In India, weddings are among the most significant family events and arranging finance for marriage is the most difficult task. You would not want to leave anything unfilled, especially when planning for the wedding of your daughter.
The parents begin fantasising about their daughters’ magnificent weddings and saving money for her. Still, the issue remains: how can you arrange for your daughter’s grand wedding on time with enough monetary resources as a huge wedding investment is required?
A good monthly savings plan can greatly assist in accomplishing the future objective of marriage saving. Read on to learn how.
Establish a Financial Objective for the Wedding
The solution is straightforward and depends on your existing situation and your future wedding investment goals. Identifying the maximum amount you are willing to spend on your daughter’s wedding should be your primary goal. Once you’ve settled on a specific figure, you’ll need to estimate how much longer you have until your daughter is prepared to enter the next phase of her life. And accordingly, you are required to choose the most suitable and best monthly saving plan to meet the finance of your daughter’s marriage.
Best Four Monthly Savings Plans for Wedding
It is essential to choose the best monthly saving plan to help boost family savings and meet ends to fulfil the bride’s dreams. Some of the most effective saving plans are mentioned below.
Fixed Deposits
Fixed Deposits are sums of money that customers provide to financial institutions to keep the money secure. So, for example, when you put money into a fixed deposit instead of a savings account to put money away for your daughter’s wedding, you have the opportunity to earn interest on the money placed at rates that are greater than the rates that are offered on interest earned on money deposited in savings accounts. This can be considered the safest way of wedding investment.
Monthly Savings Plan
Monthly investing programs and monthly savings plans are available to the rescue and to safeguard the family’s financial future. First, however, it is critical to comprehend what they are. These debt mutual funds give consistent income and are also known as monthly income plans since they provide periodic, monthly returns on investment.
Moreover, the returns are within the portfolio’s tax savings band and outperform inflation. They offer a secure investment vehicle for the general population to develop a savings fund. Most monthly savings programs are run by post offices, although nationalized banks and certain private banks run PPF in India. Only a few public sector banks provide retirement deposit accounts.
Recurring Deposits
Recurring Deposits, also known as RDs, are an excellent option if you want to build up your savings for marriage of your daughter but don’t have access to a significant quantity of cash right now. You can make deposits of tiny, fixed sums of money at regular intervals into RDs, and those deposits will be returned to you at the end of a particular term.
ULIP
A ULIP is a life insurance policy that combines investing to help you reach your long-term financial objectives with life insurance to protect your family financially in the auspicious event of your daughter’s wedding. The premium you pay for a ULIP plan is divided into two components. One portion of your premium is used for life insurance, while the remainder is invested in market-linked products. Depending on your life goals and risk tolerance, you can invest in equities, debt, or a mix of the two.
Conclusion
While getting your daughter married is a beautiful occasion worthy of celebration, it requires huge investment and savings. Therefore, it is vital to begin your new life together on a solid financial basis. Contribute to a happily-ever-after occasion by carefully planning your budget and investing in the best monthly saving plan to enjoy your daughter’s wedding without incurring debt.
