Weddings have always been a grand affair. We Indians sure know all about it. A typical big fat Indian wedding is an off-the-hook crazy event that goes on for several days with enough ceremonies and drama to keep the gossip-mill rolling for weeks, if not months!
Trends change, and so ‘Destination Weddings’ have become really popular in recent years. What they offer is a getaway for the bride and groom with their closest relatives and friends to a distant location, turning the whole event into a semi-vacation. It can be a colourful ceremony in the Caribbean on a quiet beach or a lavish extravaganza in the royal palaces of Udaipur! Considering the expenses that go into any normal wedding, saving for your dream wedding can pose as a bit of a challenge. But fear not as we bring you some handy tips that will help you save for the wedding you have always wished for.
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1. Save Smart!
You have to be really smart and careful with your savings if you want your dream wedding. It’s not enough to save using the same outdated methods. And honestly, saving the old way is stressful! Luckily, technology comes to your aid here and gives you a huge number of comfortable and easy ways to save every day. Experience the wonder and simplicity of automated savings and have a portion of your paycheck deposited in a separate account automatically every month. This way you are less likely to spend more than you planned. You can keep a track of all your expenses and current savings anytime, anywhere you want, right on your phone. It’s that simple! And when you are always aware of your exact financial situation, it will allow you to plan better and more effectively for your future savings. Making the most of the what technology has to offer is probably the greatest money saving idea.
2. Learn to make the most of your Savings
Tap into the potential of your saved funds and watch them grow. There are so many ways you can raise more money at a faster rate, allowing you to save & earn at the same time. Once you already have a significant amount of savings, transfer these funds into an FD and see which duration offers the maximum interest rate. Left long enough, you can experience major returns on your initial savings. If you’re willing to venture out of the safety of bank deposits, try investing in a low-risk mutual fund. They have potential to yield more interest than FDs and plus, the interest earned on mutual funds is non-taxable, unlike the interest earned on FDs. You can take advice from your bank regarding the matter or invest yourself using a really flexible and easy-to-use Mutual funds investment app.
3. Hunt for the best Deals!
The actual trick to saving is to get maximum value out of the money you spend. Dreamy destination weddings or any wedding for that matter is a series of endless expenses. The best money saving idea here would be figuring out ways to minimize expenses while not compromising on what you really want for your dream wedding. Look for cheaper or more reasonable alternatives for catering and gowns. If your friend owns a catering business or a boutique, talk to them and work out a cheaper deal with them. That could be their wedding present to you! Talk to your jewelers about bridal schemes that allow you to buy jewelry over a period of a few years and offer a good discount as well. Opt for deals that can supplement your automated savings over time, like purchases that offer cash backs. Plan and manage your expenses smartly enough so that you can achieve your dream of the perfect wedding sooner.
4. Venture into the World of Trading
Money can never come easy for those who refuse to take calculated risks every now and then. Conventional methods of saving can only get you so far in realizing your dreams. You need to save & earn simultaneously to get the wedding you have always dreamt of. And there are a number of ways you can go about that. If you have the time and the inclination, take up a course on trading and once you know what you’re doing, try investing in the stock market. You can reduce the risks to a minimum by playing it safe and not engaging in risky investments. The idea is not to go big or go out. And you should definitely not aim for huge returns overnight. That almost never works! Picking your investments carefully that offer reasonable returns with minimal risk is how you can see your savings grow. Investing in mutual fund schemes is another great option, and you can do that from the comfort of your home with a tried and tested mutual funds investment app.
5. Maximise your savings, the Uber-cool way!
We already stressed on the benefits of automation and modern tech in boosting your savings. Though there are a number of ways and apps available to facilitate you in that, there is one that is probably the easiest and most effective in this regard. Sqrrl is one of India’s Best money saving app, and you can truly unlock the potential of your savings with its amazing features like Sqrrl Away and BYOD- Bring Your Own Dreams. Where Sqrrl Away allows you to save small amounts regularly, offering you interests of 7-8% as opposed to the 4% offered by a standard bank account; BYOD helps you earn more on your savings by investing in the most secure and rewarding mutual fund schemes available. Best is you can access your funds with Sqrrl anytime you want, anywhere you want, without any extra charges!
These are a few really helpful and practical tips that should allow you to have the wedding you have always wanted. Just be smart with your savings and follow these tips, we promise you that lovely ceremony in the Caribbean won’t just be a distant dream!
Download Sqrrl from the Apple App Store & Google Play Store.