Plan for the Wedding and for Life in any Economy

(ARA) – Planning for a wedding can be tough, especially when money is tight. But as you make your way through the mile-long checklist of things for the big day, have you thought about life after the wedding? Whether this is your first or second wedding, your dream wedding or a spontaneous ceremony, the financial implications of sharing a lifetime with another person last long after the “I do’s.”

To ensure happiness and financial security in any economy, you should be thinking about your financial future today. And, the good news is that taking the necessary steps to a sound financial future is not as complicated as you might think. Here are some things to discuss as a couple, as suggested by financial experts at SBLI USA Mutual Life Insurance Company, Inc:

1) Come up with a Budget
You may have your own budget, but now you are planning income and expenses for two. If you combine your income and expenses, you will need to combine your budgets as well.

Be prudent with your spending. Write down everything each of you spends per month and cut back on non-essentials. Take into account housing, food, utilities and transportation, as well as student loans, credit card balances, car payments, taxes and if applicable, alimony and child support. For further tips on creating a sustainable budget read “Become Your Own Financial Advisor: Tips on Planning a Budget and Sticking to It” at www.sbliusa.com.

2) Begin an Emergency Fund
An emergency fund helps ensure that you and your partner are secure should something happen, such as a job loss or serious health issue. You should agree on how much you want to save for a “rainy day.” It’s a smart idea to save between 5 and 10 percent of your salary in a joint savings account. To avoid the temptation to spend your savings, consider having the money automatically transferred from your checking accounts. Aim to save 3 to 6 months of living expenses.

3) Purchase Life Insurance
According to a study conducted by LIMRA International 48 million Americans either, don’t own life insurance and believe they should, or own life insurance and believe they need more. Purchasing life insurance will give you the peace of mind of knowing your loved ones will have money to help maintain their standard of living should anything happen to you. To access a variety of financial information and tools, as well as to learn more about life insurance and get a free quote, speak with the experts at SBLI USA.

4) Create a Plan for the Future
Take the time to create a written financial plan with clear goals. The plan should include specific and realistic steps to achieve your dreams, including buying a home, starting a family, taking vacations and retirement. Decide what additional investments you’d like to make apart from your regular savings such as maximizing your 401(k) or IRA contributions.

Using financial planning software, such as Quicken, can help with keeping track of your expenses and investments. Decide what your tax filing status will be for the year. Make sure you consider the difference between married filing separate versus joint filing, based upon your particular circumstances. Consult your tax advisor if you are unsure.

5) Pay Down Debt
Credit card debt is the number one obstacle to a secure financial future, and knowing both of your credit scores is essential. You’re allowed one free credit check annually with each of the major credit bureaus: Experian, TransUnion and Equifax. Order reports and go through and correct any inaccuracies. This will help you both get a loan at a lower rate when it comes time to borrow money for a house, car or other major purchase.

Getting married is an opportunity to get a fresh start on your financial well being. These types of wealth-building efforts are extremely beneficial, and create a solid foundation to a long, happy marriage.

Courtesy of ARAcontent

Stretch Your Wedding Budget by Renting

(ARA) – Engaged couples long for a wedding day that will be unique and memorable, but in these tough economic times many are becoming more cautious about how they plan and spend their budget.

According to The Wedding Report, a research company that tracks wedding spending in the United States, the average cost of a wedding in 2008 was $21,814. That is a 24 percent decline over the 2007 average of $28,704. This decline doesn’t mean you can’t have exactly what you want on your big day to create your dream wedding.

“You can rent almost anything you need to make your wedding match your vision,” says Christine Wehrman, executive vice president and chief executive officer of the American Rental Association (ARA), the global trade association for the rental industry. “By renting items for your wedding, you have access to products that may have otherwise been too expensive in large quantities. You can get exactly what you want at a price that meets your budget.”

Choose linens that match your wedding colors, or go for classic white to offset the color of your centerpieces. Linens can be rented in a variety of colors and textiles, and add a touch of elegance to every space. Create drama without adding cost by creating a monochromatic design for your table.

Centerpieces can be elegant or casual, depending on your style. Mix tall and short clear vases to add depth to your table and save money on large floral arrangements. Or choose a variety of candleholders to create a vintage-inspired look and a romantic, low-light atmosphere.

Planning an outdoor wedding? Tents can transform any setting into striking surroundings for your big day. ARA member rental businesses have a variety of tents to create the venue, as well as everything you need to make it beautiful and comfortable.

Large tents and elegant canopies come in a variety of colors and styles. Many come with cathedral ceilings, windows or even clear tops — allowing guests to catch a glimpse of a dramatic sunset or a sparkling night sky.

Many ARA member rental stores offer personalized service through their Certified Event Rental Professionals (CERPs) who are specially trained to help you choose the right rentals to make your dream wedding come to fruition. Most offer on-site support the day of your wedding, and that’s a day you’ll be looking for all the support you can get!

You can also rely on the expertise of your ARA member rental store professionals before you book your venue. They can help you assess the potential site for things like power accessibility, ground water issues or overhead power lines that may interfere with your vision of a tall tent, among other situations.

The wonderful experience and memories of your wedding day will be yours to own forever. And everything else? Well, that you can rent! To find your local ARA member rental store, visit www.RentalHQ.com, the world’s largest rental store locator. You can search by geographic location and by the specific type of equipment you are looking to rent.

Courtesy of ARAcontent