How to plan for a marriage?
28M, decent savings, earning decently well. What are the questions that I should have clarity around finances when taking a plunge?
CharmingCalmMan
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:
- Car loan of around which has EMI of 23K and it has 30 EMIs pending.
- 40K contribution to household
- No rental charges since it is wfh
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?
2mo ago34K views
charlie508
Deloitte2mo
Don't marry
KoolCoder
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?
CharmingCalmMan
Deloitte2mo
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.
KoolCoder
21 lacs is too much man.
TezBilla
Infosys2mo
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.
CharmingCalmMan
Deloitte2mo
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?
Seize
Student2mo
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.
LuckyRaffle
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.
UnpleasantPike
Accenture2mo
Everything in india is done for flex
Discover more
Curated from across
