Did you know that over 10 million weddings take place in India every year? This has made the country the second-largest wedding industry in the world, valued at around $40 billion, according to a report by KPMG.
Weddings are exciting and a wonderful way to get the blessings and good wishes of your family and friends. Everyone wants their special day to be perfect and even consider taking a personal loan to have a dream wedding. From arranging the required funds to managing a plethora of items, everything needs careful planning. So, here are some ways to make your wedding is a success.
#1: Check your savings
Weddings can be a lavish and expensive affair. There are so many things to plan for and spend on, including the venue, decorations, meals, invitation cards, photographer and hosting outstation guests. For some of these, you may need to make an advance payment. It's best to take stock of the funds you have at your disposal before planning the event.
#2: Take a personal loan
People often find their savings falling short. If you don’t wish to compromise on the event, consider taking a personal loan. It has become very easy to apply for a personal loan and you can do this online. You could get a personal loan ranging from ₹1 lakh to ₹25 lakhs at attractive interest rates. Choose to apply for a personal loan that offers easy repayment and enquire about the option of part-prepayment. After all, you may receive a lot of cash during the wedding and may decide to use some to repay the personal loan.
#3: Guest list
Deciding whom to invite can be stressful. So, seek help from your parents or a sibling. Divide your guests into different categories, like relatives, friends, colleagues and neighbors. Then identify those who may be traveling to attend the wedding and whether they would be staying with you or you need to arrange for their stay. This will also give you an idea of the transportation requirement to the venue on the wedding day. There are some online tools available for managing guest lists.
#4: Venue
This decision typically has the biggest financial implication. Once you know your budget and the number of guests you wish to host, you can decide on the wedding venue. If there are a lot of outstation guests, you may want to choose a venue that's closer to home. Be sure to visit the venue and scrutinize their policies and regulations before booking. Some hotels or banquet halls may host more than one event on that day. So, ensure they have ample parking space and enough washrooms.
#5: Choose the caterer
The quality and variety of food and beverages you serve at your wedding has a meaningful impact on its success. Decide whether you wish to serve alcohol, as this could significantly increase your budget. You could consider experimenting with different cuisines, like Italian or Thai. Often the venue offers a choice of caterers. It's best to go with that, if you’re satisfied with their choice and quality of dishes. If you plan to apply for a personal loan, this is where the major spend will happen.
#6: Photographer
Research carefully to find a photographer and videographer who are experienced at covering weddings. See their samples before making the decision. This is an important decision, as you may love seeing the photographs or video for years to come.
#7: Wedding insurance
Let's face it, there are a lot of things that can go wrong. A wedding insurance policy covers a wide range of risks such as people getting injured or falling ill, theft of jewellery, loss of gifts and problems with vendor cancelation.
Although planning a wedding can be nerve-wracking, try to stay calm and ask for help from your loved ones.