TLDR; I want help in financial planning for my marriage. I have 3 questions which are written at the end of this post.
Hi everyone,
I sat with my parents to prepare most basic itinerary for 4 functions of marriage, which also includes upgrading the kitchen, bedroom etc. The total amount for that is 21 lacks.
Along with this the bride will also be fully taking care of 3 functions. (2 only for themselves, 1 where people from both sides will come) Since we are not in conversation with any potential family, so I CAN ASSUME that they will do it one their own.
When we sister got married we gave dowry but we don't wanna have any gifts in any form. (strictly)
So, I am in my mid 20s and earning monthly in the range of 90K.
Current Expenses:
Rest of the 25K I save/invest.
Current savings - around 2 lacks which are liquid.
My questions -
If I plan to marry in next 2 years. Then what should be my approach? I am looking to change company for better salary. Anything apart from this I should do?
There is no quick money technique nor I want to fall for that. So, what would "you" have done if you would have been at my place?
We do have a bungalow which has evaluation of 60 lacks. I don't want us to sell it. I may have to build few rooms on the first floor to start with rental income. What do you suggest wrt this?
Don't marry
What all will you be doing in 21 lacs can you tell me the breakup? Also, the bunglow is other than your current home, right?
Bro, we have just kept the most basic itinerary. Which includes shagun, clothing, jewelry for girls family, banquet halls, food for 150 persons. And along with this, hypothetically I am thinking that girls family would be taking care of the marriage function where there would be around 400 guests from both side.
21 lacs is too much man.
25k * 24 months = 6 lacs, that could become approx 7.5 easily if you are investing in high risk Mutual funds. If you are doing stock investing then it can go upto 10 by taking good opportunities in the market.
You should construct after marriage, try saving hardcore for now. In my view, marriage is important task of life.
As you start seeing girls, explain very clearly that your focus would be constructing the rooms so that the household expenses can be covered from rental. And your 40k will add more into savings, how you want to live, etc. Make sure your family doesn’t dispute on this later.
Once you switch pre wedding, you can better estimate what to improve or cut as per forecasted expenses.
Thanks for getting back with your knowledgeable inputs.
I have done this calculation and I am sure I would be able to Save/invest and reach to atleast 8 lacks.
So, how should I be planning about the rest of the 13 lacks? Is my estimate of 21 lacks too much?
Oh Man, can't be more relatable, I sat down as well with my parents and the estimate came out to be 25 lakhs. 10 lakhs is coming for gold only, what to do!! I'm earning around 83k, and I save 40k per month, no EMIs, but have rent and expenses as I have to go office. I'm super stressed how this will all go, it's easy to say go for court marriage, but both sides even me and my partner have want a basic wedding but for a basic wedding also the budget is going so high. Gold is kind of non negotiable as it is seen as a hedge for future in case the couple runs into some trouble. I have recently bought 25gms as well, 75gms left along with wedding expenses.
Just for information purpose: if you are looking at gold as an investment purpose I would recommend you to buy gold etfs. You will save a lot on other charges in physical gold.
Your age dude?
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