Outlook Money
Young couples are increasingly enticed to have extravagant weddings. Many take out wedding loans, believing they can create great memories without worrying about future financial concerns.
Paying off a wedding loan can hinder other financial objectives, like purchasing a house, saving for children's education, or planning for retirement.
The IndiaLends Wedding Spends Report 2.0, carried out in October and November 2023, reveals that around 26.3 per cent of couples intending to finance their weddings themselves are looking into personal loans. Those considering borrowing, 67.7 per cent aim to secure loans ranging from Rs 1 lakh to Rs 5 lakh.
It is important for young couples to maintain a balance between their wedding celebrations and long-term financial health. The expenses associated with weddings can accumulate quickly, prompting many to seek financial assistance. A reasonable wedding budget should be established by thoroughly examining the overall financial situation.
Couples who aim for a memorable wedding without getting into debt need to plan their budget wisely. They should prioritize wedding expenses and look for ways to cut costs. This could involve choosing local venues instead of popular tourist spots, setting up payment plans with vendors, or eliminating non-essential items.
Compiled by Syed Muskan