10 Biggest Money Mistakes in Indian Weddings

Indian weddings are known to be more than just a celebration. It’s a once-in-a-lifetime celebration that marks a new beginning for both families as well as the newlyweds. It is a costly process that involves a lot of money to make it memorable for everyone and honor the arrival of the new member of the family. Starting from the parents, relatives, friends, colleagues, and even the manager you hate the most, everyone gets excited to join you on your big day.

Indian weddings are well-known for being extravagant, expensive, grand, and crowded. A few intimate wedding ceremonies last an entire day, whereas others last a whole week. It is known for being the most culturally significant and exciting celebration for Indian families.

While hosting 50 people for one day certainly costs a fortune, a typical Indian wedding involves managing the costs of hosting at least 100–200 guests for 2-3 days in addition to splurging a lot of money on the wedding events. When considering all parts of a typical wedding, the final expense is likely to be about Rs. 10-15 Lakhs.

Consequently, to spend such an amount solely on the marriage, with a minimum of Rs. 1.5–2 lakhs set aside for post-wedding obligations, becomes insanely difficult for an average middle-class Indian making around Rs. 40,000 per month. However, given the importance and expectations of a wedding in one’s life, people tend to make the ten most common financial mistakes when planning their wedding, willingly or unwillingly, but we don’t want you to make the same mistakes.

10 Common Money Mistakes:

We would hate for you to make any of the following common financial mistakes and end up making a huge hole in your wallet.

Underestimating the cost: Many couples don’t fully understand the costs associated with a wedding and often underestimate the expenses, leading to overspending.
Not setting a budget: Without a budget in place, it’s easy to overspend on various aspects of the wedding, such as the venue, catering, and decorations.
Paying for unnecessary extras: Weddings often come with a host of additional expenses, such as wedding favors, photo booth rentals, and elaborate floral arrangements, that can quickly add up.
Ignoring vendor contracts: It’s essential to thoroughly read and understand all vendor contracts to avoid hidden fees or charges that can significantly impact your budget.
Not negotiating: Don’t be afraid to negotiate with vendors to secure the best possible price for your wedding.
Not being mindful of the guest list: The number of guests you invite can have a significant impact on your wedding budget, so it’s essential to keep your guest list manageable.
Not considering alternative options: Consider alternative options, such as having a smaller wedding or choosing a less expensive venue, to stay within budget.
Not saving ahead of time: Wedding planning takes time, and starting to save well in advance can help reduce financial stress and ensure that you have enough funds to cover all expenses.
Not considering all expenses: It’s easy to overlook minor expenses, such as transportation and parking costs, which can quickly add up.
Borrowing too much money: While it’s common to take out loans to pay for a wedding, it’s crucial to avoid borrowing too much money, as this can lead to financial strain in the future.

Planning a wedding can be a joyful and exciting experience, but it’s important to avoid these common financial mistakes to ensure that the day is memorable for all the right reasons. By setting a budget, being mindful of expenses, and considering alternative options, you can have a wedding that is both beautiful and affordable.

Team, MyGoalMySip

For more information, reach us at support@prudentwealth.in

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