Most surveys now estimate that the average wedding costs between $19,000 and $29,000 – which is no small amount of money! While everyone wants to create the perfect combination of romance and memories on their wedding day, the real issue is deciding what creates these special moments. Is it the price tag of what you’ve spent at the end of the day, or your friends, family, and your new spouse coming together to help you celebrate a blessed union?
Years ago, it was common tradition for the bride’s family to pay the tab for the big day. However, those standards have now changed, and many couples are finding themselves scrambling to pay the bill. If you and your new spouse will be paying for your wedding, it may seem like a great idea to take out a loan or finance the event on credit cards. However, consider the sad fact that over fifty percent of marriages fail due to financial stress. In recent studies, over half of married couples have stated that the biggest reason for marital discourse is debt. So ask yourself, do you really want to start your marriage already in debt?
The larger issue to consider when deciding whether or not to opt for financing is how long it will take you to pay off the debt. What are your short term plans as a newly married couple? If you’ve been together for a long time and plan to buy a house or start having children soon, paying off a large wedding loan could cause delays. Think about all the things you could do with $20,000 dollars in the days after the wedding – do you really want to throw the money away on a one-day event?
Choosing to cut back on your spending doesn’t mean that you can’t have a beautiful wedding service. Start saving up your money as soon as your engagement begins. If you have a one year engagement, you could have substantial funds to plan your wedding if you start pinching pennies now. You might also consider taking the amount you would have to pay back in a loan payment and placing it in savings each month. Better yet, double the amount, and see if it’s financially feasible to take out a loan at the six month mark. If at that point you decide it is, then you’ll have the first year’s payments in savings.
For some people, financing a wedding isn’t an issue. If you’re currently paying for two living spaces, you’re likely anticipating a reduction in your monthly expenses after your wedding, although your income will remain the same. The monthly payments on a wedding loan may be substantially less than monthly rent or a mortgage payment, so paying off the loan shouldn’t be an issue. Just make sure you sit down and hammer out a firm wedding budget, and a strict after-wedding payback schedule. Defaulting on the loan is enough to drive all the newlywed bliss out of your relationship!
Two of the biggest issues you’ll face in marriage are communication and understanding the other person’s opinions. Planning your wedding budget is the perfect opportunity to get off on a sound financial plan together as husband and wife. Sit down, crunch the numbers, add in a few what ifs, and see what course is best for you.
Even if you have good health insurance that only requires you to pay copays and deductibles, these expenses may stretch your budget to the breaking point. In addition, the extra cost of prescriptions and specialist visits may leave you wondering what your insurance is actually paying for. That said, there are some things you can do to help reduce your medical bills or, at the very least, mitigate their impact on your budget.
Shop Around
Most people think of shopping around when it comes to big-ticket purchases like cars, houses or expensive technology, but very few apply the same consumer-savvy behavior to their medical care. In fact, doctors and hospitals can vary widely in the rates they charge for certain procedures. If you’re planning a major surgery or have a long-term condition that requires frequent medical attention, ask the different hospitals covered by your insurance to quote you their rates. You could save several thousands of dollars just by switching to the hospital down the street.
Keep Track of Time
Few people realize that a doctor’s visit is measured in the number of minutes spent with the patient, as well as the level of complexity associated with each visit. In some cases, a doctor or nurse may not spend enough time with you in order to qualify for a specific type of visit as defined by your insurance provider. Conversely, as you examine your medical bills, you may find that there was no justification for charging your insurance carrier a specific price.
Therefore, it’s vitally important to obtain copies of the billing records pertaining to each medical visit. Study them carefully for accuracy, as well as in terms of justifying charging a specific fee. If you feel that something is overstated or exaggerated, notify your doctor that you don’t agree with the billed amount. In some cases, they’ll request an adjustment on the bill sent in. If you don’t see these adjustments on your bills, you may want to alert your insurance carrier’s fraud unit to any instances of overcharging.
Audit All Bills
Every time you attend an appointment with a medical professional, you have a right to obtain a list of all services performed, as well as the amount charged for each type of care you received. If you have health insurance, this information is usually provided by the insurance carrier. In particular, if you or a family member has been admitted to the hospital, it’s important to review the entire bill – you may find that you’ve been accidentally charged for services you never received. While it may take some research and work to understand these bills, you may find thousands of dollars in discrepancies.
Regardless of whether or not you have health insurance, audit all your medical bills carefully – you may find that you were billed for services that weren’t actually rendered. In other cases, you may find that a particular billing code doesn’t accurately match the care you received. While these bills may be difficult to decipher, if you suspect something is wrong, you should speak to your doctor about it. If you don’t get anywhere using this route, it may be time to speak to your insurance carrier or consumer protection agencies regarding medical billing fraud.