Tips on Saving Money for Your Dream Wedding
All couples have pictured their dream wedding to be a special day where they share and celebrate their love with family and close friends. However, the stress of managing expenses often puts them under the knife and ends up ruining their special day. It is important to have a wedding which reflects the personalities of the bride and groom. More importantly, it is essential that the bride and groom enjoy the most. With a little planning, you can have the wedding you always dreamt of, without shedding big bucks and ending up emptying all your savings.
Ways to save money for your wedding
When you get married, you make a promise to share your lives with each other. These three simple ways will help you reach your savings goal to host the perfect wedding. Invest in Fixed Deposits, Mutual Funds, or Recurring Deposits (RD) to save for your wedding.
Simply put, Fixed Deposits are just chunks of money that you give the bank to keep it safe. When you’re setting money aside for your wedding through the means of a fixed deposit, you can also earn interest on the money deposited with higher rates as compared to the money deposited in a savings account.
Investing in Mutual Funds is a faster way to watch your savings grow. These are proficiently managed investment schemes and they provide better returns. Analyze the risks and returns of investing in Mutual Funds before coming to a decision.
If you don’t have a large amount of money at hand yet want to grow your savings, Recurring Deposits (RDs) are the right choice for you. Through RDs, you can deposit small fixed amounts of money at regular intervals which mature at the end of a pre-decided tenure.
Once you’ve decided to tie the knot, immediately start planning your wedding. Prepare a budget and if possible, fix the date while leaving yourself enough time to make sure that your projected savings reach your ideal wedding budget.