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Savings Account
Save smartly for your dream wedding
Planning a wedding involves many important decisions, with managing your finances effectively being the most crucial one. Saving for your wedding may seem overwhelming, but with effective strategies and a solid savings plan, you can make the entire process smooth.
1. Start with a wedding budget
Establish a comprehensive budget. Break it down to:
- Venue: Reception hall, ceremony location
- Catering: Food, drinks, cake
- Attire: Clothes for different ceremonies, accessories
- Decorations: Flowers, lighting, table settings
- Entertainment: Band, DJ, photographer, videographer
- Miscellaneous: Invitations, transportation, wedding favours
2. Set a savings goal
Once you have a budget, set a realistic savings goal. Determine how much you need to save each month to meet your target by the wedding date. For example, if your wedding is in two years, and you estimate the total cost to be ₹10,00,000, you would need to set aside approximately ₹40,000 a month. See the following table to know how much you would need to set aside in your Savings Account, depending on the time you have in hand:
| Months to wedding | Total budget (₹) | Monthly savings (₹)* |
|---|---|---|
24 months | 10,00,000 | 40,380 |
18 months | 10,00,000 | 54,249 |
12 months | 10,00,000 | 81,989 |
6 months | 10,00,000 | 1,65,215 |
*Assuming 2.75% annual interest, compounded monthly
3. Cut expenses for wedding savings
To fund your dream wedding, you might have to cut back on a few luxuries for some time. This includes -
- Dining out: Cook more at home and reduce eating out.
- Subscription services: Cancel subscriptions you rarely use.
- Shopping: Limit impulse purchases and focus on needs.
Supplement your savings with extra income if you can by freelancing or selling unnecessary items online.
4. Save and increase returns on your investment
An effective way to save funds for your wedding is by opening a Savings Account. This allows you to keep your wedding savings separate from your regular expenses. Additionally, depending on your timeline, you can consider other investment options to maximise your returns.
I. Investment strategies
a) Three to four years to wedding
Consider a mix of Savings Account and Short-duration Debt Mutual Funds that invest in fixed-income securities of up to 3 years duration. These funds offer higher returns than a regular Savings Account and are less volatile compared to Equity Funds. This combination is preferable as it offers the advantage of potentially higher returns while maintaining a certain level of safety.
b) Under two years to wedding
It is advisable to focus on safety and liquidity, making a Savings Account your primary investment vehicle. With competitive bank interest rates on Savings Accounts, they provide a secure place to park your savings. You could also consider Liquid Funds, which invest in money market instruments maturing in 90 days. These are ideal for parking your funds for short periods. The rate of interest in Liquid Funds is comparable to Savings Account interest rate.
II. Maximise interest earnings
- Research and compare: Look for banks offering the best interest rates on Savings Accounts.
- Consider Fixed Deposits: For a portion of your savings, consider Fixed Deposits that typically offer higher interest rates than regular Savings Accounts.
- Utilise financial tools: Use online calculators to estimate your interest earnings and plan your savings strategy.
Also Read:Complete guide on how to open a Savings Account in 5 easy steps
Wrapping up
By setting a clear budget, opening a Savings Account, and taking advantage of competitive bank interest rates, you can ensure your special day is both beautiful and financially manageable. Plan and save early for a stress-free wedding.
Consider the Axis Bank Easy Access Digital Savings Account for your wedding savings. It offers benefits like an instant Virtual Debit Card with 1% cashback on online spending, video-based KYC account opening with no paperwork, account activation within 60 minutes, and flat 10% cashback on Flipkart and Amazon.in via GRAB DEALS.
Partner with Axis Bank to make your special day an unforgettable experience!
Disclaimer: This article is for information purpose only. The views expressed in this article
are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd.
and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader
for taking any financial decisions based on the contents and information. Please consult your financial advisor
before making any financial decision.
Disclaimer: Mutual Fund investments are subject to market risk,
read all scheme related documents carefully. Axis Bank Ltd is acting as an AMFI registered MF Distributor (ARN
code: ARN-0019). Purchase of Mutual Funds by Axis Bank’s customer is purely voluntary and not linked to
availment of any other facility from the Bank. *T&C apply
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