Want to get married?  Here’s how to put one together for use with your finances

Want to get married? Here’s how to put one together for use with your finances

Want to get married? Here’s how to put one together for use with your finances

Wedding, Arranged Marriage, Wedding Ceremony, Wedding Expenses, Financial Planning for Wedding, Wedding Expenses, Post Wedding Expenses, How to Finance Your WeddingNot only sound education but his alertness and dedication too are most required.

Gone are the days when parents would choose matches for their children and put all the burden of marriage on their shoulders. Now, as the younger generation becomes more financially independent and away from their parents in their respective workplaces, the potential bride-to-be largely chooses her own life partner and shares the financial burden of their own marriage.

However, weddings are expensive and it is best to plan ahead, so there is no need to cut costs.

“Marriage can be a big outlet and you have to budget and plan for it. From a long-term point of view, it is advisable not to get bogged down and invest / save wedding funds for your future. The general rule of thumb is to avoid spending ~ 1.5-2x of your annual salary on your wedding ceremonies, ”said Nimesh Verma, CTO and co-founder of Upwards.

In addition to savings and investments, one should try to repay existing debts, if any, to ensure that one does not incur more or less financial burden after marriage.

“Financial planning is important when getting married. The first step is to make a comprehensive assessment of each couple’s financial health and to ‘discuss’ how the future financial situation will be handled. This should include emergency funding and how much everyone is willing to pay for the pitch during such an event or the couple’s parents need medical emergency funding. I would once again advise that marriage should not be encroached upon as by doing so you will start your married life on a strong financial foundation and have a bright medium and long term outlook. It is also important to make sure that you are debt free before you get married, ”said Anshuman Narayan, Vice President, CashBean (PCFinancials Services Pvt Ltd).

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Debt relief is important to make sure that the prospective bride / groom is in a position to take out a new loan if the cost exceeds the savings.

“We have to celebrate this special occasion once in a lifetime. Needless to say, one needs to be financially prepared for the big day as spending is an important aspect of marriage. Immediately after marriage, one should start saving to avoid the burden of debt repayment. However, married couples need to choose the right product to avoid the risk of unnecessary expenses if they want or need to go beyond their savings, which can increase bills and repayments. Customers can opt for Buy Now Pay Letters for durable goods, credit cards offered for short term needs and personal loans for long term needs through FlexPay, ”said Anil Pinapala, CEO and co-founder of Vivifi India Finance.

Not only sound education but his alertness and dedication too are most required.

“Another important thing to consider is getting a disposable income immediately after marriage because there are so many other things a couple would like to spend together now. Therefore, keeping this in mind while planning the wedding financially will ensure that the couple will not be stressed after marriage, ”added Pinapal.

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