Every parent dreams of educating their children well. Once this dream is achieved or is nearing completion, it’s time to think about marriage of children. The financial planning for this momentous event should start right from their childhood so that you are fully prepared and able to meet your and your child’s expectations.
Commensurate with your dreams is the expenditure you would like to and are willing to incur. The question then is how much you would like to spend on your child’s wedding in today’s terms? Since you have a certain age in mind for your offspring’s wedding, you have the remaining number of years from now onwards to plan. The planning has to take the following into account:
- Estimated wedding cost in today’s terms
- Remaining years for the wedding
- Future costs of the wedding taking inflation into account
- Financial plan to achieve your target amount
- Annual review of plan
Since this is a top priority goal in your life, investments should not be too aggressive. This calls for the right asset allocation- a mix of debt and equity. Insurance in the form of life cover and disability cover plays an important role as the death of an earning member should not adversely affect your child’s marriage plans.
ArthaYantra can help you move successfully towards this important event. Talk to our financial advisor for the right asset allocation, implementation and review of the financial plan for smooth sailing.
Using our integrated online personal finance management software ARTHOS, you can create a goal in the name child’s marriage. Arthos provides a customized plan on how to achieve the goal and recommends a scientific asset allocation in order to achieve it.