2015-10-27
Don't Derail your Wedding Budget
You’ve probably been hearing since you were a kid that your wedding day is the biggest, most important day of your life. And while it will probably rank pretty high on your list of momentous occasions, “biggest, most important” really packs on the pressure, both to your psyche and your wallet. What is supposed to be a celebration of your relationship can turn into a financial nightmare if you haven’t been saving since adolescence or don’t have rich parents bankrolling the affair. Aside from the obvious costs, like booking a venue, finding a good caterer, and hiring a photographer, wedding expenses can quickly spiral out of control. And if you’re trying to keep up with the Joneses on Pinterest? Forget it. All of those wedding craft and gift ideas will have you up to your sweetheart neckline - or well-fitted cummerbund - in debt before you know it. The Knot reported that weddings in the U.S. average roughly $30,000. Even when you take the budget or DIY route to avoid dropping the equivalent of a year’s tuition at a private university on a single-day’s party, unexpected costs crop up. Michelle Barrow at The Financial Diet wrote recently that despite her determination to get married for under $5,000, she ended up deciding to splurge on a hairdresser, more flowers, and a photographer at the last minute. Because she and her partner had kept a lid on spending in so many other areas, they were able to make the numbers work, but the lesson remains. Wedding costs can easily get away from you, regardless of how frugal you are. Some newly weds go the route of putting part of their wedding day costs on their credit card, however this often leaves them paying hundreds of extra dollars due to interest. An alternative to that is to take out a low interest personal loan to help with wedding day costs - as opposed to a credit card. Here’s a look at three of the areas most likely to derail your big-day budget, and what you can do to avoid starting married life in a state of financial ruin.
1. Dress and tuxedo: Many brides see their weddings as their opportunities to spoil themselves, which often means spending exorbitantly on their gowns. Splashing out for a great dress is one thing, but it’s easy to get carried away when you see yourself in a $5,000 designer piece for the first time. And that doesn’t even include the cost of a full tuxedo, which can also escalate quickly if you’re going the designer or custom-made routes.
When you’re budgeting for your wedding-wear, don’t forget to account for accessories such as shoes, wraps, jewelry, and other touches. One bride featured on A Practical Wedding shared that she and her fiancé were surprised at how much they spent on clothes even though she went for a lower-priced non-traditional dress and he wore a vintage suit. Alterations, dry cleaning, and footwear can drive up the total bill faster than you’d think. Consider looking at consignment bridal shops or vintage boutiques for less costly but still elegant items.
2. Bridal party proposals: You can thank our social media-driven culture for the pressure to make sure every step between engagement and vows is Instagram-worthy. This includes an elaborate bridal party proposal, whether that’s with personalized cupcake jars, mini champagne bottles, coffee mugs, or scratch-off cards. These gifts and cards are sweet ways to rally your bridal party, but like the site Bridal Guide notes, when you’re trying not to blow your savings before you’ve walked down the aisle, every little expense counts. And don’t think this one’s just a concern for the ladies - apparently groomsmen proposals are a thing too, only they might involve bowties, shaving kits, and bottles of liquor.
3. Stationery: Bridal Guide warns against going all-out on save-the-dates and invitations, only to find yourself over budget when it comes time for menu cards, seating chart cards, programs, thank you notes, and other stationary needs. They recommend building those costs into your initial spending plan, although some couples opt to skip them altogether. While you can eliminate unnecessary expenses - trust us, your girlfriends will be just as excited to be your bridesmaids whether you give them presents or not - weddings are costly events. If you’ve budgeted down to the last entrée and are still sweating about the numbers, consider taking an alternative finance loan to cover the venue or a couple of the vendors. Companies such as LightStream, which is part of SunTrust Bank, OneMain Financial, and SoFi offer good rates on personal loans that can be used toward wedding expenses. A wide range of alternative borrowers offer personal loan products, which are often a better bet than racking up credit card debt to pay for your flowers and catering. Combined with smart budgeting, alternative loans help create some financial breathing room for you and your soon-to-be spouse as you start your married life. But planning for your wedding should begin with a realistic assessment of what you can afford, which elements you want to prioritize, and which traditions you’re willing to abandon. Just because it’s an important day in your life doesn’t mean it has to be the most expensive.
Disclaimer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Engine by MoneyLion product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Engine by MoneyLion through hyperlinks, from third-party websites, are provided for informational purposes only. While Engine by MoneyLion finds these sources to be accurate, it does not endorse or guarantee any third-party content.
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MoneyLion
MoneyLion Wins “Best Financial Literacy Tool” and “Best API” at Benzinga’s 2022 Global Fintech Awards
MoneyLion’s consumer and enterprise businesses were recognized as winners of Benzinga’s 2022 Global Fintech Awards at this year’s Fintech Deal Day
New York, December 14, 2022-- MoneyLion Inc. (“MoneyLion”) (NYSE: ML), the go-to destination for personalized financial content, products and advice, is proud to announce that it has been named “Best Financial Literacy Tool” at Benzinga’s 2022 Global Fintech Awards. MoneyLion’s enterprise business, Even Financial, was also named as the winner for “Best API.”
MoneyLion and Even Financial were honored alongside other top Fintechs, banks, research companies and more. MoneyLion’s consumer business continues to push financial literacy through innovative and personalized content. With the MoneyLion app, users can view personalized financial content in short-form video format and receive personalized financial product recommendations such as loans, insurance and investing. As MoneyLion’s enterprise offering, Even Financial digitally connects and matches consumers with real-time personalized product recommendations from banks, insurance carriers, and Fintech companies on mobile apps, websites and other digital touchpoints through its financial product search engine and Embedded Finance Marketplace technology. This technology powers both the MoneyLion Marketplace, in the MoneyLion app, as well as more than 1,000 enterprise partners.
“We’re thrilled MoneyLion’s consumer and enterprise businesses were recognized by Benzinga,” said Dee Choubey, Co-Founder and CEO of MoneyLion. “Both awards showcase MoneyLion’s every time you money approach to helping our customers. The financial literacy gap is a huge problem for millions of Americans and we remain committed to reducing its effects through engaging, informative content and key partnerships designed to bring an elevated educational experience to all.”
These awards follow the October announcement of MoneyLion University, where MoneyLion launched its latest initiative aimed at closing the gap in money and financial education across the United States.
“We could not be more pleased with Benzinga’s recognition of our company’s API technology,” stated Phill Rosen, CEO and Founder of Even Financial. “Our technology natively integrates real-time credit decisions and product recommendations from the industry’s largest network of connected financial services providers, offering access and choice to consumers searching for financial products. Our elegant Embedded Finance Marketplace, API and search engine enable any company to add trusted, personalized financial products and services to their business, reaching people when and where they need it.”
Even Financial has been named a listmaker for the Benzinga Global Fintech Awards for the last two years and was a previous award winner. In 2021, Even was selected as a listmaker for Best API and, in 2020, selected as a listmaker for both Best API and Best API Platform. In 2019, Even was awarded the Benzinga Rocky Award.
The annual Benzinga Global Fintech Awards take pride in recognizing and honoring the companies and individuals who are propelling the Fintech and financial services industry forward with the most impressive technology advancements and innovations. A panel of industry experts from a wide range of companies reviewed and judged the nominations. Winners were announced at Benzinga’s Fintech Deal Day on December 8, 2022, where MoneyLion’s Chief Customer Officer Cynthia Kleinbaum spoke on the panel, Expert Growth Hacks For Reaching Underserved Markets.
About MoneyLion MoneyLion is the go-to destination for personalized financial content, products and advice. MoneyLion’s mission is to rewire the financial system to positively change the path of every hard-working American. MoneyLion uses its proprietary data advantage and technology to empower its customers. MoneyLion engages and educates its customers with daily, hyper-personalized money-related and money-adjacent content that is delivered through each customer’s own content feed. MoneyLion provides its customers a full suite of financial and non-financial solutions, bundling its proprietary, low-cost financial products with products that are offered through its marketplace technology and network affiliate partners. MoneyLion also leverages its distinct data, technology, and network advantages to deliver leading embedded finance and marketplace solutions for enterprise customers. Since its founding in 2013, MoneyLion has empowered millions of Americans to take control of their finances and live their best financial life, every day.
For more information about the company, visit https://www.moneylion.com/ and https://www.evenfinancial.com. For investor information and updates, visit investors.moneylion.com and follow @MoneyLionIR on Twitter.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221214006032/en/
MoneyLion Communications pr@moneylion.com
Caliber Corporate Advisers moneylion@calibercorporateadvisers.com
Even Financial media@evenfinancial.com
Built In
Even Named A Built In “2023 Best Places to Work”
New York, Jan. 11, 2023 -- Even Financial ("Even"), an independent subsidiary of MoneyLion Inc. (NYSE: ML), and a leading embedded finance marketplace platform, is proud to announce that it was honored in Built In’s “2023 Best Places To Work” Awards. Specifically, Even earned a place on the Hybrid Best Places to Work in New York.
The Best Places to Work Awards, now in its fifth year, honors companies across numerous categories, sizes, remote-first employers as well as in person and hybrid working companies across the U.S.
Built In determines the winners of Best Places to Work based on an algorithm, using company data about compensation and benefits, and also weighs criteria like remote and flexible work opportunities, as well as other people-first cultural offerings.
This announcement follows Even’s recent win at the Benzinga Global Fintech Awards for “Best API.”
About Even Financial
Even is the industry-leading embedded financial marketplace and independent subsidiary of MoneyLion Inc. (“MoneyLion”) (NYSE: ML). MoneyLion is a leading digital financial services and lifestyle content platform serving both consumer and enterprise customers. As part of MoneyLion’s enterprise offering, Even digitally connects and matches consumers with real-time, personalized financial product recommendations from banks, insurance carriers, and fintech companies on mobile apps, websites, and other digital touchpoints through its marketplace technology. Even's infrastructure leverages machine learning and advanced data science to solve a significant pain point in financial services customer acquisition, seamlessly bridging financial services providers (such as SoFi) and channel partners (such as TransUnion) via its industry-leading API and embedded finance marketplaces. Even enables any company to add financial products to its business, with full compliance and security at scale. Even was named one of "America's Best Startup Employers'' by Forbes for 2022 and was named to the 2021 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world. Learn more at www.evenfinancial.com and investors.moneylion.com.