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Here are the 3 financial rules to follow when planning your wedding

One of the most anticipated events this summer is the wedding of Anant Ambani, the son of Asia's richest man, Mukesh Ambani, who will tie the knot with his longtime girlfriend, Radhika Merchant, in July.

Sujit Jaiswal | Afp | Getty Images

Weddings are a huge deal in India.

One of the most anticipated weddings this summer will be when Anant Ambani, the son of Asia's richest man Mukesh Ambani, will tie the knot with his longtime girlfriend Radhika Merchant in July.

Ahead of their big day, Ambani and Merchant threw a lavish three-day bridal shower in March. From Hollywood to Bollywood to Silicon Valley and beyond, the party has hosted some of the world's biggest moguls and celebrities.

Microsoft co-founder Bill Gates, singer Rihanna and the former US president's daughter Ivanka Trump were all in attendance.

“The three biggest cultural moments for India are Bollywood, cricket and weddings,” Mehak Sagar, co-founder of WedMeGood, told CNBC Make It.

The Indian wedding industry is estimated to have grossed around 4.74 trillion rupees (around $56 billion) during the 2023 wedding season, making it a “trillion dollar business”, according to the 2024 Wedding Industry Report. WedMeGooda wedding planning platform.

“Given that it is the fourth largest industry in India, the Indian wedding industry affects maybe 16-20 people. [other] “, said Sagar. This has a direct economic impact on the jewelry and hospitality sectors, she added.

Lavish Indian weddings are no stranger to Tina Tharwani. The 36-year-old is co-founder and head of business development and customer service at Mumbai-based wedding planning company, Shaadi Team.

Famous for being the mastermind behind American singer Nick Jonas' engagement to Indian actress Priyanka Chopra, as well as the marriage of Bollywood actress Anushka Sharma and professional cricketer Virat Kohli, Shaadi Squad's clientele are among of India's super rich and famous.

Shaadi Squad planned the wedding of Indian actress Anushka Sharma and Indian cricketer Virat Kohli.

Courtesy of Shaadi Team

Although budgets vary for most weddings, some of Tina's clientele don't have an “even the stars and the moon” budget. [are] sometimes not enough for the couple,” Tharwani told CNBC Make It.

Drawing on her years of experience, Tharwani came up with three “often overlooked” financial rules that can be applied to your wedding planning:

Agree on a budget

The first step is to discuss and agree on a budget with key stakeholders such as family and future in-laws, according to Tharwani.

“When [couples] “If you don’t have a number in mind, it becomes difficult to make decisions,” she said. This could lead to people being caught off guard by the invoice.

Shaadi Squad co-founders Tina Tharwani and Saurabh Malhotra helped plan Nick Jonas and Priyanka Chopra's engagement.

Courtesy or Shaadi Squad

If couples wait to budget, “by the time we figure it out, [can be a] a little late in the game to reverse some decisions,” which could lead to “getting stuck in a situation,” she said.

After you have this number, you can work backwards to figure out how much to spend on supplies, suppliers and other expenses. Tharwani suggests using social media to research prices of products and services.

Keep Taxes in Mind

Another overlooked financial rule is taxes.

“We have to keep in mind that there's a whole tax component that comes into play, which ultimately becomes a pretty significant amount,” Tharwani said.

When establishing a number early in the wedding planning process, it's important to add taxes to the total budget to create a more accurate estimate of expenses.

Have a good number of guests

“The number of guests is of utmost importance,” Tharwani said. This is especially true when it comes to destination weddings, she said.

Although the number of clients may vary by 5% to 10% at first, “too low a number almost leads to a domino effect in terms of cost implications,” she said.

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