How To Maintain Your Wedding Budget

The Indian wedding industry is currently estimated to generate business worth about one lakh crore rupees (that’s one followed by 12 incredibly hard-earned zeroes) and experts say that this figure grows by as much as 20 to 30 per cent annually. So, how do you protect your purse from this thriving beast? First, draw up a budget. Next—the hard part—stick to it! Here’s how to make sure your wedding doesn’t pull you under.

Make a list
There’s more to weddings than the band, baaja and baraat. So before you build altars in the air, write down exactly what your big celebration is going to entail. Remember that every event you decide to include in your list—a welcome party at a destination wedding, mehendi, sangeet— will add substantially to your tab because you’re not just paying for the venue and food, each event also requires you to spend on decor, wardrobe, jewellery, entertainment, transport, etc. “The venue, food and beverage is often just half of the total cost,” says Neha Shroff of Momente wedding planners. So, first scribble down your magic number, the absolute total you intend to spend on your wedding, and then make a realistic list of how many functions you can host.

Do the math
Remember to allot a cost for every little detail, such as stationery, venue, food and beverage (don’t forget add-ons like the wedding cake and champagne), decor, music, entertainment, accommodation and transport (for destination weddings), giveaways, photography (including videos and photo albums), and your honeymoon too. “Plan ahead. This way you have enough time to do some research and compile a list of your most cost-effective options,” says Neha. “Plus, you can avail of early-bird discounts at many venues, and on airfare, if you’re planning a destination wedding.”

No song and dance
Despite what Bollywood movies may have led you to believe, elaborate weddings are more stressful than fun. Ideally, you should keep it simple. Neha even recommends escaping to an exotic destination to cut costs. “Sometimes, this can lead to significant cost savings since the guest list will be smaller,” she points out. One way to cut costs is to opt for a cheaper destination, such as Lonavala rather than a Maldives. “Even off-season weddings can result in a lot of savings,” adds Neha. You can take advantage of off-season rates. For example, hosting a wedding in Jaipur in June rather than in December would certainly cut costs. Alternatively, host the wedding functions on weekdays, rather than weekends.

However, destination weddings can also be a logistical nightmare, and accommodation and transport could end up costing you more if you don’t plan carefully. “While you’d pay more for a venue at a local wedding, you may end up spending heavily on decorations or food at a destination wedding. So weigh in all these factors before you make a choice,” says Neha.

Here is the sample chart. However, these percentages vary according to personal preferences

ALLOCATING THE BUDGET FOR THE WEDDING

 
Costs                               Destination             Local
Venue                                      25%                    5% (venue and accommodation)
Food and beverage                  25%                    45%
Decor                                      25%                    25%
Entertainment                           15%                    10%
Photography                             5%                     10%
Others                                      5%                     5% (makeup, transport, etc)

(Please note: Clothes, stationery, jewellery, etc have not been included. Only the actual cost of events have been considered)