Why shouldn't you spend extravagantly on weddings?
Every father wants to make the wedding of his child one of the most memorable occasions of his / her life. Weddings are in fact considered to be synonyms with fun-filled, colourful and musical. But along with all of this, another important thing attached to weddings is "expenses". There was a time when weddings were only an auspicious day for the holy unison of two families which was done at a decent and rational cost. But today, weddings have also become an occasion to display one's social stature and monetary wealth. They are turning into an ostentatious affair where both parties want their child's wedding to become a talk of the town.
Agreed, weddings are once in a life time occasions and you want all arrangements to be perfect. But PersonalFN is of the view that, if you take a sizeable amount of debt for that one event of life which is going to take you years to repay, then you will be severely hurting your financial health. Hence you must try to make the best use of the money that you have set aside. And even if you have to take some loan, make sure that you take only that much which is extremely necessary.
You see, it is imperative for us to realise that although marriages are the happiest moments of our lives, the cost associated with it can create it a sour memory if not dealt with care. Some people are of the belief that if they do not spend liberally on their child's wedding, it will become difficult for them to face the society. Even though they have not saved enough for other important goals such as their children's education, medical contingencies etc. they may go all out and spend a fortune on their son or daughter's wedding. You need to understand that if you land up knee deep in debt by one of your children's wedding then you are not only bidding a goodbye to most of your financial goals but also depriving your other children of the basic needs of life.
Some things which are a necessity to few could also be a luxury to others. It is for you to decide what are your "need to have" things and what things can be "easily avoided". Once you have determined this, cutting down on extravagant costs will not be a difficult task. Also, having a practical approach to all wedding related expenditure will enable you and your family to live a stress free financial life. For instance, if means are limited, you don't need to employ very expensive caterers, give expensive gifts to all your guests or have wedding planners organise your wedding. There are several ways to make wedding of your children the most treasured memories of your life. Choosing an affordable venue, limiting your guests to ones who really matter to you and having lesser but good quality of food options are a few ways of planning for a budget wedding.
PersonalFN is of the view that it is imperative for you to plan and save for all your life goals through a well-designed financial plan. Moreover, the earlier in life you start saving and investing for your financial objectives, the more of a corpus you will be able to accumulate. Although your child's wedding is of great emotional value to you and in that sense no amount can be termed as too much, it is imperative to be prudent while spending huge sums of money. It is always wise to spend only to an extent to which you can afford to, without compromising on other priorities. After all, you would not want to remember that beautiful moment of life with regret.
PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.
More Views on News
Mar 10, 2016
An opportunity to find an impeccably trustworthy and competent financial guardian is in the offing.
Feb 29, 2016
Most financial planners come out as whiz kids who throw around financial jargon. But financial planning can be actually easy, provided one follows a disciplined approach.
Feb 12, 2016
PersonalFN highlights the benefits of parking a portion of your expenses in e-wallets and using them efficiently.
Feb 2, 2016
Mutual funds take a bearish call on the FMCG sector. The sector has started playing out due to a combination of slower growth and expensive valuations.
Feb 1, 2016
Ethical practices help build long lasting relationships, and healthy long-term business relationships are often mutually rewarding. But PersonalFN is of the view that the financial services industry in India seems to have forgotten this.
More Views on News
Aug 7, 2017
The data tells us quite a different story from the one the government is trying to project.
Aug 10, 2017
Don't miss these proxy bets on growing companies or in a few years you will be looking back with regret.
Aug 8, 2017
Bharat-22 is one of the most diverse ETFs offered so far by the Government. Know here if you should invest...
Aug 12, 2017
The India VIX is up 36% in the last week. Fear has gone up but is still low by historical standards.
Aug 7, 2017
Raksha Bandhan signifies the brother-sister bond. Here are 7 thoughtful financial gifts for sisters...