Share

Team LXME

How to Avoid Overspending During Wedding Season

In India, weddings are no lesser than any big festival like Diwali rather we can say bigger than Diwali. The wedding industry in India is enormous and does huge business every year.  Also, the Prime Minister of India said some estimates suggest that there could be a business of around ₹5 lakh crore during the 2023 wedding season.

This shows how many expenses are involved during weddings for the people who are arranging and for the people who are going to attend these weddings.

So, it becomes very important for us to budget during this season and don’t end up overspending, that’s why this wedding shopping guide will help you.

Let’s see smart wedding shopping tips to save money

1. The first and Important Thing “Budgeting”:

Set a clear budget basis your income and savings if you have already done any. Then, make a list of things you need to buy, things you can reuse, things you already bought, etc. Basis this, allocate the approximate cost required and start saving for it if the wedding has time, and if not then save and control the current spending and allocate towards wedding requirements.

2. Do a Comparison while Shopping:

Don’t settle on the first option you see. Explore different shopkeepers, compare prices, and bargain wherever possible. Sometimes, opting for off-season or weekday shopping can significantly cut costs as during peak times the shopping places are crowded and expensive. This is one of the popular pieces of advice for wedding dress shopping.

3. Reuse, Rent or Mix-match the outfits:

There are a few ways to plan this. One way is to mix and match, so all the weddings you are attending see you in different looks. Accessories and jewelry will all come to your aid in this endeavor. There are also sites dedicated to helping you rent a designer outfit for a fraction of the cost. You can rent your outfits, footwear, accessories, etc.

Also if you have any outfits that can be reused you can do the same this way you can save a lot.

4. Avoid Unnecessary Extras: 

It’s easy to get caught up in the excitement and add extras that aren’t essential. Prioritize the essentials and avoid unnecessary add-ons that increase the costs and exceed your budget.

5. DIY and Repurpose: 

You can also use your creativity during these times by making your own items or repurposing what you have instead of buying new things.

6. Plan Ahead and Start Early:

In order to avoid burning a huge hole in your pocket, it’s better to plan ahead once you know you have to attend the wedding. Generally, we don’t get to know about weddings way prior so, we might not have much time to save and invest. However, some do plan a year or 2 prior where you can plan and save efficiently.

Goal setting can make your journey super easy. There are 3 types of goals Ultra short-term goals which vary from 1 month to 12 months, Short-term goals which vary from 1 year to 3 years and Long-term goals are more than 3 years.

Since the majority of these wedding goals are for a shorter duration, you need liquidity as well as flexibility.

You can check out the LXME App and look out for the LXME Gulluck, Ultra Short Term Plan, and LXME Short Term Plans which are suitable for 6 months, 1-11 months & 1-3 years respectively. These portfolios are diversified, well-researched, and curated by experts. LXME Gulluck has the additional benefit of instant redemption.

These wedding shopping tips and tricks will save you from overspending during the wedding season.

FAQs

How to spend less money on wedding shopping?

While shopping you can save money using various smart shopping tips and tricks, the first and foremost thing you need to do is budget, then you can use various tricks such as using discounts and coupons, doing comparison shopping, considering second-hand or thrift shopping, DIY and repurposing, etc.

Where to save and invest money for short-term goals like wedding season?

As the goal is short-term, one needs liquidity and flexibility in order to withdraw that amount whenever required. So, one can check out LXME Gulluck or Ultra short-term plan where one can invest for their short-term goals.

Share this wedding shopping guide with your friends and family if you find it insightful.

other blogs
Smart Money February 23, 2024
ULIP Vs. Mutual Funds: Which is the Better Investment Option?

On the road to financial freedom and empowerment, women have several investment options available for them to choose from. Two among them are: ULIPs and Mutual Funds. In this blog, we’ll cover ‘what is ULIP plan?’, how ULIP works and the difference between ULIP and mutual fund. Read on to find out which between the ULIP Vs. Mutual Funds: Which is the Better Investment Option?

By Abhibyakti Singh
Share
Smart Money
Investment Strategies During Economic Downturn

Every woman must have heard the words, ‘recession’, ‘economic downturn’ or even ‘market crash’ while watching the news. These terms can be scary and it can lead a person to panic. But, as a woman on LXME, you should know that there is no reason to be scared. In this blog, we’ll talk about what a Investment Strategies During Economic Downturn

By Abhibyakti Singh
Share
Smart Money Uncategorized February 21, 2024
Empower yourself with LXME’s Fixed Deposits

Invest in Fixed Deposits: Target High Returns with LXME Welcome to LXME, where empowering women to become astute money managers is our mission. We are thrilled to introduce our newest offering: Fixed Deposits (FDs), tailored exclusively for women who aspire to secure their financial future. With LXME’s Fixed Deposits, you can invest in FD schemes Empower yourself with LXME’s Fixed Deposits

By Siddhi Sharma
Share