Hello readers!
Are you married or planning to get married? If planning to get married, then have you found your partner? Well, may you not have identified your partner yet, but the perfect wedding destination is etched in your mind.
Destination wedding, a choice of many people for their marriage celebration. Everybody wants to make this special day of their, as most happening day, and for that, the first choice of many is a destination wedding. However, we all know that planning a destination wedding doesn’t come cheap.
Go to your parents and ask them to break the wedding expenses fund that they may have created. Analyze it, soon you will realize that your modern-day destination wedding with elaborate pre-wedding sangeet, cocktails and the choicest wedding favors can add up to a lot more than what your parents put aside.
Well, if you are also planning for a destination wedding then you must know that you will have to chip in rather large proportions of the wedding expenditure. Let us see how you can plan your destination wedding expenditure in mutual funds.
Structure Your Plan For An Event a Few Years Away
Planning, saving, and investing for events like a wedding requires a lot more detailing. You can start it by separating the necessary expenses from the frills. Here frills refer to the additional arrangements that are your preference but not essential.
Plan all your necessary and non-negotiable arrangements that you are going to hosts for your guests, and plan their expenses, that is how much you are going t pay for that. The final expense you arrive at will have a bare minimum spend and the frills will depend on affordability.
Now you have the minimum calculated expense for your mandatory marriage arrangements, time to invest for these expenses. To invest for this non-negotiable expense, you would require an investment instrument that gives stable return securities, flexibility to redeem as required, and also maximized return and tax efficiency. Debt funds like short term income funds can be used for this purpose. Start a SIP or begin by investing any lump sum you have saved.
For your ‘frills’ expenses, you can invest in risky though higher return equity funds. As you don’t have time to wait for 7-10 years to get returns from Equity funds, thus you can lower risk equity funds like large-cap funds or diversified funds. Do not expect much from your equity fund returns and don’t worry it won’t hurt your planned festivities.
You can also leave this money invested for a bit longer and use it for your first-anniversary celebration!
Two Things Must Do
To achieve what you have planned in the above paragraphs, you need to follow two must things, the very first start saving early. You can go cutting down your lavish expenses like dining out with colleagues and invest what you saved for your special day. Secondly, you must make these investments regularly if you want to achieve the final corpus.
A destination wedding is a dream for many and so is for you, it is an expensive affair, but with proper and on-time planning of your savings and investments can make it possible.
For any kind of query, you can contact us at Shri Ashutosh Securities Pvt Ltd., we are here to help you in any way possible.
Happy Investing!
(Mutual Fund investments are subject to market risk Illustrations are for example only, there is no guarantee of returns. Past performance is not an indicator/guarantee to future returns).