Marriage is a beautiful happening in which two people promise each other that their sorrows tears, happiness and joy will be shared forever. It is a very special day in the lives of these people whose lives will change for eternity. Everyone dreams of having a grand wedding with great fanfare and splendour and such is the trend today. Grander the wedding, grander is the joy and expenses.
The main expenditure is on how the bride and the groom will look on the “d” day, and nothing can enhance your features like jewellery. You can start buying small quantities of silver, gold and diamond through small investments. Systematic Investment Planning is which involves investing on a periodical basis based on your financial income is the best option available if it’s the parent who is paying for the wedding.
The first step is to assess your capability and calculate the cost of the marriage. Calculate the budget required to plan the marriage but, do estimate the expenses based on the future scenario. Then find the amount you can save monthly for investments.
Invest in schemes which require periodical allocation of funds. Endowment assurance plans serve as a great option for investment. Premiums can be paid based on financial status. For purchasing jewellery, determine the amount required at the time of marriage. Next, determine how much gold should be purchased monthly to reach the specified target. There are schemes for varied jewellery items and do not concentrate on gold alone.
If there is less time for planning and the wedding needs to be on a grand scale, opt for wedding loans. You can opt for schemes which offer lower policy rates. They function as personal loans where you have to pay EMI monthly. There are certain criteria to be satisfied before availing this option. Check your monthly salary and CIBIL score which determines your eligibility to avail this loan.
Since it swallows a huge part of your expenditure, it is better to not rely on savings alone and wait till the last moment to start investing. Certain costs can be cut off by avoiding lavish spending of money on unnecessary services.
To know more about the available investment options, you can contact Goodwill at admin@gwcindia.in or call us at +91 – 44 – 4020 5050.
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