Marriage financial planning
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: 1. Car loan of around which has EMI of 23K and it has 30 EMIs pending. 2. 40K contribution to household 3. No rental charges since it is wfh Rest of the 25K I save/invest. Current savings - around 2 lacks which are liquid. My questions - 1. 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? 2. 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? 3. 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?
DaringTrain
Stealth
22 days ago
Bhai dowry lele and court marriage karle. Shaadi pe 50L (combined) kharcha karne se to better hi hai.
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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?
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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.
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Seize
Student
22 days ago
Hey, I'm 22..just graduated and a freshman at Deloitte and my perspective on this is different right now..I really don't understand why people spend 25-30 lacks on 3-4 days of marriage function. If it is on gold then it's a good investment so it's agreeable, but why on other stuff. This one thing strikes me a lot i.e., that we/you everyone works so hard and saves lot of money let's say some x amount of lakhs and you spend that x lakhs on 3-4 days marriage function? Damnn it's years of savings and hardwork manhh.!! I don't consider spending this much on unnecessary things. I know and understand this is how marriages are going on and also how things are expensive now..but still the question WHY? I think the other best options are to invest/travel/buy a property...Don't be that person who gets stuck in paying emi's every time. It should be there only when it is necessary.
100% correct, my friend took a huge loan unwillingly for his sister's marriage due to these social norms of functions and all. It was a 2 day function and he has been working 2 jobs now since more than 1 year to repay the loans he still needs to work like this 2 more years to repay that loan which was spent only for 2 days and nobody even appreciated him who came to function.
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.
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Hey, usually marriage+reception expenses are taken care by both the families. Isn't it?
If you are going to purchase jewellery after 2 years, gold will be costly then today. Create an estimate of the amount of jewellery. Convert that into gold weight. try to purchase few grams of physical gold as every month just like SIP. And when you purchase jewellery use this gold for payment.
My 2 paisas on this.
1. Look into gold buying schemes at major jewellers, you get to lock the price at the current rate and keep paying monthly instalments.
2. The expense on your house, ask a couple of contractors/interior designers. Get multiple quotes.
3. Start looking for a partner if you haven’t already. Shouldn’t be like you have all the necessary things but no partner to marry.
4. Do not spend a bomb on Photography.
5. Budget your honeymoon expenses into the wedding expense.
6. Try to stay away from debt for the wedding.
7. Have a good guy friend who’s around during the wedding to assist you. This can make and break your experience during your wedding.
8.Try to postpone the final payments for all expenses till the last moment. Especially photographers and catering.
9.Does your bungalow have a lawn/garden. Can that be your venue?
21 lacks of expenditure.
90k is a decently good salary and no doubts in that at all.
But bhai look at it in terms that you are spending your 2-2.25 years ka income completely on an event that is for 3-4 days may be.
Yes it's a special day and your parents want it to be grand mare than what you want. But still, this is too much.
If possible do it a small private ceremony of wedding and may be one big reception and save lacks. You can put that lacks in building the second home or going on a honeymoon or whatever you wish.
FYI : just a view I wanted to give of looking at this. Wedding are a big personal event of life, everyone would want it there own way and parents also want it to be grand. But it should not come at this much of a cost tbh. It would be painful to work for 2 years and spend it in 4 days.
Gonna be blunt. Either marry rich or be realistic. There is no way you will be able to afford 21L for this marriage so you need to cut down on the functions and reduce the expense. I would never advice anyone to spend their entire life savings on one event. You have an entire life ahead of you. You don't wanna over-spend today to live miserly later.
AdeptFowl5
Stealth
22 days ago
I'll highly suggest to cut down the number of functions and guests if possible. Given your salary range, savings and future plans, 21 lakhs does not seem sensible to me. I'll suggest at most a 5-10 lakh budget.
Some hacks I had used:
Cut things that are unnecessary. E.g. Do some functions at home with the closest 5-10 folks and with home food.
Choose a location which is a bit hard to reach where people who are not close to you will drop off and the guest list will automatically become small.
Invite people who are not close only at the last moment so they don't have enough time to book tickets. 🙈
Skip any formal engagement or reception.
If you can, try to wrap up functions in a day. That way, you have to pay for stay and food only for a day.
If you can pull it off, go for court marriage or temple wedding followed by a nice dinner plus dance/music where you invite people.
Appreciate you taking a stand for not taking dowry.
Wouldn't recommend selling your house.
In all scenarios including where you switch with a good hike,you will have to take a loan to fund your marriage considering your timeline.
So if you don't want this huge liability , you have 2 option -
1. Extend your timeline to 3-4 years
2. Don't give in to the societal trap of splurging on so many functions. Plan an intimate wedding or with limited function. But that depends on the mindset of your to be partner.
Find someone to marry without all these expenditures. That's the best financial planning for marriage.
My situation is more or less similar to yours, what I think and would suggest to you is... The amount of budget you have in mind for marriage is really not worth it..for you atleast I can say..there are some amazing answers given in the chat(particularly from ScarceChocolate)...just collate all of the responses you have the answer.
Bhai dowry le, coz kuch bhi wrong huaa after marriage to ladki monthly kharcha to legi hi
HiddenView
Student
22 days ago
dowry/gifts vs alimony/maintenance which one is right?
HiddenView
Student
22 days ago
naya thread:
@DaringTrain
@KosherList7
@satan
@makkhi
AdeptFowl5
Stealth
22 days ago
Also,
I'm not on social media so i didn't care so much about posting photos or what others would say. I just hired a local photographer and i did not do any pre or post wedding photoshoot. I skipped physical photo album.
I did a simple 3-4 day honeymoon.
I told my parents not to gift the other side anything apart from a set of clothes and told the other side to keep gifts to a minimum too.
Kept the food spread small during the day functions and a bit elaborate during the night only.
Skipped fancy car for baraat.
Don’t get married .. first get settle mentally then u plan.. if u go unplanned mentally and financially .. you would regret . Me likh ke deta hu..
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