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Marriage is the most beautiful and memorable moment of everyone’s life. Everyone wants their wedding to be very special and grand, but in today’s times the expense of even a normal wedding reaches lakhs of rupees. From venue booking, catering, jewellery, designer clothes, photography to honeymoon – the list of expenses is so long that you never realize when the budget goes out of control.
This is the reason why today’s sensible youth start financial planning for their marriage years before the date is fixed. Even if you still have a few years left for your marriage, the safest and most modern way to accumulate a large corpus without any mental stress or loan is- SIP (Systematic Investment Plan).
Is SIP really the right decision for marriage?
The biggest feature of SIP is to divide huge expenses like a mountain into small and easy parts. Because marriage is not a sudden medical emergency, but an event whose timing we know in advance to a great extent.
If your marriage is for 3, 5 or 10 years, then by investing a fixed amount every month as per your pocket, you can create a big fund of your choice. Its biggest advantage is that at the time of marriage, you do not have to take a personal loan from any bank at high interest rates or break the years-old fixed deposit (FD) of your parents.
Not only wedding hall, your SIP will handle these expenses also
Often people believe that the wedding expenses are limited only to the reception and food of the wedding procession. But in practical life, the scope of wedding expenses is quite large. The funds generated through SIP can be used for all the following purposes:
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Main rituals: Wedding venue, theme decoration, catering and pre-wedding and main day photography.
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Personal Shopping: Gold and silver jewellery, bridal/groom lehenga and sherwani, and grooming/makeup packages.
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Immediately after marriage: Complete honeymoon travel tickets, hotel booking and tour expenses.
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Setup of new life: Advance/rent for a new house after marriage, buying new furniture-electronics or depositing down payment for a new car/bike.
Why is financial independence important for both boys and girls?
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For Boys: After marriage, responsibilities related to lifestyle suddenly increase. If SIP is started 5-10 years ago to manage household items, travel and emergency fund for future, then the new life starts very comfortably without any financial pressure.
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for girls: Today’s women are career oriented and make their own financial plans. Having their own SIP for marriage gives them a strong financial backup. They can use this fund for jewelery of their choice, personal shopping or for additional security after marriage, so that they do not have to depend on anyone.
Complete Mathematics of Monthly SIP of ₹5,000 (At Estimated 12% Annual Return)
Let us understand with a very simple example how a small saving every month can grow into a big one through the power of compounding:
Which fund will be best according to your marriage timeline?
While investing in mutual funds, always keep in mind how far away your goal is from you:
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Long term (7 to 10 years): If there is a lot of time left in the marriage, then you can invest in funds like flexi cap, index fund or large and midcap. equity funds Can choose. These have the potential to provide excellent inflation-beating returns in the long run.
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Medium term (3 to 5 years): for this timeline hybrid fund Or Balanced Advantage Fund Are excellent. They attempt to deliver a stable return while reducing market risk.
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Short term (1 to 3 years): If marriage is very near, then do not invest all the money in the equity market even by mistake. times like these Debt Fund, Arbitrage Fund, FD or RD Like choose safe option, because there is a risk of your principal amount getting reduced due to market fluctuations in a short period of time.
Important advice: Marriage is not the only goal
Financial experts believe that the sooner one starts investing for any major goal in life, the more benefit one gets. But remember, marriage is a very important stage of life, but it should not be your final goal. Along with running SIP for your marriage, you also have a sufficient emergency fund please keep it, ok health insurance Take it and balance the investment keeping in mind other major needs of the future. When your financial security is strong from all sides, only then will you be able to truly enjoy your new married life without any worries.
