Weddings are a once in a lifetime event filled with fun, frolic and grandeur. It is a reason for the entire family to come together and bring with them lots of happiness and moments that stay with you forever. Naturally, everyone wants it to be the best day of their lives.
However, financing a wedding can be an expensive affair. Be it for the best outfit, the most beautiful venue, your dream honeymoon destination, wedding cake, or gifts, there are endless expenses to be borne.
Thankfully, you can have the wedding of your dreams, if you plan your wedding budget well. Whatever be your financial status, a tight budget that includes all the cost can help you plan a wedding easily.
Let us look at how you can finance your dream wedding while staying within your budget.
Assess your budget
The first step to finance your dream wedding is to assess your finances. Review your finances and consider all the costs that you will need to incur. The best way of budgeting your wedding is by making a note of all the expenses and also making provisions for unexpected circumstances. You can use various mobile apps or organizers on your computer to keep track of all the arrangements and costs. You can also use a loan calculator to calculate your EMI if you’re using any kind of loan to finance a part of your wedding budget.
Cut down the extra expenses
To manage your wedding within a budget, it is necessary that you prioritize your needs and costs. While budgeting, always consider cutting down unnecessary expenses from your list. The following are a few tips to do so
- Choose a date in the off-peak wedding season to save money. During peak season, there is a hike in prices of all the wedding services which can affect your budget.
- You can create meaningful DIY gifts or wedding favors for your guests instead of purchasing expensive gifts. Added personalized messaging will make everyone cherish them more.
Include savings and loans proportionally
Wedding expenses can significantly drain your savings, and so it would be better if you look for additional sources too. For example, you can use a credit card to pay for the many wedding expenses and earn reward points and discounts on them. These points can be easily redeemed for hotel and flight bookings for your guests and family. Also, with its deferred payment feature, a credit card can provide you more time in paying your big day’s expenses. Another source is getting a personal loan to finance a portion of your wedding budget.
Utilizing a personal loan
A personal loan is a fast and convenient way of financing your dream wedding. You can get a personal loan easily in 10 minutes without any salary transfer requirement. No need of arranging hefty documents or running around the bank repeatedly. To apply for a personal loan with Citi, all you have to do is visit the bank’s website, fill the application form with your details and provide your Identity proof. You will get a decision within 24 hours and the money would then be credited in your bank account in no time.
Moreover, a personal loan has a convenient repayment structure. You can choose a longer repayment tenure and distribute your wedding expenses into monthly installments so that you can repay them as per your convenience. As it is an unsecured loan, the personal loan application is processed and approved quickly and you can receive the money in your account on the same day. You can read more on things to consider before taking a loan here.