Weddings are more expensive than ever before. It can break your all saving. But with proper planning you can give your children a memorable wedding without breaking the bank.
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Child’s wedding is memorable events of a parent’s life.
A child’s wedding is one of the most important and memorable events of a parent’s life. You dream of hosting a lavish event to mark a new beginning of your lovable child’s life. And since time flies faster than you think, it is important to plan for a grand celebration while your child is still young.
Child Marriage is a major financial goal for which every parent wants to plan. Though the exact age of marriage and expenses can’t be ascertained to perfection, however, one can always refer to general expenses incurred on marriage and create a fund that may support Child’s Marriage in future.
How to plan for Your Children’s Marriage?
Many parents have to lend money from the bank or financial lender for their children marriage and some parents even sell their property for their children marriage.
We assume an average expense on your children marriage will be Rs 20 lakhs.
1) If you take loan of Rs 20 lakhs from bank then you have to pay Rs 21,000 as a Monthly EMI for next 25 years.
From the above picture it is clear that if you take loan of 20 lakhs.
Time period of loan = 25 Years and Interest on home loan = 12%
For 20 lakhs loan you have to pay monthly EMI of Rs 21,064/month for next 25 years
For that loan you have to pay total amount = 63 lakhs
Here you have to Pay Rs 43 lakhs as an interest which is more than double of your principal amount.
2) If you plan it before 10-12 years early
If you have to avoid these things you have to plan for it and start investing while your child is still young.
Instead of taking loan if you just plan it 10 or 12 years earlier then you only have to pay Rs 5,000/Month for next 12 years and you will easily get Rs 20 lakhs.
Interest on Investment = 15%
By analysing the data here you can imagine how much you can save if you plan it earlier.
How much you are in loss if you take the loan?
So, be wise and make wise move.
Take loan and pay huge interest to bank for longer period.
Invest money for few years and save for Children’s Wedding without any loan repayment burden.
Equity2Commodity will guide you step by step how to manage your Children’s Wedding. This step-by-step guide gives you complete idea where to invest for Children’s Wedding and how much to invest?