Skimm Money: “Plunk factor,” Wedding Costs, and Costco Savings

How the news affects your finances.

Wedding Costs

Calling all 2024 brides: Wedding season is almost here, which means now is a great time to take another look at your budget. Because inflation is causing the cost of everything to rise, including weddings. A report from Zola estimates that the average cost of a wedding will top $30,000 this year as vendors from caterers to DJs raise their prices in *this* economy. But listen, you don’t have to resort to soliciting as much $$$ as possible from your loved ones (or going to the extreme and demanding a $2,500 donation fee from your guests). Here are some ways to cut costs before you say, “I do.” 

Your move:

• Serve signature cocktails. Skipping the traditional full bar can save you hundreds of dollars. Hint: The Knot estimates that couples spent an average of about $2,800 on alcohol in 2023. Instead of splashing out on the bar, select two signature cocktails, aka your and your fiancé’s fave drinks, to cut costs. 

• Choose in-season florals. Flowers are another cost with the potential to break the bank. Put in an order for blooms that are in season at the time of your wedding to save. Bonus perk: You can put that saved $$$ toward your honeymoon fund. Hello, sipping limoncellos on the Amalfi Coast.

• Opt for a midweek celebration. Most weddings are held on Saturdays, which means venues tend to be pricier on weekends. According to The Knot, couples spent about 40% of their budget on their venue last year. So switching to a midweek date could help you save tons on the overall cost of your wedding.

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Do those trending lazy girl jobs still exist? 

Yes, and here’s where to find them. PSA: Prepare to be bored.

If you’re shopping at Costco and see a price tag that ends in $0.97…

It’s a sign that you're saving $ — and that you could potentially save even more.

Does your checking account balance stack up to the average in your age group?

You might be surprised.

Just when you thought job hunting couldn’t get any weirder…

Some recruiters are texting people in the middle of the night as a test. 

The Wall Street trends to know this week.

Gold prices hit a record high today with investors betting that the Fed will cut interest rates this summer. In general, gold does well when interest rates are lower. Partly because it’s a “safe haven” asset, and investors get more bang for their buck than they do with bonds, which rely on high interest rates for good yields. Could silver go up, too? It’s a possibility.

One act of financial self-care you can do in five minutes.

Max out your health savings account.

If you’re enrolled in a high-deductible health insurance plan, your HSA is the perfect place to stack up tax savings. Contributions of up to $4,150 are tax-deductible for individuals this year (up to $8,300 for families) and your funds don’t expire (unlike an FSA). PS: You have until Tax Day, aka April 15, to contribute. And as long as your withdrawals are covering healthcare-related costs, those are tax-free. If you don’t have any major medical costs coming up, you may be able to invest your contributions and treat your HSA like another retirement fund. Win-win.

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