Want to plan a year-end wedding in 2022 but worrying whether you can do it successfully within just 1 year? No worries. Tick off these 5 factors and get ready for your dream wedding.
The Budget
The first step to planning a wedding is setting a budget. For that, you need to factor in all the expenses associated with the wedding arrangements. These can include costs related to:
- Booking a venue
- Wedding decorations
- Arrangements of food and drink
- Entertainment
- Beauty sessions
- Buying gifts
- Buying wedding costumes
It's best to keep a relaxed budget because last moment changes can cost further.
After nailing a budget, think about how to finance all the expenses. A good idea is to invest in a fixed deposit to let the deposited amount grow with the interest earned on an annual compounding principle. Even if you invest over 12 months for the year-end wedding, you can enjoy good returns.
With a fixed deposit interest calculator, you can learn not just the applicable rate and total interest earned but also the maturity amount. Consider using the calculator to ensure that the maturity amount meets all the wedding-related costs.
Choice of Guests
If your budget is low, consider inviting only those guests whose presence is a must for you on the big day. As per the number of guests, the costs of food and accommodation will depend. So, use the FD interest rate calculator to check whether the returns can finance the costs of attending guests.
The Venue
Consider the following factors before booking a wedding venue:
- Public transportation should be easily accessible from the venue.
- There must be enough accommodation for all the guests.
- The quality of food and drinks should be good.
- All the venue-related costs must be within the budget that you set using the FD rate calculator.
An Event Planner
If you want to plan a lavish wedding, consider an event planner. You can discuss the wedding theme and suitable decorations with the planning team. Just ensure that the cost of hiring the wedding planner is within the budget that you have fixed. If needed, you can again use the FD interest calculator to reset your budget after factoring in this new cost.
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A Short-term Investment
Since you're planning a year-end wedding in 2022 and the year has already begun, it's important to choose a bank that allows you to choose as short a term like 1 year. Also, if your budget is low, see whether the bank lets you start a deposit with as little as ₹10,000. You can also check whether you can take a loan against the FD for up to 75% of the deposited amount. Then without breaking the FD, you can get funds without waiting for the maturity date. After choosing a reputed bank, use the fixed deposit interest calculator to settle for a satisfactory maturity amount and consider investing right away.
Simply keep the above factors in mind to manage the finances and other important aspects of the wedding waiting at the end of 2022.
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