Are You Looking To Get Hitched Soon? Here is How You Can Spare on Expense

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There are some occasions or milestones in life that we don’t mind splurging on. Like weddings. In fact, many Indian families spend their lifesavings on such fat weddings. No doubt, they are beautiful, memorable, but often lead to financial stress even before the honeymoon begins.

However, with thoughtful planning and smart financial strategies, it’s possible to have the wedding of your dreams without breaking the bank. Here's a guide on how to manage your wedding expenses wisely, ensuring that your big day is both special and budget-friendly.

Plan ahead with a budget wedding in mind

One of the most effective ways to save on wedding expenses is to start with a clear, realistic budget. Planning ahead allows you to allocate funds wisely, prioritize what's important, and avoid unnecessary expenses. Here’s how you can create a budget-friendly wedding plan:

Set priorities: Focus your budget on what matters most, like venue, catering, or photography, and cut back on less essential areas.
Limit the guest list: Keep your wedding intimate to save on catering, invitations, and venue costs.
Choose off-peak dates: Save by booking your wedding on off-peak dates, like weekdays or during the off-season.
DIY and personal touches: Add DIY elements, like handmade invites or favors, for personal touches that keep costs down.

Cheap wedding ideas that don’t skimp on style

Contrary to popular belief, a budget wedding doesn’t have to lack charm or elegance. Here are some creative ideas to add style to your wedding without the hefty price tag:

Rent, don’t buy: Save money by renting wedding dresses, suits, and décor instead of buying them.
Choose a unique venue: Opt for non-traditional venues like parks, community centers, or a family backyard to save on venue costs.
Simplify the menu: Go for a simpler menu with buffets, food stations, or even a potluck to reduce catering expenses.
Digital invitations: Use digital invitations to save on stationery and postage, plus easily track RSVPs.

How a savings account can help fund your wedding

Opening an online savings account, such as the Kotak811, 811 Zero Balance Digital Savings Account, is a smart way to manage your wedding finances. Here’s how it can assist:

Separate Wedding Funds: Keeping your wedding savings in a separate account helps you manage your budget more effectively and ensures that the money is used solely for wedding expenses.
Earn Interest: Even as you save, your money grows with the interest earned, giving you a little extra cushion for any unexpected costs.
Track Expenses: Digital savings accounts offer easy tracking and management of funds, so you can keep an eye on your wedding budget and spending.

Your wedding day should be a joyous occasion that marks the beginning of a new chapter, not a financial burden. By starting your savings plan early and using a dedicated account, you can make your wedding planning process smoother and more financially sound.

With our 811 Digital Savings Account, you can manage your wedding expenses without compromising on the experience.

FAQs

1. Is it normal to split wedding costs?

Yes, splitting wedding costs is common and can be a practical way for families or the couple themselves to share financial responsibilities.

2. Who traditionally pays for wedding expenses?

In India, traditionally, the bride's family covers most expenses, but modern weddings often see both families and the couple sharing costs equally.

3. How to save tax on marriage expenses?

Marriage expenses are generally not tax-deductible. However, maintaining a good savings strategy can help manage your funds better.

4. Can a bank help with the marriage budget?

Yes, banks can help. Opening a savings account like Kotak811 811 Zero Balance Digital Savings Account allows you to save systematically, manage funds efficiently, and earn interest on your wedding savings.

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This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.