Diwali, the festival of lights, often comes with a little extra cheer in the form of a bonus. For many, it’s about shopping for new clothes, having sweets, or buying new gadgets. But if you’re planning a wedding, your Diwali bonus could serve a greater purpose.
If you received a Diwali bonus this year, it could be the right time to start planning for one of life's biggest expenses: a wedding. Here's how to make your bonus work for your wedding savings.
Set Wedding Budget
The first thing to do is figure out how much your wedding will cost. Include big things like the venue, food, clothes, decorations, and other expenses that might burn a hole in your pocket.
Knowing the total helps you plan your Diwali bonus wisely. This way it will also help you avoid overspending.
Open Wedding Fund
Make a separate savings account or digital wallet specifically for your wedding. Keep this money separate from daily expenses. This will help you track growth over time.
Invest Wisely
Invest the bonus in secure, short-term securities like liquid mutual funds, recurring deposits, or fixed deposits rather than letting it lie around. They keep your money accessible while providing small but consistent returns. Even small interest gains can help when combined with regular savings.
Pay For Important Things First
Use your Diwali bonus to pay for the big, important wedding expenses first. Things like booking the venue, paying caterers in advance, or reserving photographers often give discounts if you pay early.
Make Use Of Seasonal Offers
Diwali is also a time when retailers offer discounts on jewellery, clothing, and travel. Using your bonus to take advantage of these deals can help you save a lot on wedding essentials without increasing your budget.
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