How To Deal With Financial Emergencies During A Wedding

By | November 19, 2016


Financial emergencies are like uninvited guests who cause unconditional inconvenience but are very real. What are financial emergencies? Financial emergencies are situations where your expenses increase exponentially, usually without any prior notice. It might be due to unannounced home repairs, a medical reason, or even something that crops up during the period of a wedding!

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Weddings are events which mark a milestone in a person’s life. More often than not, we expect such a life occasion to be complemented with a grand celebration. During times like these, it is not rare for financial emergencies to arise. For instance, you may need to change the venue due to unavoidable circumstances, or there were problems with the bride’s wedding dress and a new one needs to be bought, which, as we all know, costs a bomb! Whatever the situation, big or small, one must always be prepared to tackle such surprises. In this article, we will talk about how to effectively work your way through any financial crisis that might crop up at when planning a wedding.

Additional Reading: 13 Smart Tricks To Save On Your Wedding

Foresight, plan for the future: The first solution is ─ Foresight. Weddings require a lot of planning and coordinating. Therefore, if there is a wedding taking place in your family, you should start preparing for it beforehand. One way to secure the future would be to create a savings fund. Start saving at least six months prior to the event. The holy occasion of matrimony is a delicate time which should pass smoothly and without any great hindrance. In case of a monetary crisis, you savings fund should be able to act as a cushion and soften the blow. Start saving money from your monthly salary and deposit the amount in a separate account for safekeeping. Be mindful of how much you’re able to save and speed up the process if you are not meeting your targeted goal. Start your preparations by keeping this possibility in mind and do not go overboard unless you are a 100% sure that you are well prepared to face any financial crisis which may come your way. Prevention is better than a cure.

Assess the situation: In case you are without a savings fund and have to deal with a financial crisis, the first step then should be to study the situation. We often panic in the face of danger instead of taking time to think things through. Weddings are heated events with a lot of piled up work, tailing orders, half-done decorations, vendor trouble, etc. Your primary step here should be to sit down and come up with a plan of action. You will be surprised to know how much you can do with a calm mind! Unnecessary panic and fuss, eats away at your time and your mental faculties. Optimal thinking is required if you want to wade through the trouble. So, relax and keep your mind relaxed.

Needs over wants: If you have been hit by a financial emergency in the middle of wedding preparations then you must prioritise needs over wants. We often tend to go overboard with celebrations when it comes to a wedding and we make unnecessary arrangements and order overpriced commodities. Sticking to spending on basic needs over wants will help you cut down substantially on the expenses, enabling you to become better equipped to deal with the crises. For instance, pick Marigolds over Carnations, or cut down on the lighting. It is all very simple and if you can get creative with it, then you won’t even feel the difference. A wedding without an elephant to greet the guests is still a wedding!

Talk to the vendors: The next step is to talk to the vendors responsible for supplying the merchandise and items for the wedding. Try and get them to reduce the price if possible. If that is not an option, then negotiate with them to push back the payment for a short period so that you can deal with the crisis first. Once the wedding affairs have been wrapped up and the emergency dealt with, you will be better able to pay the remaining dues without much hassle. However, do not postpone payments which might turn into a huge hurdle later on. Assess the situation well and then take the necessary steps.

Opt for credit: You can opt to take an immediate loan from the bank if you have a good Credit Score. A Credit Score is the reflection of your performance and diligence displayed towards paying off your debts. Take a loan that you can easily pay off after you regain financial stability. A wedding is a grand affair and may exhaust your resources and savings. However, after it is wrapped up you can sit and calculate your options and focus on getting rid of the debt. Keep a note of the loan and the rate of interest you are paying. Settle it at the earliest and don’t let the debt snowball into an unmanageable amount.

Seek assistance: In a time of crisis, close friends and family are always there to help. Seek assistance from people you trust and can open up to. Be it emotional support or financial, a helping hand can do wonders for someone who is drowning. As the situation dictates, you can borrow money from a family member and then pay off the interest- free amount as soon as you have dealt with the crisis. A little backing can go a long way and work miracles if you have someone whom you can trust.

Be practical: Weddings are emotional and mentally exhausting occasions. The one rule towards better managing a financial emergency is to think rationally and not be swayed by emotions. Keep your options open and out on the table. Do not take rash, spur of the moment decisions. There is nothing that you cannot conquer when you put your mind to it. Once you create a plan of action, maintain a diary to help you remain focused on the task. Being well organised is key.

Additional Reading: Ahead Of Marriage Season, A Financial Checklist For Couples

The mantra here is – breathe, think, and then act. Simple steps can go a long way in dealing with a financial crisis. When it is all done and taken care of, you can always dance away the stress to the dhol beats!

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Category: Financial Planning

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