Financial Advice Needed
I am planning to get married by end of this year. I have 3-4 lacs invested into stocks and mutual funds and have 1 lac in cash..
I am the bread winner of my family and monthly expense is around 50k including my 10k education loan EMI and my salary in hand per month is around 80-90k.
Estimated expenditure would be around 8-9 lacs in my wedding.
My dad has a land which we are trying to sell to buy a new home to accomodate ourselves comfortably but that's taking it's own sweet time. Currently we are 5 members living in 2.5bhk.
Not sure how me and my wife would stay in the same place, renting another flat doesn't seems to be an option looking at my financial condition.
Please advice what could be done!
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I would suggest capping wedding expenses to around 5-6 lakhs, more than that is just pointless tbh. Minimal functions, close family+friends mostly and in house as much as possible, maybe one reception where you invite other friends and extended family. That too a limited list, not more than 300 people.
Guest from groom and bride's end is 450 in total after cutting many people.
Venue, decoration, lighting, stage - 2.1 lacs (1.05 lac personal)
Cameraman - 1 lac (50k personal)
Food - 4.5 lacs (2.25 lacs personal)
Jewelry - yet to ascertain
Clothing gifts to relatives as ritual
Misc.. Etc
Very difficult to cap it under 6lacs
Cameraman 1lac.... Now common dude..find a rational girl who is smart enough to spew bucks on photo
Food 4.5 L seems on the higher end as well. Don't waste food and your money as well
Everything is shared between both the families so does the photography cost.. I checked with multiple photographers, if one needs basic good quality photography - this is the ideal rate.
Food I have considered as 1000rs per plate including GST
Now that I think, it won't leave the best impression on the bride if you compromise on photos...
Also talking from experience of my close relative, you should consider a separate house or at least a larger one
saving 1 or 2 lacs doesnt matters now so look in detail of marriage expenses, dont let your father to sell the land since priorities will change after marriage. Take accountability and you both move to a rented house , build a strong marriage institution and focus on career to increase your paycheck. Dont get into any new EMIs for next 5 yrs.
Agreed, good advice^. Shouldn't sell land, try and rent instead.
Aise aise kharche aayenge bhai..gaaand fatt jaegi
Sahi baat h bhai.. Tabhi aap jaise buddhi jivo se gyaan le rha hu pehle se
Don't take loan. Better to increase salary and then marry
Best opinion: keep your wedding simple , limited and only close once and specially well wishers! End of the day expenses incurred shouldn’t trouble post marriage!
Reduce your monthly expenses as much as possible for this year. Try to do some freelancing if you can find. And get a higher paying job if possible.