Here are 3 financial rules to follow when planning your wedding

One of the most anticipated events this summer is the wedding of Anant Ambani, son of Asia’s richest man Mukesh Ambani, who will marry his long-time girlfriend in July Radhika Merchant tied the knot.

Sujit Jaiswal | AFP | Getty Images

Weddings are a huge business in India.

One of the most anticipated weddings this summer is that Anant Ambani, son of Asia’s richest man Mukesh Ambani, will marry his long-time girlfriend Radhika in July Radhika Merchant gets married.

In March, Ambani and Merchant hosted a lavish three-day pre-wedding bash ahead of their big day. From Hollywood to Bollywood, Silicon Valley and beyond – this party hosts some of the world’s biggest tycoons and celebrities.

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

“Culturally, the three most important moments in India are Bollywood, cricket and weddings,” WedMeGood co-founder Mehak Sagar told CNBC Make It.

According to the “2024 Wedding Industry Report” released by the Indian Wedding Industry Association, the Indian wedding industry is expected to bring in revenue of approximately 4.74 trillion rupees (approximately US$56 billion) in the 2023 wedding season, making it a “trillion dollar enterprise” . be good to mea wedding planning platform.

“Given that the Indian wedding industry is the fourth largest industry in India, the Indian wedding industry may involve 16 to 20 (other) industries,” Sagar said. This has a direct economic impact on the jewelry and hospitality industries, she added.

Luxurious Indian weddings are no stranger to Tina Tawani. The 36-year-old is the co-founder and head of business development and client services at a Mumbai-based wedding planning company, Sandy Squad.

Shaadi Squad is known for American singer Nick Jonas’ engagement to Indian actress Priyanka Chopra and Bollywood actress Anushka Sharma and professional cricketer Best known as the mastermind behind Virat Kohli’s wedding, Shaadi Squad’s clients include India’s super-rich and super-famous.

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

Provided by Shady Team

While most weddings have varying budgets, some of Tina’s clients don’t have one—”even the stars and the moon sometimes aren’t enough for a couple’s needs,” Tavani told CNBC Make It.

Based on her years of experience, Tavani offers three “often overlooked” financial rules that can be applied to your wedding planning:

Agree on budget

Tavani says the first step is to discuss and agree on a budget with key stakeholders, such as family and future in-laws.

“When (couples) don’t have a number in mind, it’s hard to make a decision,” she said. This can lead people to be blind Through the bill.

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

Provided by Shaadi Squad

If couples wait to create a budget, “by the time we get to that understanding, it might be a little late to reverse some decisions,” which can lead to “getting stuck,” she says.

Once you have this number, you can work backwards to find out how much you spent on supplies, vendors, and other expenses. Tavani recommends using social media to conduct research on pricing for products and services.

Keep taxes in mind

Another overlooked financial rule is taxes.

“We need to remember that the entire tax component is going to be factored into it and it will end up being a pretty significant amount,” Tavani said.

When coming up with a number at the beginning of the wedding planning process, it’s important to add taxes into the overall budget to more accurately measure expenses.