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Wedding Budget Calculator
Plan Your Dream Wedding on A Budget: Use Our Wedding Expense
Calculator Today!
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Wedding Budget Calculator
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To plan for your dream wedding, you need to save up to
₹ 15,73,000 15.7L
You are only 20% covered till now
(inclusive of all taxes)
every
Get 5% discount on online buying
Save 2.5% on total by paying premium annually
Plan an exclusive honeymoon by investing
This is less than a meal for two
Weddings in India are a grand affair, and most people leave no stone unturned when it comes to perfecting every detail and making this day memorable. But, like any other important event that comprises several functions, there are a lot of arrangements as well as manual labour involved. And naturally, this counts as a major expense.
And even though you may not really like to stick to a budget, at least on your wedding day, you probably dread having to waste an unnecessary amount of money meaninglessly. And so, you prepare for the expenditures well in advance. A wedding budget calculator is an important tool that makes your wedding planning easier and ensures that you only spend on things on your big day. Let us see what else there is to know about the wedding budget calculator.
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What is a Wedding Budget Calculator?
A wedding budget calculator is an online calculator that helps you sort out your wedding expenses. Whether you plan to have a small one-day nuptial event or let the celebrations run into the entire week, the wedding budget calculator can help you decide whether you can go a little beyond the budget or simply stick to the predetermined budget you already have.
By making these calculations early, you can choose to start saving and investing to cover the additional costs if you exceed the budget. In addition, the calculator will be able to give you a certain estimation of the wedding budget based on what you are planning, so if you already have a number in mind, all you need to do is finalise whether you can have the wedding you want with your existing financial resources.
Why Should You Use a Wedding Budget Calculator?
Inflation plays a major role in determining the cost of various commodities. For example, as you may be aware, weddings involve a lot of labour, planning and elaborate arrangements, which can be quite expensive. Possibly, years ago, when weddings were simpler, the cost of organising and planning a wedding ceremony would have been lesser.
However, in today’s time, with destination weddings, pre-wedding shoots and many new concepts in the industry, wedding costs could run into crores if the people involved can afford it. But even with others who want to keep weddings simple, the cost can be quite high since inflation has led to an increase in the prices of products and services.
A wedding budget calculator is mainly used for the purpose of ensuring that the total cost of your wedding should be as per a predetermined budget you have in mind. It also factors in the inflation rate so you can get a genuine number on how much your wedding expenses will amount to.How Does a Wedding Budget Calculator Work?
A wedding budget calculator is easily available online and works on a predefined formula or algorithm. Therefore, you will get the results of the total wedding cost as per the values you enter into the calculator. The final and total cost of your wedding budget on the calculator will change as per the changes in any of the values or particulars.
This way, you can increase or decrease the cost of the wedding to meet your budget if you already have one or start saving and investing right away to meet the total expenses of the wedding. A wedding planning budget calculator can also help you keep an eye on additional expenses, such as wedding insurance. Even if you are having a small wedding but opt for wedding insurance, you should add that calculation to the calculator.
Lastly, a wedding budget calculator in India can also help you determine if you need to save some money for the future so that the new responsibilities that newly married couples are faced with can be managed without a hassle.
Our Best-Selling Plan for Your Dream Wedding
Tata AIA
Fortune Guarantee Plus
Non-Linked, Non-Participating, Individual Life Insurance Savings Plan (UIN: 110N158V09)
How To Use a Wedding Budget Calculator?
Wedding expenses can spiral out of control if you do not carefully plan each cost. Many people plan lavish weddings, while others opt for simple ceremonies with fewer guests. A wedding budget calculator in India is quite easy to use and flexible when it comes to calculating the cost of any wedding, no matter how big or small. Here is how you can use the Tata AIA Life Insurance wedding budget calculator available on our official website:
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01.01.
Visit the homepage and go to the Calculators tab.
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02.
Click on Wedding Budget Calculator and start filling in the details.
02.Click on Wedding Budget Calculator and start filling in the details.
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03.
Feed in all the values as per the estimated cost of all the particulars.
03.Feed in all the values as per the estimated cost of all the particulars.
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04.
If you are planning a year or months in advance, it would be advisable to also factor in the cost of inflation.
04.If you are planning a year or months in advance, it would be advisable to also factor in the cost of inflation.
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05.
In case you plan to buy wedding insurance to secure your wedding against any untoward events, you can add that cost to the calculator as well.
05.In case you plan to buy wedding insurance to secure your wedding against any untoward events, you can add that cost to the calculator as well.
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06.
The calculator will then show you the total expense of your wedding, according to which you can start saving or investing funds if needed.
06.The calculator will then show you the total expense of your wedding, according to which you can start saving or investing funds if needed.
Know More About Our Best Selling Savings Plan to Plan Your Dream Wedding
Non-Linked, Non-Participating, Individual Life Insurance Savings Plan (UIN: 110N158V09)
Tata AIA Life Insurance
Fortune Guarantee Plus
Key Features
Get guaranteed*tax free# returns
Save tax# up to 46,800+
Get your premiums^ back at the end of the income period.
Choose income monthly or annual basis, as per convenience
*T&C apply
How To Make a Wedding Budget?
The aim of using a wedding cost calculator is to find out how much you will be spending on your wedding. Since this is likely to be a huge expense, it would be better to first plan it in parts instead of considering the entire cost in one go. Also, remember that time is of the essence and making all your calculations and bookings in advance can help you plan better. Here are some easy tips to help you plan your wedding budget:
Split the total wedding cost into individual heads. For instance, note down the cost of decorations, catering, makeup, venue, etc., as individual costs.
Most of the wedding cost will revolve around how many guests you invite to your wedding. Keep the list as long or as short as you want it to be. This will give you a partial but fair estimate of the cost per head.
Feed in all the information in the online wedding budget calculator and then get the total cost of the wedding. If you do this several months in advance, it gives you a chance to save or invest some money if you do not want to disturb your emergency savings.
If the total cost of the wedding is way above your budget, you can compare different options of wedding planners to check where you can get some discounts or deals. As long as the quality is not compromised, you can opt for less expensive options that suit your budget.
Conclusion
In India, most people plan their wedding well in advance, for instance, even 5-10 years early. While previously, most parents would finance their children’s weddings, people today opt to save up or invest for their own weddings so that they can plan the ceremonies and events accordingly. However, no matter how big or small your wedding is, the wedding cost calculator can help you with financial planning so that you can also save money for the future.
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Frequently Asked Questions
How can I manage my wedding budget?
Managing your wedding budget is not difficult if you remove any unnecessary expenses. Try and prioritise the main and essential expenses for the wedding. You can also compare the quotes between different wedding planners and opt for the one with better pricing but also good services.
Why should I financially plan for a wedding?
Wedding expenses are not just limited to the wedding. After marriage, running the household and managing daily needs will also be an expense on their own. Therefore, it is always advisable to plan your wedding finances so that you do not have to struggle with loans and debts during the initial years of the marriage.
How should I start planning for a wedding?
You can start planning your wedding by making a rough plan of what you want your wedding to look like. Then, start contacting different wedding planners to see who can help you plan your wedding as per your preference.
Apart from that, you will also have to start calculating the expenses so that if you need to fill any gaps or avoid unnecessary expenses, you plan ahead. First, consider all of the expenses separately and then fill in all the values in the online wedding cost calculator to get the total cost of your wedding.
How to make my wedding affordable?
A wedding can be affordable if it is well-planned and suits your budget perfectly. Therefore, one should plan their wedding and the related expenses carefully with the help of a wedding cost calculator so that the complete financial aspect of the wedding can be covered within one’s budget.
For that, you can also look up different options for the ceremony that do not involve unnecessary and lavish expenses.
What value should I enter for the "inflation rate" in the wedding budget calculator?
As you may be aware, the inflation rate will keep fluctuating every now and then, so you can input the current inflation rate to arrive at the result on the wedding budget calculator, even though this value may not be the same a few years down the line.
What value should I enter for the "expected rate of return" in the wedding budget calculator?
Though you cannot be sure of the actual rate of return on your investment in the future, based on the current market trends, you can enter an approximate percentage value that may be the expected rate of return at the end of your investment tenure. However, this value may not be the same in the future.
How can I make my wedding memorable?
A wedding can be made memorable if it is well-planned. Most people go out of the way to plan very elaborate celebrations, but one should only do so if they are certain that their future is financially secure. You can also plan something simple but different for your wedding to make it memorable.
What is wedding insurance?
The type of insurance that covers different types of losses that may occur during a wedding is known as wedding insurance. Ranging from accidental fires and cancellation of the wedding due to natural and human causes to a personal accident cover for the insured and so on, many such losses can be covered by a wedding insurance policy.
Why is life insurance important for newly married couples?
As a newly married couple, you and your partner will be taking on a number of new responsibilities. Therefore, securing yourselves and one another financially should be a priority so that in case of an untoward incident, the surviving partner or your children should be able to sustain themselves financially.
Can a newly married couple invest in life insurance for wealth creation?
Yes, a newly married couple should invest in life insurance for wealth creation. A savings plan would be most suitable for this purpose. Younger couples can determine their investment period that will help them make a steady, regular, and long-term investment for achieving their future monetary goals.
Does life insurance help a newly married couple save money?
Yes, if a newly married couple opts for a savings plan such as a money-back plan or an endowment plan that offers guaranteed returns, they can utilise the benefits of life insurance to save money while the life cover offers added protection to them.
What are the different life insurance plans available for newly married couples?
New married couples can opt for life insurance plans such as term life insurance for comprehensive pure life coverage. One can also consider starting a savings plan for guaranteed returns for their long-term goals after marriage so they can plan major expenses for the future well in advance.
Disclaimer
The complete name of Tata AIA Fortune Guarantee Plus is Tata AIA Life Insurance Fortune Guarantee Plus (UIN: 110N158V09) - Non-Linked, Non-Participating, Individual Life Insurance Savings Plan.
*“Guaranteed Annual Income” shall be a fixed percentage of the Annualised Premium / Single Premium (excluding discount) payable in a year. Guaranteed Annual Income as per the chosen Income Frequency shall commence after maturity till the end of the Income Period, irrespective of survival of the life insured(s) during the Income Period.
#Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
+Tax benefits of up to ₹46,800 u/s 80C is calculated at highest tax slab rate of 31.20% (including cess excluding surcharge) on life insurance premium paid of ₹1,50,000. Tax benefits under the policy are subject to conditions laid under Section 80C, 80D,10(10D), 115BAC and other applicable provisions of the Income Tax Act,1961. Good and Service tax and Cess if any will be charged extra as per prevailing rates. The Tax Free income is subject to conditions specified under section 10(10D) and other applicable provisions of the Income Tax Act,1961. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
^Return of Premium shall be the return of Total Premiums Paid (excluding loading for modal premiums, discount, any extra premium, rider premium and taxes) by the policyholder and shall be payable at the end of the Income Period irrespective of survival of the life insured(s) during the Income Period.
This product is underwritten by Tata AIA Life Insurance Company Ltd.
The plan is not a guaranteed issuance plan, and it will be subject to company’s underwriting and acceptance.
Insurance cover is available under this product.
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. The precise terms and condition of this plan are specified in the Policy Contract.
Buying a Life Insurance Policy is a long-term commitment. An early termination of the Policy usually involves high costs, and the Surrender Value payable may be less than the all the Premiums Paid.
In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.
Risk cover commences along with policy commencement for all lives, including minor lives.
Policies sourced through PoS Channel will not have any medical examination. This plan is not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
All Premiums and interest payable under the policy are exclusive of the taxes, rider premiums, underwriting extra premiums, loading for modal premiums, if any which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium or interest. Tata AIA Life shall have the right to claim, deduct, adjust and recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy.
This publication is for general circulation only. This document is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. This document is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
L&C/Advt/2023/Apr/1189
