Ah, the great Indian wedding, where the phrase ‘small function’ somehow translates to 500 guests, three days of events, and at least one distant uncle wondering why the food isn’t as good as Sharma Ji’s son’s wedding last year.
But let’s get down to the real question: How much will you actually need for a wedding in 2030? And more importantly, how do you save for it without blowing up all your savings at once?
Breaking down the costs
A ‘medium-sized’ wedding in India today costs anywhere between ₹20 lakh to ₹40 lakh, depending on:
- Venue & Catering (50% of budget): The biggest expense. Even a decent banquet hall in metro cities can cost ₹3-5 lakh. Add food for 300-500 guests at ₹2,200-2,500 per plate, and you’re looking at a total of ₹7-13 lakh easily.
- Jewelry (25%): Because your mom will insist. A simple gold set can start anywhere between ₹1.5-3 lakh and let’s not even talk about diamonds. Generally, one gives 20 to 30 tola in a wedding (1 tola = 10 gms approx), so it’ll cost you around ₹16-25 lakh.
- Clothes & Makeup (10%): Designer lehenga? Let’s say it’d be between ₹1-5 lakh. Makeup? ₹50k per event. Bridal mehendi will cost you around ₹20,000.
- Photography & Entertainment (10%): Photography and videography of all the events can cost you anywhere between ₹1-2 lakh. Sangeet choreographer? Again, anywhere between ₹20,000 to ₹50,000.
- Miscellaneous (5%): This is for wedding cards, transport, hotel stays for outstation guests etc.
Projected Cost in 5 Years (2030)
Now, let’s factor in inflation.
The average cost of a wedding rose 14% in 2024 compared to 2023. It means that costs could increase by 50-60% in 5 years.
So, if a wedding today costs ₹20 lakh, in 2030, it could be ₹40 lakh.
How to Save for It:
Most people either:
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Take a personal loan (bad idea, high-interest rates)
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Depend on their parents (not ideal, unless you’ve generational wealth)
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Or, plan ahead with smart investments
1) Start an SIP in Mutual Funds
Instead of dumping cash into a savings account, invest in mutual funds through Upstox Invest.
- Assume a goal of ₹40 lakh in 5 years
- If you start today, an SIP of ₹50,000 per month in an equity mutual fund (assuming 12% annual returns) can get you there.
- Even if you start with ₹5 lakh lump sum + ₹38,000 SIP, you can hit ₹40 lakh in time.
Use the ‘Upstox Invest’ section to find high-performing mutual funds that fit your risk appetite. Go to the ‘Mutual Fund’ tab, click on ‘Explore’ and you can pick out the Mutual Funds that best suit your needs. For eg: ‘High risk High returns’ or ‘All weather investing’ etc.
2) Gold ETFs for Jewelry Costs
Since gold prices rise approximately 8-10% annually, instead of buying jewelry now, invest in Gold ETFs or Gold Mutual Funds to cover future costs.
In Upstox’s ‘Invest’ section, go to the ‘Stocks’ tab, click on ‘Explore’, scroll down and select ‘Gold bonds & ETFs’.
3) Debt Funds for Short-Term Stability
Not everything should go into equities. To ensure capital safety, a portion can go into debt mutual funds for stability. You can opt for debt mutual funds, Fixed Deposits (FD), Government securities or NCDs.
In conclusion…
The key to a stress-free, debt-free wedding is starting early and investing smartly. Your future self (and your spouse) will thank you for not blowing your entire savings on one event.
Want to start saving smartly? Check out Upstox Invest for mutual funds, Gold ETFs, NCDs, FDs and more. Also, how much did you spend on your wedding? Tell us in the comments below!