Wedding on a budget? Save money with a smart plan

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NewsUSA -- The to-do list for newly engaged couples can be daunting. Finding a venue, booking a caterer, choosing a dress -- there are many details that need to be factored into a wedding budget, regardless of who is paying. Starting a new life together is a perfect opportunity to establish solid financial habits that will serve you well throughout your marriage.

With the pandemic slowly fading into the rearview mirror, most young couples probably won't have the budget or resources to have that storybook ceremony the bride has dreamed of since she was a child. An intimate setting with 40-50 guests may be a better option. Today's wedding budget should be something the bride and groom pay for comfortably. After all, there's no need to go into debt to impress a gathering of family and friends.

Setting your priorities as a couple early on will set the tone for financial decisions in the future.

A CERTIFIED FINANCIAL PLANNER™ professional can help couples develop a smart plan to manage engagement and wedding expenses. Setting priorities early on can help avoid conflicts as the big day approaches. Start by considering these four elements of planning for wedding expenses:

• Make a list. Write down everything you both need or want for your dream wedding. That includes items large and small, from the number of guests to the types of flowers or favors.
• Rank the list. Now that you have your list, put things in order of priority. Assign a number to each item in order of importance, such as a live band, sit-down dinner or elaborate cake. Or start by sorting needs and wants into categories, using 1 as most important, 2 as moderately important and 3 as least important. You will need to agree on the most important items, whatever those may be.
• Budget the list. Assign an estimated price to each category or item, according to how much you are able and willing to spend. Consider cutting back on flowers in order to fund a sit-down dinner, for instance, or opt for a buffet-style dinner so you can invite more guests.
• Listen to the lists. This is the time to be a good listener. Hear what your partner has to say about needs and wants; what is important to one of you may not be as important to the other. Financial compromise is a skill that will serve you throughout married life.

Data from loan services show that approximately 45% of couples racked up debt to pay for their wedding, and that ultimately the debt resulted in consideration of divorce. Nip that risk in the bud by avoiding debt when you assess your wedding expenses. A CFP® professional can help you think outside the box and guide you in making smart financial choices during the wedding planning process.

Visit LetsMakeAPlan.org for more information about managing wedding expenses and planning your financial future.

What every couple planning a wedding needs to know

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(StatePoint) -- Planning a wedding involves dozens of decisions made under tight deadlines, as well as agreements made with multiple vendors, including caterers, entertainers and florists.

Yet as we saw during the pandemic, plans can quickly go awry. Following are some tips on how to protect your big day from many unforeseen circumstances, based on Travelers claims data from recent years:

Do Your Research

It’s a sad reality that not all vendors keep their vows. Indeed, 19% of Travelers’ wedding insurance claims from August 2020 through July 2021 related to losses associated with vendors. For instance, florists went out of business, photographers never showed and bands broke up before the big day. Make sure you research vendors before signing contracts and making any deposits. Check with the Better Business Bureau, read online reviews, seek references and consider asking friends and family for personal recommendations.

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Keep Calm & Party On

When dozens, if not hundreds, of partygoers are dancing, eating and drinking, it can sometimes be a recipe for disaster. In fact, 11% of Travelers’ wedding insurance claims from last year were due to accidents and the damage that occurred. Encourage your guests to have fun – and be responsible – while they celebrate your special day.

Consult the Calendar

Mother Nature can be fickle and nothing is ever certain, but you can reduce your chances of bad weather ruining your nuptials by consulting the calendar. According to Travelers, 6% of last year’s wedding insurance claims were due to severe weather. If you are planning your wedding during a stormy season, create a contingency plan, especially if the area is known for extreme conditions. And if you’re planning an outdoor wedding, make sure you know how to pull it off if you have to move it indoors.

Protect Your Investment

Whether it’s a tropical destination wedding or a party in your backyard, insurance is a smart way to protect what can be a significant financial investment. And while COVID-19 is excluded, insurance can help with unexpected situations like severe weather, illness or injury, and even military deployment.

Wedding insurance is offered by insurance carriers like Travelers, a company with a long history of helping their customers when they need it the most. And with the average cost of a wedding in 2020 – heavily skewed due to the pandemic – amounting to about $19,000, according to The Knot.com, a Wedding Protector Plan can help provide peace of mind.

"Insurance is smart for weddings of all sizes, including events that span across an entire weekend, with a welcome reception, rehearsal dinner, the wedding and even a celebratory send-off brunch," says Kassy Westervelt, senior product analyst at Travelers. "We recommend couples choose a coverage level at least equal to the amount they might lose if their event had to be rescheduled at the last minute, considering purchases and deposits for things like the venue, gown, rings, caterers, entertainment, transportation, flowers, cake, invitations and more."

"Couples who are new to the wedding planning process may not be aware that their wedding can actually be insured, so we recommend you contact an insurance agent or visit our website to understand what it covers and how it can help," says Westervelt. "We also like to make sure couples understand that change of heart is not covered."

Your insurance agent can work with you to determine the coverages and policy limits that best fit your needs and budget. To learn more about Travelers’ no-deductible wedding insurance policies, visit protectmywedding.com.

For greater peace of mind around one of the most important days of your life, take steps to avoid and prepare for common wedding day mishaps.

Picking the right engagement ring tells your love story

NewsUSA - Engagement rings mean many things -- romance, love, commitment. Each love story is unique, each engagement ring is the start of a new love story, and each will be a witness to a lifetime of memories.

An engagement ring embodies the memories of each couple's unique courtship. The memories begin with first glance and a warm smile meeting for the first time.

Photo: Nathan Dumlao/Unsplash

If an engagement ring could talk, it might tell you a story of "boy meets girl" and how an awkward guy got up the courage to approach the girl across a crowded room. It might tell the story of fun dates to concerts, sporting events and hanging out with friends. Trips to new cities together, boating in the Ozarks, exotic vacations to destinations abroad. The story continues to meeting the parents for the first time.

An engagement ring might reflect on a couple's firsts. That first vacation together or the first long romantic walk. The ring will grow in sentimental value as memories are shared over and over of how the future bride's personality captivated their partner into popping the all-important question.

A ring might recall asking a father's permission, sneaking a sample ring from a drawer to determine the perfect size, and even providing some inspiration for a design that would bring her to tears when she said "yes."

Engagement rings are followed by wedding rings, which tell the story of a bright day full of joy as two become one in front of family and friends. In the future, these rings will experience years of holding hands, warming hearts, rubbing shoulders, holding babies, and serving as a reminder of a lifetime of love with the love of your life.

Custom diamond engagement rings from Cornelis Hollander can help you tell your unique love story with timeless beauty. Their engagement and wedding rings represent your love, energy, and commitment to each other.

The story doesn't stop with the walk down the aisle some bright day in June, it is only beginning, and their team of skilled designers are honored to help start your journey together. The Arizona-based company has four decades of awards and testimonials for its customized engagement ring designs that range from classic to modern, with stunning settings and sparkling gems.

"Your ring is the ultimate storyteller of your style and commitment," according to Cornelis Hollander's son, Walter Hollander, who inherited the company from his father in 2017. "Our diamond rings are exceptional because they are made uniquely for the wearer, making them exclusive, memorable, and personal."

For more information go to cornelishollander.com to explore their unique collection of handcrafted diamond ring designs.