Image: Fotoskarma
Much has been written in the papers about demonetisation and although, there are many sides to the benefits and pitfalls on this topic; one can’t deny that the sudden removal of high value notes has had an impact on the life of every Indian in the country and maybe even abroad. SO, if you are planning to get married in early 2017, what does that mean for your wedding planning?
Well, for starters, let’s take a look at the wedding industry itself. Speculations put the value of this industry at a few lakh crores and its growth has been pegged at around 20- 30% annually. Considering that the economy will take a few more months to settle down and for everybody to get down to business, it’s never too late to begin your wedding planning at the earliest. Here are a few tips to do so smartly:
1.Assess Your Loans
Now is the time to assess if you really need to take out that huge bank loan just to give your child a lavish wedding. Many families take out huge loans with the intention of paying them back over the next many years, but we suggest being practical on all things wedding related. If you really must take a loan, we recommend visiting a few banks to understand their loan structure better so that there are no nasty surprises later. As of November 2016, the repayment period for a wedding loan was fixed at 7 years.
2.Look At The Bigger Picture
Many years from now, it won’t be the flowers that you had flown in or the expensive designer choli lehenga that will be remembered. Instead it will be the smiles, laughs and many special moments shared that will make you and your child smile.
3. Cut Back A Bit
Don’t be afraid to cut back on expensive wedding venues, high-end return gifts, limit your guest list or even that wedding planner who was featured in an expensive bridal magazine. Do remember that for every rupee spent, you will need to show a clear source of income too.
4. Keep Things Simple
Indian tradition demands that daughters leave their maiden home with plenty of jewellery as that is a practice that has been followed for years. However, there are many modern brides who would prefer to use the money that would have otherwise been spent on purchasing jewellery in other beneficial ways. Modern brides prefer to keep things simple and let their personalities do all the talking.
5.Go Cashless
Wherever you can, go cashless. Yes, that may not be easy to put into practice especially when dealing with vendors like flower sellers, caterers and the like. SO, the best way to deal with a tricky situation like this is to pay by cheque or by doing a direct online transfer. Alternatively, you can also cut down on all such hassles by asking your wedding planner to negotiate on your behalf with vendors.
6.Keep Track of Your Transactions
We suggest ensuring that you get a proper bill for any service you hire or for any purchases made directly for the wedding. This will go a long way in helping you keep track of all your transactions and payments.
Yes, wedding planning is going to be require taking a closer look at many details that were ignored for so long, but that doesn’t mean you cant have your dream wedding at all!
