Using your Savings Account effectively to save for a Wedding

Saving for a Wedding: How to Use Your Savings Account Effectively

26 April 2024 | By INDIE

Planning a wedding is a major responsibility, and it is common to overspend for the special day. People expect a lavish wedding ceremony, and that’s why over-expenditure for a wedding is very common if you don’t know how to save money for wedding ceremonies.

That’s where wedding planning can help you. Planning the ceremony in advance can help you save money for the wedding. However, saving money for your wedding does not mean that your ceremony has to be mediocre. Your wedding can still be a memorable bash. Here are a few tips on how to save money for marriage ceremonies:


Formulate a Budget :

Formulating a budget is one of the first tips on how to save money while planning a wedding ceremony. Discuss with your family and partner, as budgeting is a financial decision that requires everyone’s involvement. You could open a savings account and deposit a portion of your money separately for the wedding ceremony. However, that amount should not be set in stone if there is an unexpected expenditure. Identify your wedding goals, save regularly, and you can easily plan your dream wedding ceremony.


Consider an Off-Season Wedding:

Consider planning a wedding ceremony in the off-season to save costs. For instance, try avoiding marriage ceremonies during Winter (November to January) because high demand in the season leads to high prices. Hence, consider shifting your ceremony to Summer or Spring during which your expenditure will be lower.


Determine the Wedding Essentials:

Ascertaining what you need and what you don’t will teach you how to save money for a wedding. Examples of wedding essentials include the venue, caterer, videographer, photographer and many more. Determining essentials will help you ascertain what is and isn’t necessary for a successful and joyful wedding ceremony.

Also Read: Landscape of security in banking


Open a Savings Account:

Open a savings account for your wedding expenditures because it will help you track your progress. Look for a savings account that offers you banking facilities like competitive interest rates for maximising your savings. Assess different variants of savings accounts to choose the one that helps you save the most. Opening multiple savings accounts for different wedding goals will be helpful as your funds are separate from each other in different accounts.


Choose One Venue :

One of the common mistakes that you must avoid while planning a wedding is booking multiple expensive wedding venues. Choose a venue that sits within your budget the best. Please keep in mind that decoration may still impress the guests regardless of the venue size. Furthermore, usually, Indian wedding ceremonies are events that last for more than a day. You complete the rituals at one site and save on paying for factors like another venue, transportation, and booking rooms for the guests.


Consult Wedding Planners:

Wedding planners can help assist you in arranging a memorable marriage ceremony and staying within your formulated wedding budget. Wedding planners can help you relax and enjoy your special day. These planners provide a budget-friendly and well-organized wedding experience.


Finalizing the guest list:

Finalizing the guest list is a factor that will occupy a massive part of the wedding budget. Consider minimizing the number of guests if you want to lower your costs. Draw out the guest list well in advance to plan and determine how much you must save every month in your savings account. You can consider excluding your long-distance friends and extended family from the list if you are looking to cut it down. Finalizing the guest list can also help you save on food costs. Making thoughtful decisions about your guest list can help you stay on budget.



An Indian wedding ceremony is a lavish but costly affair. Your wedding plans might not come to fruition if you are financially unprepared. Following the seven tips should help you build the dream wedding ceremony. Of these seven, opening savings accounts might be prudent, and the process is easy. Banking apps across India, such as IndusInd Bank’s INDIE app, can help you open savings accounts.


Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.