Expenses
Photography and videography costs depend on the type of package you opt for. Some couples are happy with just a few edited photos and nothing else. But others want things like drone footage, or cinematic videos. Families should decide in advance about what they want and allocate the funds accordingly. Or else, they may end up spending a huge amount on something that will only look cinematic in a sample reel.
The final costs also depend on the team size and skill of the photographers and videographers. A two-person team with more experience can sometimes do a better job at lower price than a large production house.
Where Costs Can Quietly Escalate
Vendors can initially quote prices that may seem manageable. But last-minute additions in terms of catering, attire, accommodation, transport, etc., can increase the costs in no time. Having a contingency budget, on top of the planned expenses, can absorb most of these last-minute expenses. A marriage loan can act as that buffer to deal with such costs and keep the budget under control.
Extra guests can act as a multiplier to the overall costs. Catering, seating, stay, transport, return gifts, etc., can throw your budget off balance in no time. Trimming the guest list, even modestly, can help save more than negotiating with the vendor multiple times.
Using a Marriage Loan to Bridge the Funding Gap
Household savings and family contributions may often not be enough to manage the wedding expenses. In such situations, a marriage loan from digital lenders like Finnable can help close that funding gap. Families can also use this loan to avoid liquidating the retirement savings or emergency funds set aside for the future.
Marriage loans usually come with fixed EMIs over a set tenure. This makes the repayment process manageable. It is a better option compared to borrowing using a credit card. Borrowing only the required amount, once the rest of the budget is decided, keeps the overall expenses under control. It also ensures that the repayments can be managed without taking any financial stress.
Negotiating With Vendors
Vendors usually quote very high amounts initially and then reduce the amount depending on negotiations. But that flexibility is usually for off-season weddings or weekday dates. Booking venues early can help you get better rates or higher discounts. You can also make larger upfront deposits to unlock better rates as it lowers the vendor’s risk. Start by getting quotes from multiple vendors for each category. Check the budget and facilities offered by each vendor before signing anything. This helps to bring down the overall budget and stops a single supplier from dictating terms.
Making the Final Budget Work
The allocation of funds across categories matters more than how much you are willing to spend. Ensuring proper planning and avoiding last minute changes helps keep the expenses under control. Taking a personal loan to cover the shortfall can also help avoid financial stress. Celebrating the wedding while managing the budget properly is what makes the event memorable. Otherwise, dealing with the financial problems due to overshooting the wedding budget for years is not what anyone wants.
