The 2 most important goals while we make financial plans are Retirement & Daughter’s Marriage Planning. And, moment we seek clarification, the daughter’s marriage changes to “Kids” Marriage. Is marriage planning of daughter still a viable financial goal? Let’s look from Financial & Social aspects today.
Expensive weddings are all around, the Ambani Junior, Priyanka Chopra & Deepika Padukone, and many more such weddings are making father’s in India worried. Are weddings so expensive as depicted in Media or there is some other aspect to it?
On the other hand, daughter’s marriage is still used as an emotional pitch for selling financial products like insurance policies etc.
First, I would like to clarify that I am the father of 2 daughters. They are 12 & 6, and like you I am also concerned about their well being. The elder one understands marriage & stuff, and she also knows my profession. I have made her clear that I am going to help them financially for education but for marriage, I don’t want to accumulate anything. So, whether it is a Roman wedding or Udaipur… your choice your expense!
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Do you think in changing time like these, do you need a huge amount to marry your daughter?
Financial Planning for Children
Generally, it revolves around 2 sub-goals – Education & Marriage.
Good thing that I find is the investors or clients treat their son an daughter equally when it comes to investing for studies. I can vouch from the experience that I have interacting with our clients.
So, if they are having a goal for son to study outside India, a similar goal is made for the daughter too.
So, equality is there!
But when it comes to marriage, some prefer a higher goal amount. They are unsure or do not want to take chances.
Marriage Planning for Kids – Socially
Last 10 years have changed a lot. Do you expect your son or daughter to go for the marriage of your choice? Look around and count number of love marriages, love made to arrange marriages and marriages done to legalized the co-stay.
Well, you may argue “It does not happen in our community”. Maybe not today, but I am sure your community is changing too.
The second question is “are people comfortable in asking or giving money or property to in-laws?”
Today, the girl and the boy own & decide.
Your daughter is equal as she is qualified, have a career & is liked by a family. So where is the question of cementing a relationship with money?
Another thing – If you have a daughter and she is married, she is not alienated from the family. Women readers know what I am talking about. You still remain close to your parents, siblings & friends. So the thought that “you give whatever you can” only on marriage is a vague argument.
Expenses will be when you show off!
5-star parties, celebrity presence, designer clothes, destination weddings, and multiple day functions with cocktails flowing and notes flying!
I am sure you need to plan for that.
Marriage Planning for Kids – Financially
The society has gone a big change when these millennial kids have started taking decisions. Most of these kids do not believe in traditional weddings. A one-day affair with a reception is the norm. It is still the parents who due to social pressures or their own will want to have grand weddings.
But even a single day gathering has a cost attached to it. Then there is gifting. It may vary family to family. I have seen weddings where both side parents contribute to help the new couple settle their lives.
So, financially a daughters marriage is not that costly that it used to be if you are able to embrace change.
Gold was a big expense. I think the trend has mellowed. This expense has come down drastically.
Daughters too earn after their education and willing to contribute if you instill good value system.
So, be practical when you plan for your daughter’s marriage, as there are chances you may over-plan it.
Overplanning may result in unnecessary pressure in the accumulation phase and lower your present lifestyle.
Marriage planning is changing in India as we are evolving in a more mature society, so an investor needs to relook at their planning for children.
Share your view below in the comments section and do share this article with your family and friends.
