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Wedding Budget Calculator
We, at Mirae Asset, believe in helping our investors make an 'informed' choice. Although we provide extensive financial information to all our clients, yet we want them to have easy access to an investment knowledge centre that will answer all their queries within moments.
Wedding Budget Calculator
Sharing the happiness of your child getting married with your dear ones does not come on discount. Having a fairytale wedding frugally requires great efforts and timely investment. Make use of this calculator to discover the estimated cost.
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With rising prosperity, weddings today are grander affairs. The average cost of weddings today is several times more. Also, cost of renting a wedding venue has increased significantly and will continue to rise in the future.
The next big item you need to budget for is catering which depends on the food and guest list. Gifting jewellery is an auspicious custom in Indian weddings. Historical data shows that, gold price has grown at a CAGR of 12% over the past 20 years. Price of gold and diamond jewellery will be one of the biggest expenses in your wedding budget.
You also need to budget for other costs like transporting your guests, professional photography, makeup artists, etc. The average wedding cost for upper middle class Indian families can be Rs 20 – 25 lakhs Wedding Budget Calculator can help you plan.
How Wedding Budget Calculator works?
Wedding Budget Planner or Calculator will advise how much you need to save and invest to achieve your child’s dream wedding.
How to Use the Mirae Asset Wedding Budget Calculator?
- Enter the current cost of your child’s marriage
- Enter expected rate of return (in %)
- By when you expect your child to marry (in years)
- Enter rate of inflation (in %). You have the option of calculations with or without inflation. We recommend that you should calculate with inflation because gold, venue, F&B costs usually tend to appreciate significantly over time.
- Press Calculate
- Mirae Asset Wedding Budget Calculator will tell you how much to save and invest monthly to plan for your child’s wedding.
- The marriage budget calculator also tells you how much your child’s wedding may cost after factoring inflation.
Benefits of using the Mirae Asset's Dream Wedding Budget Calculator
- Mirae Asset Wedding Budget Calculator will tell you how much you need to invest monthly to generate sufficient corpus for the goal.
- Once you know monthly savings target, plan your monthly budget as it helps you remain disciplined in financial planning.
- You need to invest monthly savings in an asset class which grows sufficiently over time. The return you get depend on the asset class you invest. Asset classes like equity funds can generate higher returns. Mirae Asset Wedding Budget Calculator will tell you how much you need to invest through monthly SIP to achieve your goal.
- The expected rate of return in Mirae Asset Wedding Budget Calculator should be basis your risk appetite and investment tenure. If you have higher risk appetite and longer investment tenure, you can expect higher returns by investing in equity funds. By entering different expected rates of returns, you can get different results in the wedding cost calculator. Accordingly, you can make your investment decisions.
FAQs
Answer: - It entirely depends on what plans you have for your child’s wedding, how much you want to gift as jewellery to him / her and his / her spouse, etc.
Answer: - Yes you can. For this, you may have to melt the metal and remake the jewellery. Gold in jewellery form is not pure 24 carat gold; there will be some impurities which get deducted from the price of the gold. You may have to buy additional gold at current market prices and pay for making charges, when remaking the jewellery for your child. Gold ETFs and gold funds are good investment choices for investing for your child’s wedding. There are no impurities in the value of gold ETFs and gold funds.
Answer: - It will depend on your risk appetite and investment tenure. Equity as an asset class can give higher returns, but you need to have high risk appetite and long investment tenures (minimum 5 years). If not, invest in debt or hybrid funds with expectation of lower returns.
Answer: - Gold jewellery is an essential component of wedding budgets of most Indian families. Long term gold price appreciation is usually higher than the inflation rate. Other expense items in your wedding budget can also grow at a rate faster than the average CPI inflation rate. You should be conservative in your estimates, so that you do not have to cut corners in the actual event.
Disclaimer : The calculators are based on assumed rate of returns and meant for illustration purposes only. Some of the features may or may not be currently available for investments in our funds and facilities. The calculators are designed to assist you to get a better understanding on how returns would have panned out in various scenarios. This calculator alone is not sufficient and shouldn’t be used for the development or implementation of any investment strategy. In the preparation of the calculator, Mirae Asset Mutual Fund (MAMF) has tied up with Advisorkhoj who have developed and integrated the calculator with our website. The calculator uses information that is publicly available and information developed in-house. Information gathered and material used in this calculator is believed to be from reliable sources. MAMF however does not warrant the accuracy, reasonableness and/or completeness of any such information. The examples do not purport to represent the performance of any security or investments. It is neither an investment advice nor should it be construed as indicative of any of the schemes of Mirae Asset Mutual Fund. Invest as per your risk appetite and time horizon. In view of individual nature of tax consequences, each investor is advised to consult his/ her own professional tax advisor before taking any investment decision. Contact your financial advisor for detailed insight into the investment advice. Mirae Asset Investment Managers (India) Private Limited (“Mirae AMC”) shall have no responsibility/liability whatsoever for the accuracy or any use or reliance thereof of such information. The AMC, its associate or sponsors or group companies, its Directors or employees accepts no liability for any loss or damage of any kind.