Finance
How to finance wedding purchases if you’re a bridesmaid or groomsmen
![How to finance wedding purchases if you’re a bridesmaid or groomsmen](https://image.cnbcfm.com/api/v1/image/105885465-1556725576488gettyimages-695372128.jpeg?v=1556807788&w=1920&h=1080)
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As thrilling as weddings may be, they’re a significant life expense — each for the couple tying the knot and the company who’re concerned within the wedding ceremony celebration.
Many wedding ceremony celebration occasions, like bachelor and bachelorette events, can err on the costly facet particularly when wedding ceremony celebration members are touring for the occasions. A LendingTree survey from 2018 discovered that for a vacation spot wedding ceremony, members of the marriage celebration spend a mean of $1,580.
And, a shopper spend report from Affirm discovered that 36% of shoppers have needed to decline being a part of the marriage celebration attributable to excessive prices. Between bachelor and bachelorette events, the price of apparel, items and extra, being in a marriage celebration can typically go away bridesmaids and groomsmen feeling as if they’ve bitten off greater than they will chew financially — and when you think about macroeconomic forces, issues can really feel much more pricey.
“The present financial setting has definitely had an affect on the marriage business,” explains Liz Ewing, the CFO at Marcus by Goldman Sachs. “The worth of shopper items and companies are persevering with to rise, together with many issues that have an effect on wedding ceremony celebration members, corresponding to gasoline, airfare, and retail items, which might trigger bridesmaids and groomsmen to need to spend much more cash to be a part of the marriage festivities.”
For those who’re in a marriage celebration and feeling a little bit on edge concerning the bills, this is what you are able to do to save lots of up and put a little bit a reimbursement in your pocket.
Determine your bills forward of time
“Map out bills upfront, with the intention to see how a lot you will have to save lots of, or the place it’s possible you’ll have to compromise,” Ewing says.
And the sooner you begin planning, the extra time you may have to save lots of up. In fact, a lot of it will fall onto the engaged couple to resolve on their wedding ceremony celebration festivities and notify their wedding ceremony celebration in a well timed method. However as soon as you discover out the plans for the bachelor or bachelorette celebration, apparel, bridal bathe and any pre-wedding occasions, it’s best to create a funds for the prices and begin saving.
Ally Bank Online Savings Account
Ally Bank is a Member FDIC.
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Annual Percentage Yield (APY)
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Minimum balance
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Monthly fee
No monthly maintenance fee
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Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D
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Excessive transactions fee
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Overdraft fees
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Offer checking account?
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Offer ATM card?
Yes, if have an Ally checking account
Synchrony Bank High Yield Savings
Synchrony Bank is a Member FDIC.
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Annual Percentage Yield (APY)
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Minimum balance
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Monthly fee
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Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D
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Excessive transactions fee
None, but may result in account closure
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Overdraft fees
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Offer checking account?
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Offer ATM card?
Another option is to save your money in a high-yield CD account. It’s similar to savings account except it holds your money for a specified period of time and allows you to earn typically higher amounts of interest. If you have less than a year to save for wedding party expenses, you might consider a CD account from Ally Bank, which offers account time frames from three months to five years.
Ally Bank High Yield CD
Information about the Ally Bank High Yield CD has been collected independently by Select and has not been reviewed or provided by the bank prior to publication. Ally Bank is a Member FDIC.
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Annual Percentage Yield (APY)
APY varies based on length of term. Click “Learn More” for details.
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Minimum balance
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Monthly fee
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Early withdrawal penalty fee
For 5-year CD (or any CD that is 49 months or longer): Equal to 150 days of interest
Turn to more affordable alternatives
Once you map out your expenses and create a plan for paying for them, you should try to stick to that plan. This, of course, is easier said than done.
“When confronted with higher prices and rising expenses, you might be tempted to go over your budget to overcome the setback,” Ewing says. “Rather than deviating from your financial plan, however, it can be beneficial to explore alternative courses of action.”
You might be wondering how many “alternatives” for wedding costs could possibly exist for members of the wedding party. But Ewing suggests, for instance, renting your dress or tuxedo instead of buying it, or doing your own hair and makeup instead of paying to have it professionally done. Other alternatives will depend on the plans for the wedding and wedding-related activities.
Pay with points instead of cash for destination weddings
Paying for travel for a destination wedding, whether it’s within the U.S. or outside of the U.S. can make wedding festivities feel more expensive. But according to Ewing, it can be worth it to think about using credit card rewards points to bring down travel costs. Depending on how many points you’ve racked up and the costs of your flight and hotel, you could potentially wind up having these costs completely covered by your points. You could even consider opening up a new credit card for the welcome bonus alone, as these bonus points could be worth enough to fully fund your wedding travels.
Select named the American Express® Gold Card as the best travel credit card. The Amex Gold card lets new cardholders earn 60,000 Membership Rewards® points after spending $4,000 on eligible purchases with your new card within the first six months following card activation. The card does have a $250 annual fee (see rates and fees), but the card’s other perks — like $120 in dining credit ($10 in statement credits per month) at participating restaurants and $120 in Uber credit ($10 per month) — can offset that fee. Amex points can be transferred to over a dozen airline and hotel partners, including Delta and Marriott, which can be used for free travel to destinations around the world.
American Express® Gold Card
On the American Express secure site
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Rewards
4X Membership Rewards® points at Restaurants (plus takeout and delivery in the U.S.) and at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X), 3X points on flights booked directly with airlines or on amextravel.com, 1X points on all other purchases
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Welcome bonus
Earn 60,000 Membership Rewards® points after you spend $4,000 on eligible purchases within the first 6 months of card membership
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Annual fee
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Intro APR
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Regular APR
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Balance transfer fee
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Foreign transaction fee
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Credit needed
And if you’d rather consider a card with no annual fee, you might check out the Discover it® Miles card. Cardholders can earn an unlimited 1.5X miles for every dollar spent on purchases. But for higher spenders, Discover offers a welcome bonus that’s hard to beat: It will do a mile-for-mile match of all Miles earned the first year (for new card members in their first year only). If you rack up 35,000 miles within the first 12 months, Discover will match you with 35,000 miles. That’s a total of 70,000 miles you can redeem for $700 of travel.
Discover it® Miles
On Discover’s secure site
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Rewards
Automatically earn unlimited 1.5x Miles on every dollar of every purchase – with no annual fee.
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Welcome bonus
Discover will match all the Miles you’ve earned at the end of your first year.
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Annual fee
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Intro APR
0% Intro APR for 15 months on purchases.
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Regular APR
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Balance transfer fee
3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
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Foreign transaction fee
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Credit needed
Just keep in mind that the rewards points on credit cards are most useful when you’re able to pay off your balance in-full each month so you can avoid paying interest on your balance. Any interest you pay will most likely negate value of the rewards you earn.
Consider financing your purchases with a 0% APR card
If you’re still having trouble financing the wedding expenses, it could be worth looking into a credit card with a 0% intro APR period to pay for these costs. With this kind of credit card, you won’t owe interest on your balance for the specified introductory period, usually from 12 to 20 months. This way you can pay off those wedding costs over time without having to pay any interest charges during the introductory period. However, this shouldn’t be seen as an excuse to overspend — make sure you have a robust plan to pay down your balance.
The Chase Freedom Flex℠ card has a 0% intro APR period of 15 months (after, 16.49% – 25.24% variable). It also has a pretty sweet welcome offer: You can receive $200 cash back after you spend $500 on purchases in your first three months from account opening. Plus, you could book your travel with this card and earn 5% cash back when booking through the Chase Travel Portal.
Chase Freedom Flex℠
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Rewards
5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate (then 1%), 5% cash back on travel booked through the Chase Ultimate Rewards®, 3% on drugstore purchases and on dining (including takeout and eligible delivery services), 1% cash back on all other purchases
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Welcome bonus
$200 cash back after you spend $500 on purchases in your first three months from account opening
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Annual fee
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Intro APR
0% for the first 15 months from account opening on purchases and balance transfers
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Regular APR
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Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
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Foreign transaction fee
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Credit needed
Bottom line
While you may be excited to participate in your close friend’s or family member’s wedding, it’s hard to forget how expensive these events can be. Saving money ahead of time and finding ways to have more affordable alternatives for activities can help alleviate some of that financial pressure. And if you have some credit card rewards points that have just been sitting around, you can use those to pay for your flight for a destination wedding or bachelor/bachelorette party.
Catch up on Select’s in-depth coverage of personal finance, tech and tools, wellness and more, and follow us on Facebook, Instagram and Twitter to remain updated.
For charges and costs of the American Categorical® Gold Card, click on right here.
Editorial Word: Opinions, analyses, evaluations or suggestions expressed on this article are these of the Choose editorial employees’s alone, and haven’t been reviewed, authorized or in any other case endorsed by any third celebration.
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Finance
‘Females In Finance’ Collective Marks 1 Year And 1000 Members At NYSE
![‘Females In Finance’ Collective Marks 1 Year And 1000 Members At NYSE](https://imageio.forbes.com/specials-images/imageserve/667b8127c005c1d6dcb1879e/0x0.jpg?format=jpg&height=900&width=1600&fit=bounds)
FIF Collective marks one year and 1000 members at NYSE June 24th
Muriel Siebert, known as the ‘First Woman of Finance,’ was the first woman ever to own a seat on the New York Stock Exchange in 1967. She was a passionate advocate for gender equality and remembered as a woman who refused to take no for an answer. Known to have famously threatened the NYSE Chairman with the installation of a portable toilet on the trading floor if a women’s restroom was not granted, and her public appearances with her Chihuahua ‘Monster Girl,’ named in tribute to how neither one was intimidated by ‘the big dogs,’ she had an unyielding confidence and determination that cultivated a rare respectability for women of her era. So rare, she remained the only woman in a ratio of 1365:1 at the NYSE for over a decade.
FIF Collective
Fast forward 57 years later, and it seemed like the perfect fit for the ‘Female in Finance Collective (FIF), led by group CEO Meghan McKenna, to gather in the Muriel Siebel room at the NYSE on June 20th to celebrate its one-year birthday and surpassing its 1000 member milestone. The Collective, is described as ‘an invite-only, highly selective group of Founders, CEOs, CFOs, VPs of Finance, VC Partners, and leaders, with a mission to advance the profiles of women through board seats, job opportunities, networking, learning, and great parties around the world.’
McKenna, like Siebert, is described by many as a woman to whom it is impossible to say no. She is known for her brash humor, charming confidence, low tolerance for inequality, and unwavering belief that change is possible. She equates these attributes to her college basketball career and her humble upbringing in the Bronx as the daughter of a New York Police Officer. “I’ve always stayed true to what I know is right and stood up for others around me,” she says, “that hasn’t always been an easy path to take. I have worked in teams where I was told I was ‘tough to manage,’ just for being honest. But I stay true to my values. We owe that to ourselves and other women.”
McKenna, who founded FIF shortly before starting a new role as a Managing Director at Stifel Bank, says that although the idea had floated in her head for many years, it was the pause between roles that gave her the headspace to make it happen. Yet she was not ready to exit a career she loves and was looking for a home to combine her experience, talent, and FIF, which she found at Stifel. “This is an industry that can be more performative than meaningful when it comes to gender equity, but Stifel has walked the walk when it comes to supporting women,” she says. “My network is my net worth and the team at Stifel really understand and support that. They see the broad industry value FIF creates for everyone.”
FIF founding team, From left: Christian Brosnan, Amy Kux, Jean Brosnan, Meghan McKenna, Angie … [+]
She says FIF was born after two decades of seeing countless gaps and lost opportunities for women and bottom-line impacts on business. “Women are not progressing at a rate that makes sense for their capabilities and industry needs,” she says. The effect of this is backed by data, such as the 2022 World Economic Forum’s ‘Global Gender Gap Report,’ which revealed females in finance remain one of the most untapped business resources. The share of women in global C-suite roles in the financial services industry worldwide reached 18.4 percent in 2023, and predictions from a recent Statista Study estimate a growth to 21.8 percent by 2031.
For McKenna and the team at FIF, the idea of waiting another near-decade for a mere 3.4 percentage point increase in female representation is not a reality they are willing to accept. Yet the trillion dollar question remains, how can we improve this? While there is no magic bullet solution, they believe the right place to start, is to look to each other and initiate a collective effort for change.
The cost equals the commitment
FIF is not alone in this mission. There has been a widespread proliferation of communities and programs promising to empower women and accelerate their professional success, an approach many consider crucial for women. Yet unlike many of these networks, which incur sizable membership fees and restrict their events to women, FIF takes a different approach. McKenna says she wanted a ‘personally free network for qualifying women. “This is a network of decision-makers and investors who bring merit she says, “I want them to bring their passion to this mission at no cost but their commitment to cultivate change.”
A strategy for sponsors and allies
Instead, the monetization will come via paid talent matching and a sponsorship program for events and seminars open to men and women. This strategy appears to work well for McKenna, who has fostered a growing partner ecosystem of over 30 sponsors in year one, including names like Deloitte, Amazon, KPMG, Samsung Next, Netsuite, Davis Polk, and Ramp, hosted 12 events across the cities of New York, San Francisco, Boston and Washington DC.
FIF sponsors gathering at NYSE to mark 1 year From left: Iris Chen- Cross Country Consulting, … [+]
Ken Egan, Partner at Cross Country Consulting, shares that he finds this approach effective as it focuses on bottom-line impacts and brings others along on the journey. In doing so, there is an organic allyship, something that critics of female-only networks often highlight as a missing link. “I have attended events and seen the value FIF brings,” he says, “This is a tough industry for women, and businesses in knowing how best to support but often showing up is half the battle. FIF forces people out of their comfort zones in a healthy way and creates a conscious and intentional level of connection.”
The burden of proof over potential
For venture capitalist Marissa Hodgdon, CEO of Sidelines.Vc, the nature of that intent is critical. She shares that a key challenge women in the finance industry face is the burden of ‘proof over potential.’ The ‘you know what you know’ effect that has worked very favorably for white males, who continue to receive more than 90% of annual VC dollars. She believes they will continue to do so unless women create a new wave of intentional change. Hodgdon, who is partnering with FIF to bring investment and advisory opportunities to the Collective, says, ‘we need to be targeted in putting opportunities for advisory roles and investment in front of women. FIF is the perfect forum for us to do this. A high caliber network of well-informed women creating change for themselves.”
The power of possibility
Much of the focus on financial leadership centers on business models—revenues, costs, niches, and leverage. However, what women often need are new mental models. Gaingels CEO Jennifer Jeronimo sees her firm’s partnership with FIF as a catalyst to create a new sense of possibility. Addressing the audience at the NYSE event, she gave the analogy of Roger Bannister, who shocked the world with the power of the possibility by breaking the record for the four-minute mile, once deemed hopelessly impossible, yet achieved by over 1000 runners since. Jeronimo wants to bring that same power of possibility to women in the VC realm and diversify the face of an industry that often looks and sounds the same.
FIF Collective CEO Meghan McKenna joins Judy Shaw Floor Talk at NYSE June 20th 2024 to celebrate 1 … [+]
What’s next for FIF?
Seaaoned finance exec and fractional CFO Amy Kux, a founding member of FIF says, “I have been part of many networks over the course of my career, but FIF is one of the only communities that promotes helping one another as its mission, and we cannot waver on that.”
This is an important factor for McKenna and the team at FIF as they look to the future and consider opportunities to grow the collective across new cities in the USA and international . McKenna says they will not put scale above substance and instead stay focused on their core values and strategic objectives by continuing to listen to one another. “We are a group of women who have created this as a labor of love and bootstrapped our way to now. We are not salaried, we do this voluntarily and most of us have full time jobs. Of course we want to grow and monetize to better resource and reinvest, but for now our core focus is not on headline growth but ensuring we maintain a high caliber community. That is what makes FIF so impactful.”
Muriel Siebert once said, “you create opportunities by performing not complaining.” For the women at FIF Collective this is a mantra for the next stage, as they look to build a future for females in finance by proving the power of connection, and collectively challenging the status quo.
Finance
These 2 Finance Stocks Could Beat Earnings: Why They Should Be on Your Radar
![These 2 Finance Stocks Could Beat Earnings: Why They Should Be on Your Radar](https://cdn.benzinga.com/files/imagecache/1024x768xUP/images/story/2024/06/25/yorgos-ntrahas-lp8zlyazjy8-unsplash.jpg)
Wall Street watches a company’s quarterly report closely to understand as much as possible about its recent performance and what to expect going forward. Of course, one figure often stands out among the rest: earnings.
Life and the stock market are both about expectations, and rising above what is expected is often rewarded, while falling short can come with negative consequences. Investors might want to try to capture stronger returns by finding positive earnings surprises.
Hunting for ‘earnings whispers’ or companies poised to beat their quarterly earnings estimates is a somewhat common practice. But that doesn’t make it easy. One way that has been proven to work is by using the Zacks Earnings ESP tool.
The Zacks Earnings ESP, Explained
The Zacks Earnings ESP, or Expected Surprise Prediction, aims to find earnings surprises by focusing on the most recent analyst revisions. The basic premise is that if an analyst reevaluates their earnings estimate ahead of an earnings release, it means they likely have new information that could possibly be more accurate.
Now that we understand the basic idea, let’s look at how the Expected Surprise Prediction works. The ESP is calculated by comparing the Most Accurate Estimate to the Zacks Consensus Estimate, with the percentage difference between the two giving us the Zacks ESP figure.
In fact, when we combined a Zacks Rank #3 (Hold) or better and a positive Earnings ESP, stocks produced a positive surprise 70% of the time. Perhaps most importantly, using these parameters has helped produce 28.3% annual returns on average, according to our 10 year backtest.
Stocks with a ranking of #3 (Hold), or 60% of all stocks covered by the Zacks Rank, are expected to perform in-line with the broader market. Stocks with rankings of #2 (Buy) and #1 (Strong Buy), or the top 15% and top 5% of stocks, respectively, should outperform the market; Strong Buy stocks should outperform more than any other rank.
Should You Consider AGNC Investment?
The last thing we will do today, now that we have a grasp on the ESP and how powerful of a tool it can be, is to quickly look at a qualifying stock. AGNC Investment (NASDAQ:AGNC) holds a #3 (Hold) at the moment and its Most Accurate Estimate comes in at $0.56 a share 27 days away from its upcoming earnings release on July 22, 2024.
AGNC has an Earnings ESP figure of +5.66%, which, as explained above, is calculated by taking the percentage difference between the $0.56 Most Accurate Estimate and the Zacks Consensus Estimate of $0.53. AGNC Investment is one of a large database of stocks with positive ESPs.
AGNC is just one of a large group of Finance stocks with a positive ESP figure. Healthpeak (NYSE:DOC) is another qualifying stock you may want to consider.
Healthpeak is a Zacks Rank #3 (Hold) stock, and is getting ready to report earnings on July 25, 2024. DOC’s Most Accurate Estimate sits at $0.44 a share 30 days from its next earnings release.
For Healthpeak, the percentage difference between its Most Accurate Estimate and its Zacks Consensus Estimate of $0.44 is +1.15%.
Because both stocks hold a positive Earnings ESP, AGNC and DOC could potentially post earnings beats in their next reports.
To read this article on Zacks.com click here.
Finance
Sixteen Glasgow students take first steps towards finance careers with Aon
![Sixteen Glasgow students take first steps towards finance careers with Aon](https://www.scottishfinancialnews.com/storage/c9d24f57bf996d14dcccf4251ff8cf8071e8fd8b.jpg)
Professional services firm Aon plc has welcomed 16 Glasgow-area students to its 2024 Work Insights Programme.
The initiative aims to boost social mobility by offering 16 to 17-year-old students from lower socio-economic backgrounds valuable experience in the finance and professional services sector.
The students spent time in the York St office where Aon colleagues delivered the programme which included a real workplace challenge, speed networking where they met with colleagues across a variety of roles, panel discussions around career pathways, and a CV and interview skills workshop.
Schools participating in the initiative included Woodfarm High School, St Ninian’s High School, Lourdes Secondary School, Jordanhill School, Eastwood High School, Holyrood Secondary School, Wallace High School, Hillhead High School, and Our Lady’s High School.
Last year Aon delivered its inaugural Work Insights programme to 600 students across the UK including 12 in Glasgow. On completion of the programme, 82% of students surveyed confirmed that they were likely to consider a career in finance and professional services.
Ross Mackay, head of office at Aon Glasgow, said: “It has never been more important to provide young people from lower socio-economic backgrounds with the opportunity to gain insight into the world of work, particularly the financial and professional services sector, through quality work experience.
“Aon is committed to increasing representation of those from lower socio-economic backgrounds across the business.
“The Work Insights Programme enables young people to develop employability skills, learn more about different career opportunities, and supports the transition from education to employment.”
Mr Mackay added: “I want to thank colleagues from Aon Glasgow who volunteered their time to deliver the programme – without them it wouldn’t be possible. The students were a credit to the schools they represent and enthusiastically engaged in all activities.
“I hope they have a greater understanding of our industry and that the experience supports their future careers.”
Aon employs more than 250 staff across Scotland, providing clients, from SMEs to large corporates, with commercial risk, health, reinsurance and wealth solutions. As part of the programme, Aon partnered with state-funded schools in Glasgow to reach pupils who would benefit most – adopting a selection process based on diversity statistics, such as areas with a high percentage of free school meals.
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