It’s important.

You must be a law-abiding citizen.

But can the law of the land tell you how much should you spend on a wedding celebration?

Ms Ranjeet Ranjan, a Congress MP, demands a law against wedding ceremonies and receptions. She intends to present The Marriages (Compulsory Registration and Prevention of Wasteful Expenditure) Bill, 2016 for the approval of Parliament in the budget session.

When asked about the Bill, she responded, "These days, marriages are more about showing off your wealth and as a result, poor families are under tremendous social pressure to spend more. This is needed to be checked as it is not good for society at large."

The Bill aims to -

• Place a cap on the guest list
• Restrict the number of dishes served, to avoid the wastage of food
• Make it compulsorily to contribute 10% to the Welfare fund, in case the total budget for a marriage goes above Rs 5 lakh. The Welfare fund will be established to help  poor families  

Since, the Bill is a Private Member’s Bill, i.e. it hasn’t come from the Cabinet or the MP of the ruling party, its fate is in the hands of blind uncertainty.

Ironically, the MP proposing the Bill rides one of the most expensive imported bikes. She must have bought it from her own earnings, but then the questions might be asked about the wastage of fuel. The sports bikes are always fuel guzzlers.

However, here the objective is not to question the purpose of the Bill or attack the MP for her personal choices; it’s rather an attempt to draw your attention to the fact that—insatiable indulgence is a tendency and not an offence. Thus, it can’t be and shouldn’t be restricted by the law of the land.

Then what could be the solution to prohibit people from hosting extravagant wedding celebrations?

No pomp? May not be. 

Rational approach and attitudinal changes may be the remedy.

First of all, we as a society shall stop treating weddings as an occasion to showcase our riches.

You might spend millions of Rupees on one’s own, or a daughter’s or sister’s wedding but can one be entirely sure that every guest at the wedding left with a smile? The truth about our society is, without exception of culture, religion, and community, fault-finders are on the guest-list of all marriage celebrations.

In other words, splurging money like you knew another demonetisation was on its way, may still fail to satisfy inflated egos.

Keeping the wedding ceremony low profile will not only save you money, but also show you who really honours the invitation, in the absence of a posh venue and a sumptuous buffet.

It sounds realistic and pragmatic, doesn’t it?

There is a need for each one in every community to become aware that “keeping up with the neighbourhood Ambani” sparks more societal ills than good. If people begin to think about this, the monetary pressure on the weaker sections of society will disappear without any restrictive law in place. If the majority of people stop following astronomically high-spenders  and their trends, spendthrifts may start looking like odd men out—and eventually, like fools.

In today’s world, you can only guess how your children would want to get married. They may have their own preferences. They may or may not get married in a traditional way as the new ideas will keep stoking their mind. You may like to invite almost everyone you know to the wedding function, but they may prefer to invite only close relatives and their friends.

Considering all these possibilities, keep your expectations and the wedding budget realistic.

This will ensure your financial well-being.

If one of your financial goals is saving for your children’s marriage, you won’t feel any financial burden or have an insecurity.

What’s the way to go?

• Start early
• Try to estimate the amount you may want to spend on your children’s wedding in today’s terms
• Factor in for inflation
• Based on your risk appetite and time left to achieve the goal, chalk out a personalised asset allocation plan.
• Invest regularly and maintain discipline throughout
• Don’t forget to review your portfolio periodically

Let’s understand this with the help of an illustration...

Mr and Mrs Batra are expecting their daughter to get married at 25, i.e. 10 years from now. If they were to spend for it today, they estimate Rs 10 lakh is a sufficient sum. But since the goal will arise 10 years from now, they will have to consider the effects of inflation. They would need Rs 16,28, 895 when factored in for 5% inflation for next 10 years.
  How much many Mr and Mrs Batra would need?

Cost in today's terms	Rs 10 lakhs
Time left for marriage	10
Inflation rate	5%
Estimated cost after 10 years	Rs 16,28,895
Amount Mrs Gupta needs to invest per month#	Rs 7,952

For illustration purpose only
(# investments are assumed to grow at 10% CAGR)
If their investments grow at a compounded annualised return of 10%, they will have to invest Rs 7,952 p.m. for next 10 years.

Counselling, instead of a law, would bring about changes in the psyche of those who spend on events such as marriages unrestrained. Strict rules can’t always resolve issues of morality.

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