Bengaluru-based CA Meenal Goyal advised to give priority to investments and financial security instead of spending ₹20 lakh on a wedding. Social media was divided into two parts on his post.
A social media post by Bengaluru-based Chartered Accountant (CA) Meenal Goyal is in the news these days. He says spending ₹20 lakh on a wedding just to impress relatives or society is not a smart move. Meenal Goyal, who has worked in companies like KPMG and Deloitte, shared a post on Instagram explaining where the budget of ₹ 20 lakh spent on a wedding goes and why people should focus more on their financial future rather than a grand ceremony.
How is a wedding budget of ₹20 lakh spent?
According to Meenal Goyal, the wedding expenses of ₹20 lakh get divided rapidly among different heads. Giving examples he said that-
- About ₹ 6 lakh on food and drinks (Catering)
- Around ₹5 lakh on venue
- Around ₹3 lakh on decoration
- Around ₹2 lakh on photography
- Around ₹2 lakh on entertainment (DJ etc.)
- About ₹2 lakh on other necessary expenses
He says that this entire money is spent in just two days, but its effect is visible on the financial condition of the family for many years.
‘It’s all over in 48 hours, but the economic impact lasts for a long time’
Meenal Goyal wrote in the caption of her post, “Within 48 hours, the venue is returned, the food is over, the decorations are removed and the guests move on to the next wedding. But one thing that stays with you is the financial impact. She says that after the wedding is over, memories remain, but if the spending is not done thoughtfully, the financial pressure can also last for a long time.
Affects family savings and future goals
Meenal Goyal says that the money spent on a wedding reaches the caterers, photographers, banquet hall owners and DJs, but the real price is paid by the family through their savings, investments and future plans. He said that many times marriage affects people’s home buying, investing, retirement preparation and other financial goals.
Advice given to invest money
Meenal Goyal suggested that instead of spending the entire savings on the wedding, a part of it could be invested for the future. Giving examples, he said that this money can be used for the following purposes:
- down payment to buy a house
- preparing emergency fund
- long term investment
- future children’s education
- family financial security
- He believes that one must celebrate the marriage, but not that financial stress starts after that.
‘Start a new life with financial peace’
Meenal Goyal said, “Celebrate marriage to the best of your ability, create memories and start married life with financial peace, not financial pressure. Not just a marriage, but build a strong relationship.” Concluding his talk, he reiterated that it is more important to build a strong relationship and not just have a grand wedding.
Mixed reaction of people on social media
Different opinions of social media users were seen on Meenal Goyal’s post. Many people supported her point and said that taking a loan for marriage or destroying all the savings is not the right decision. One user wrote, “Thank you for saying this. If more people think like this, the burden of expensive marriage on many middle class families can be reduced.” Another user said, “Newly married couples should not start life by taking a loan. They already have to settle the house and many other expenses.”
Some people supported the expenditure on marriage
However, there were many users who justified spending on the wedding. One person wrote, “The marriage of a son or daughter is an emotional occasion for every parent. It should not be measured only by money.” Another user said, “Not just budget, also increase your network and earnings so that spending ₹20 lakh on such a special occasion does not seem like a burden.” Another user wrote, “This is a once in a lifetime opportunity. So I will definitely spend as per my need and desire.”