How to be a financial pro this wedding season
Updated: Jun 8, 2020
It’s that time of the year when everything is cheerful and bling-ey. After all, the wedding season is here. If you are busy attending wedding after wedding, you surely know that it takes a toll, not just on your sleep, but also on your pocket.
Being well prepared with the finances ensures you can attend weddings this season without being worried or cutting corners. Here are a few super simple tricks to being a financial pro through the wedding season:
1. Knowing all about your role
Don’t get caught unaware. Spend time with the to-be-married couple and get details of the what and where of all the functions. Given their excitement, this shouldn’t be an issue. This will prepare you much in advance about your role, any special surprises and any pre-wedding parties which you might be contributing towards. There could be elaborate plans for a destination wedding, which would mean factoring in travel costs as well. Knowing all the details well in advance will ensure you are totally prepared.
2. Prioritise, prioritise, prioritise
When flooded with several invitations, however hard it might be, prioritise. Choose the ones which are a must-attend, the ones most important for you and drop the ones which are a stretch. This is important from your time, convenience and financial health perspective. Often, we over-commit and regret later. Stick to your top-most family/friends and send your best wishes to the others.
3. Get innovative with gifting
Typically gifts in family weddings include jewellery, or designer products, which come with a steep price tag. Be innovative and create handmade gifts or personalized gifts like framed pictures of the couple, which are unique and fit your budget.
For younger family members, especially girls, instead of jewellery, it might be a good idea to get them invested in a Mutual Funds portfolio (if they don’t have one yet) which will actually be of value to them in the long run. Group gifting is also a great option, along with other friends and well-wishers.
4. Make the most of your closet
Getting dressed for the big fat Indian wedding is part of the fun. Keeping up with the trends, and various dress codes for each function could draw a huge hole in your purse. After all, most times we buy gorgeous, heavily ornamented outfits, which end up just sitting pretty in our closets, rarely used.
Find a way to recycle and re-stylize your existing collection. Mix-n-match blouses with sarees, or accessorize a neutral coloured lehenga with different dupatta or jacket. Take ideas from your very own family and friend style brigade. There are also options available now of comfortably renting outfits online, at a fraction of the price to own the same.
5. Plan the travel to your advantage
While destination weddings are glamorous and fun, they also call for advance planning. To ease the pinch, pull out your credit card rewards points and frequent flyer points. Another tip is to get to know others who are also attending and do hotel bookings as a group and get the best deals.
In case of a pre-wedding bachelor or bachelorette party, bargain deals are available for off-season travel or cashing in on frequent travel sales. Don’t forget to budget for indulgences, which are part of the wedding spirit.
It’s no secret that the bride, groom and their families, shell out a bomb to make the occasion memorable. As a wedding guest, be smart about your expenses, plan diligently and enjoy the occasion to the fullest.
Whether you are seeking investment advise for a loved one getting married or like to plan for yourself, download the Basis app.