Child Marriage Expense Calculator

Planning for their child’s marriage is a parent’s dream. And if done rightly, it can easily turn into a success story. The right time to start planning for your child’s future, be it their higher education or wedding, is the day they are born – the sooner the better. But with the wedding planning, you can take a few years to allocate your funds to their upbringing and education and once things are a bit stable, start portioning out a part of your income towards investing for your child’s marriage. Everything from venue to caterers, clothing to hosting the guests asks for a handsome amount to be shelled out.

The best way to plan for your child’s marriage is keep a strict budget in mind. Next, choose you wish to invest; gradually or aggressively, taking in the risks or choosing the safer routes like an SIP in debt funds. The following task requires you to ascertain a fixed amount that you will take out from your income and put it in the wedding kit religiously. But how do you arrive at this amount? That's when a child marriage expense planning calculator can be handy. Let's know about it in the following sections

A child's marriage expense planning calculator is an online tool available for free which calculates the monthly amount that you should invest or save in order to provide for the expenses related to your child's wedding in future. It takes into account the current age of your child and then gives you an estimate that you must have for the smooth sailing of your child's wedding day. It also takes into account the inflation rate as an important factor. Let’s see how a child marriage expense calculator works.

Steps to use child marriage expense calculator are: · Go to Max Life child marriage expense calculator here

1. Enter the age of your child (current age)

2. Age of child when you intend to get them married

3. Click on Proceed

4. Enter the following details next:

• o How much would you spend, if you were to marry your child today?
• o Have you set aside any money for your child's marriage yet? If yes, how much?
• o Rate of growth you expect for your savings

·5. Hit the ‘Calculate’ button

Here, you will see the total amount you’d need at the time your child attains the marriage age along with a monthly amount you need to save in order to achieve the total wedding cost. Please note that the calculator takes a 10% inflation by default.

If you wish to have tailored advice from our expert financial advisors, click the button saying ‘Fill Details’ post which you’ll receive a call and if preferred by you, they’d schedule a persona visit as well to help you with the planning.