"AMFI-Registered Mutual Fund Distributor"
Most parents, want to make the wedding of their child one of the most memorable occasions of his / her life. There was a time when weddings were only an auspicious day for the holy unison of two families which was done at a decent and rational cost. But these days, weddings have become an occasion to display one's social stature and wealth.
Planning is bringing the future into the present so that you can do something about it now. – Alan Lakein
Start early: It is advisable to start planning and saving for your child's marriage as early as possible. Ideally, you should start saving when your child is born. The earlier you start, the more time you have to accumulate savings, which will help mitigate the impact of inflation.
Determine the budget: The next step is to determine the budget for the marriage. Take into account the current cost of the marriage, but also consider that costs may increase by 10% due to inflation. A rough estimate for an average Indian marriage can be around 5-10 lakh rupees.
Choose a savings plan: Based on the budget, you can choose a savings plan. You can opt for traditional savings methods such as fixed deposits, recurring deposits, or mutual funds. You can also choose a life insurance plan with a savings component, which offers a lump sum at the time of maturity.
Review and adjust the plan regularly: Review your savings plan regularly, taking into account any changes in the budget or inflation rate. If necessary, adjust the plan accordingly.
Encourage your child to contribute: Encourage your child to contribute to the savings plan. You can do this by teaching them the importance of saving and financial planning. You can also give them an allowance that they can use to contribute to the marriage fund.
Consider seeking professional advice: If you are unsure about the best way to save for your child's marriage, consider seeking professional advice from a financial advisor. They can help you determine the best savings plan for your needs and provide advice on how to manage your finances.
Stick to the plan: Finally, it is important to stick to the plan. Consistently contribute to the savings plan and make sure that you do not withdraw any money for other expenses. This will ensure that you have enough funds for your child's marriage when the time comes.