Even Staff

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 Even Financial 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 Even Financial through hyperlinks, from third-party websites, are provided for informational purposes only. While Even Financial finds these sources to be accurate, it does not endorse or guarantee any third-party content

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Even Financial Partners with Figure to Add Blockchain-Enabled Personal Loan Products to its Financial Services Marketplace
EVEN
Even Financial Partners with Figure to Add Blockchain-Enabled Personal Loan Products to its Financial Services Marketplace
New York, New York – June 2, 2021 – Even Financial (“Even”), the leading search, comparison, and recommendation engine for financial services, has announced a new partnership with Figure to launch the company’s personal loan products on the Even platform. Leveraging machine learning and advanced data science, Even solves a significant pain point in financial services acquisition by seamlessly bridging financial institutions and channel partners via its industry-leading API and embeddable solutions.   Figure is a fintech company that leverages AI, blockchain, and analytics to deliver innovative consumer financial products with speed and ease. Figure has dramatically decreased the time it takes for consumers to secure loans and has significantly reduced the costs associated with loan origination, servicing, financing, and capital markets execution. The company was founded in 2018 to unlock new access points for consumer credit products that can transform the financial lives of its customers. In addition to personal loans, it provides mortgage refinancing and home equity release solutions, including home equity lines of credit, home improvement loans, and home buy-lease back offerings for retirement.   Figure is an exciting, advanced provider that is driving transformational change in consumer credit,” said Phill Rosen, Founder and CEO of Even Financial. “We’re thrilled to welcome them to Even’s unparalleled network of loan products.”   Shwetabh Gautam, Director of Financial Institution Partnerships at Even added: “We continue to see a strong resurgence in the demand for lending products across the millions of consumers Even surfaces offers for each month. The addition of cutting-edge partners like Figure strengthens our ability to connect consumers with the loans best suited for their unique needs.”   Even offers the largest network of premium, API-connected loan providers. Enterprises and established publishers such as MoneyLion and TransUnion partner with Even to power financial product offers for loans and other financial services including insurance, credit cards, and savings. Within loans, Even continues to expand its vast offering, recently launching products for secured lending, line of credit, and auto refinancing.   The launch of Figure on the Even platform enables consumers to get matched with personal loans of up to $50,000. Figure offers a 100% online application that allows applicants to apply and see their rate in minutes and access funding in as few as two days.   “Phill and the team at Even share our vision of leveraging blockchain technology to make financial services simpler, faster, and personalized. Through the Even platform, we will be able to reach a broader and more diverse set of consumers seeking our innovative credit products,” said Brad Simmons, CMO of Figure.   Even has continued its rapid growth trajectory in 2021, facilitating over $3 billion in consumer credit issued through its API and expanding its platform to over 400 partners. Earlier this year, Even was named one of “America’s Best Startup Employers'' by Forbes for 2021 and placed in the Top 50 of the 2020 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world.    About Even Financial Founded in 2014, Even Financial is a B2B fintech company that is transforming the way financial institutions find and connect with consumers. As the leading search, comparison, and recommendation engine for financial services, Even seamlessly bridges financial institutions (including American Express, Goldman Sachs, and SoFi) and channel partners (such as MoneyLion and TransUnion) via its simple yet robust API and embeddable solutions. Even turns any consumer touchpoint into a comprehensive financial services marketplace with full compliance and security at scale. The company is backed by leading financial services firms and VCs, including American Express Ventures, Canaan Partners, Citi Ventures, Fidelity’s F-Prime Capital, Greatpoint Ventures, Goldman Sachs, LendingClub, and MassMutual Ventures. Learn more at www.evenfinancial.com.  About Figure Figure is transforming the trillion dollar financial services industry using blockchain technology. In three short years, Figure has unveiled a series of fintech firsts using blockchain for loan origination, equity management, private fund services, banking, and payments sectors – bringing speed, efficiency, and savings to both consumers and institutions. The company was founded in 2018 by serial technology entrepreneur Mike Cagney, who also founded SoFi and built the company into a multi-billion dollar business under his leadership as CEO. Learn more at www.figure.com.   Media Contact media@evenfinancial.com
PYMNTS: Even Launches Embedded Finance App on Salesforce
PYMNTS
PYMNTS: Even Launches Embedded Finance App on Salesforce
Now, financial advisors and other businesses will have a way to leverage Even’s platform for their clients. ‘Financial Products for Salesforce’ - Powered by Even, a plug-and-play app available on the Salesforce AppExchange, matches consumers with real-time, personalized financial product offers.   Click below to read more at PYMNTS.com.
Even Named to Forbes’ List of “America’s Best Startup Employers” for 2021
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Even Named to Forbes’ List of “America’s Best Startup Employers” for 2021
After evaluating 2,500 American startups with at least 50 employees, Even has been named in the Top 500 of Forbes’ second annual list, which recognizes companies that stand out in: employer reputation, employee satisfaction, and growth.   Click below to see full listing.