Don't overlook these 3 financial rules when planning weddings for India's rich and famous, says this millennial.

Weddings are a huge business in India.

This summer, one of the most eagerly awaited weddings will be the union of Anant Ambani, the son of Asia's wealthiest man Mukesh Ambani, and his longtime girlfriend Radhika Merchant, which is scheduled for July.

In March, Ambani and Merchant held a three-day pre-wedding celebration, which was attended by some of the world's most prominent tycoons and celebrities from Hollywood to Bollywood and beyond.

Bill Gates, Rihanna, and Ivanka Trump's daughter were all present.

According to Mehak Sagar, co-founder of WedMeGood, the three most significant cultural moments for India are Bollywood, cricket, and weddings.

During the 2023 wedding season, the Indian wedding industry is estimated to have generated approximately 4.74 trillion rupees ($56 billion), making it a "trillion-dollar enterprise," according to the 2024 Wedding Industry Report by WedMeGood, a wedding planning platform.

The Indian wedding industry, being the fourth largest in India, influences approximately 16 to 20 other industries, according to Sagar. It has a direct impact on the jewelry and hospitality sectors, she stated.

Tina Tharwani, the 36-year-old co-founder and head of business development and client servicing for Shaadi Squad, is no stranger to lavish Indian weddings.

Shaadi Squad is renowned for handling the engagements of Indian celebrities such as Nick Jonas and Priyanka Chopra, as well as Anushka Sharma and Virat Kohli, making them a popular choice among India's elite.

Tina's clientele sometimes have no budget, with some couples even needing more than just the stars and the moon to make their wedding dreams come true, according to Tharwani.

Tharwani, with her extensive experience, shared three "frequently neglected" financial guidelines for wedding planning.

Agree on a budget

Discussing and agreeing on a budget with key stakeholders such as family and future in-laws is the first step, according to Tharwani.

If couples do not have a specific amount in mind, it can be challenging to make decisions, which may result in being caught off guard by the bill.

If couples do not come up with a budget, "by the time we kind of get to that understanding," it could be "a little late in the game to reverse certain decisions," which could lead to "getting stuck in a situation," she said.

Tharwani recommends using social media to research pricing of products and services before determining how much to spend on supplies, vendors, and other expenses.

Keep taxes in mind

Another overlooked financial rule is taxes.

Tharwani stated that we must remember that there's a significant tax component that gets added, which ultimately becomes a substantial amount.

It's crucial to factor in taxes when determining the initial budget for wedding planning to obtain a more accurate estimate of expenses.

Have a solid guest count

Tharwani emphasized the significance of the guest count, particularly for destination weddings.

If the guest count varies by 5% to 10%, even a small error can have significant consequences on the cost front.

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