FAR BETTER, FAR WORSE: ON PLANNING A WEDDING AND MORE IN GOA Go ahead, plan a grand marriage, but plan the finances in advance, to make the big day truly memorable, writes CEDRIC SILVEIRA
Susan and Vivek got recently married in the grandest of fashions. Reception at a five-star hotel, a list of invitees exceeding 500, premium drinks flowing freely, a band all the way from Bangalore, and a lavish buffet that left one speechless. Topping it all was a honeymoon at Mauritius. All this might have been justified if they were the children of some big industrialists or Bollywood actors. But, sadly for them, both came from upwardly mobile middle class families, and in an attempt to impress their friends and relatives, they had gone overboard with their wedding expenditure. Every year, a number of people fall into this trap of having to pay for their wedding expenses for the rest of their lives. One has to sit down along with his spouse and plan and organise the wedding finances well in advance, rather than simply spend or take loans with no capacity for repayment. After all, finances form a vital issue over which marriages can last a lifetime or break up the very next day. Yet, few people understand the enormity of the situation and still lesser are ready to take remedial action to make their big day truly memorable. What may be termed as novel or unusual weddings are certainly coming into vogue as more and more people are realising the folly in overspending at weddings. Phillip and Sarah, after their nuptials, circulated just a glass of wine and some rich fruit cake to the guests in the church compound itself. "It is our is best," voiced Phillip, after their wedding. Low-cost weddings, including beach weddings, are another alternative which is slowly catching on. However not everyone is smiling about them. Says Ramiro, "We spent a lot for our own wedding, and we expect the same from others." Yet, who is ready to give the lead in breaking down stereotype weddings and challenging the old school of thought? Weddings at ancestral homes too are catching on and not all are fancying a reception at a hotel or a hall. To add to all the trouble and care one may take to ensure that all is well on the wedding day, unforeseen events can spring up and simply ruin your plans. The latest trend is not to take chances with this most important day of one's life and to go in for a comprehensive insurance policy for weddings. Although some may consider it inauspicious, while others may consider it 'modern', technically speaking it is just one of a variety of specific event policies that can financially protect one's wealth from any mishap. With weddings in India costing a bomb, everyone is concerned about the safety aspect. For example, the Mehtas took an insurance cover of Rs 20 lakh for their wedding at a cost of Rs 3,770. The policy covered areas such as cancellation, postponement, personal accident to the bride, groom, or any relative, property damage due to fire, burglary, and food poisoning. In fact, although Jacob and Rosy's wedding went off so well, the next day almost all the guests who attended it were down with food poisoning and some even had to be hospitalised on account of dehydration. As weddings are a time when Goans tend to flout their wealth, wedding insurance is another aspect which has to be kept in mind. Weddings in Goa are an expensive affair, what with the bridal gown, suits for the groom and bestman, and dresses for the bridesmaids to be stitched, floral decorations to be seen to, food and drinks to be catered for, besides the hall charges, car, MC, and band charges leaving the couple financially drained. Yet, who thinks of all these aspects so long as the day goes off well? What one ought to do prior to the wedding is basically see how much one can set aside for the big day, or if the finances have to come from a bank, it is important to work out a repayment plan. After the wedding, pooling of incomes (if both are working), to meet daily expenses, ought to be done so that the monthly budgetary requirements are met. Having a plan for your finances can go a long way in smoothing the relationship and thereby preventing any disagreements later on. Many a time, once a girl enters her husband's home in a joint family, to make adjustments is a little too difficult. In such cases, problems may arise and it may require the newly wedded couple to shift to a separate residence. Thinking ahead -- possibly even before marriage -- about moving to a new home, could help in maintaining unity with the family members. Home loans are now easily available, and if one has got a steady income, buying a new home need no longer be a distant dream. Says Rajeev, a businessman, "From the very beginning, my wife was averse to staying with her in-laws. And with loans being easily available, not to mention the simple repayment schedules, it was enough of an incentive to go in for a home loan." SBI, for instance, offers home loans, to individuals up to 45 years of age, of a maximum of 60 times the applicant net salary or 85-80% of the cost of the home, whichever is lesser. Car loans can be obtained at 30 times the net salary or 85% the cost of the car. Once the wedding is over and one has paid up the wedding loans, it is time to sit down and look into other aspects, such as, if children come along what part of the income should be set aside for the child's education. Many banks have got child education schemes which if invested in, can give you the confidence of a secure future for your child. All in all weddings are no longer just a question of love in most cases nowadays. The boy has to financially well-settled to shoulder the financial responsibilities that may arise. And it does not stop with completion of the wedding expenses only, rather it is life-long process for which the couple has to be well matured to sit and plan their financial situation. Not taking into account one's finances can be disastrous to a man as after all his wife and children are not expected to survive only on love and fresh air. Courtesy: Investor Plus, Goa's first investment monthly tabloid, from Plus Publications. Editor: Ilidio de Noronha. Email: [EMAIL PROTECTED] Admin Office: E-2, S-2, Martins Enclave, Nr Syndicate Bank, Caranzalem, Goa. Tel: 2464687, 9422058131. R.O: 603, Shiv Towers, Patto Plaza, Panjim, Goa.