You may or may not have identified the right partner for spending your all life with, yet. But your dream wedding is already etched in your mind. At least, you have some vague idea about the entire thing. An idyllic setting will enhance the festivities and make the day a lot more memorable. But keep one thing in mind, planning a destination wedding is not a cheap thing.
You may reach out to your parents to use the wedding expenses fund. But in reality, a present-day destination wedding with vivid pre-wedding rituals and ceremonies that involve a posh touch and extravagant setting can add up to a lot more than what your parents thought of while planning the fund. So, in such an instance, you need money from other sources.
So, realistically speaking, in case of a destination wedding, you have to take into account a huge expenditure. And for this, you need to plan your finances in advance. In such times, an expert financial counselor like Wealthclock Advisors will come extremely helpful. They will guide you throughout so that you fulfill your financial plans comfortably.
How to plan precisely for such an event?
Unlike your retirement investment, planning for a particular event such as a wedding requires a lot more detailing. You need to separate the necessary funds from the non-essential ones. Like for example organizing food for guests is non-negotiable, but appointing a celebrity chef to do live counters is considered a non-essential one.
What you can do is, start investing in the basic non-negotiable expenses occurred normally during a wedding. What you really want is stable return security, flexibility along with a maximum return and tax efficiency. Debt funds such as short-term income funds can be utilized for this occasion. You can begin a SIP or invest a lump sum. Mutual funds will help you fulfill your plans.
For the unnecessary part of the expenditure, you can ponder about taking some risks through higher return equity funds. You can also go for the lower risk equity funds such as large-cap funds or may be diversified funds with a large cap bias. You need to give yourself about three years. Even if equity returns do not live up to your expectations, it won't hurt your planned proceedings.
This is why you need to get the best mutual fund investing advice. You can leave the sum invested for a bit longer and use it during your first-anniversary celebration!