A whopping 33% of engagements happen during the holiday season. But what comes after the proposal? I’ll tell you in this week’s Money Minute.
Get that ring insured. After you’ve sent a million Snapchats of your new bling, do the smart thing -- get it insured! This is an easy step if you’ve already got a renters or homeowners insurance policy. Call your insurer and ask to add your ring to your policy. Expect to pay $1 to $2 per year for every $100 your ring costs. For a $5,000 ring (slightly lower than the average of $5,600) you could pay as little as 50 bucks per year for peace of mind.
The best policies cover theft, loss and damage. When you’re ready to talk to your insurer, have your receipt and an appraisal handy. If your ring didn’t come with an appraisal, find an accredited gemologist in your area to do the appraisal for you.
Decide on a budget. Weddings don’t come cheap. The average couple will spend over $30,000 on their big day — and that price tag can double depending on where you live. Once you settle on an overall budget, use a tool like The Knot’s wedding budget estimator. You put in your total budget, and they tell you how much you can afford for various expenses, from your dress to wedding favors.
Set a season. Forget coming up with an exact wedding date right now. The time of year you get married will have a huge impact on your venue options. Without a date, it’ll be hard to pick a place (or a dress for that matter!) that fits the season.
Did your wedding cost $20,000 or less? We'd love to hear from you! Email us at yfmoneymailbag@yahoo.com.
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Mandi Woodruff is a reporter for Yahoo Finance and host of Brown Ambition, a new podcast about career and finance.
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