Money Management

Wedding insurance can cover a couple in case the wedding is canceled or postponed and can also offer liability protection. Learn more here about coverage. 

Weddings have become very expensive. The average cost of a wedding in 2022 was $30,000, according to The Knot. With weddings putting such a big burden on your checking account, it’s not a surprise that wedding insurance is available.

But what exactly is wedding insurance, and do couples need to buy it before their big day? Here’s what you need to know before you put wedding insurance premiums on your credit card.

What is wedding insurance?

Wedding insurance provides coverage for different things that can go wrong when the major event happens. Insurance policies can differ slightly from one carrier to another, and depending on what kinds of protection you want to buy.

In general, however, wedding insurance can be broadly divided into two different categories:

Wedding cancellation or postponement: This provides you with coverage if your wedding must be canceled or postponed for a covered reason. Typically, this only pays out if the cancellation happened for a reason beyond your control, such as an extreme weather event or if the bride or groom become very ill. It can reimburse you for costs like lost deposits.Wedding liability insurance: This can provide coverage for property damage or injury that occurs on the wedding day. It could cover both injuries to guests as well as damage to the venue. Some venues will actually require couples who are getting married on site to purchase this kind of protection.

There could also be add-on riders available on some wedding insurance policies. For example, couples could get coverage for theft of or damage to gifts; for problems with special event attire such as the dress shop going out of business; or for cancellation of the wedding if the bride or groom is called up to active-duty military service.

The different kinds of coverage that are available are designed to protect against the most likely issues that could arise and impact the ability of the wedding to move forward as scheduled, at the agreed-upon venue, and wearing the planned special occasion clothing.

Is wedding insurance worth purchasing?

Wedding insurance can cost anywhere from around $100 to as much as $500 or more. The costs are impacted by:

The cost and size of the weddingThe location where the wedding is taking placeThe amount of coverage being purchasedWhether the couple chooses to add any riders onto the policy

If a bride and groom choose a venue that mandates liability insurance, they will need to make sure to comply with this requirement and put protection in place. If no wedding insurance is required, it may still be worth purchasing — especially if the wedding is a large and costly one and there is a high risk of problems (such as for couples who decide to get married in Florida during hurricane season or when one person could be called up to serve in the military at any time).

Spending a few hundred dollars for a wedding insurance policy could be a small additional expense when having a big wedding, but it could be a lifesaver if something goes wrong. On the other hand, couples could also opt for a much less expensive, scaled-down wedding so they wouldn’t be putting as much money at risk, and then wedding insurance might not be necessary after all.

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Thousands of products will be on sale during this year’s Amazon Prime Day. Find out how to make sure you’re getting a good deal this July 11 and 12. 

Amazon Prime Day (July 11 and 12) is usually jam packed with all kinds of special offers, but that doesn’t mean that everything’s a bargain. Sales are often a chance for retailers to clear out unwanted inventory, meaning they may put heavy discounts on various manufacturers’ sub-par creations.

Here are some of the worst things to spend your money on this Amazon Prime Day.

1. Supplements and diet products

Sale or no sale, buying supplements online can be a minefield. Amazon does require various certifications and documentation for health supplements. But the retailer has also run into difficulties before with counterfeit products. Indeed, independent studies show that many of these products could be mislabeled or misbranded. Others could contain ingredients that aren’t listed on the label.

Don’t take chances with your health by buying discounted products that may not do what they promise. If you’re going to buy health supplements or vitamins online, Amazon Prime Day is not the time to do it. Look for products with third-party certification and consider buying directly from the brand itself.

2. Apple products

If you’re waiting for a great deal on the latest iPhone, Mac, or AirPod, you may be disappointed. Apple rarely discounts its products for Black Friday, Cyber Monday, Amazon Prime Day, or other sale events. Particularly since Apple and Amazon are competitors for some of these lines.

Amazon is already awash with early access deals, and there are hefty discounts on plenty of Amazon products and smart home devices. Which is great if you’re an Alexa fan and you use Amazon Fire products. But if you’re an Apple person, you’re unlikely to score many discounts. A better way? Look out for refurbished Apple devices and consider trading in an old device for a new one.

3. TVs

Outside of Amazon Fire, if you’re in the market for a new TV, you’ll likely get a better deal in the Black Friday sales. That is, assuming you’re able to wait until November. Black Friday often brings bigger discounts on a wider range of products. It’s also worth knowing that January and February can be good times to get TV deals. According to Good Housekeeping, manufacturers often release new models around March, so the preceding months may see heavy discounts as suppliers clear out their inventories.

4. Clothes

There can be some good deals on clothes, but you may find the offers only apply to certain sizes. Plus, discounted items may come in strange colors or uncomfortable fabric. One of the best value ways to save money on clothes is to look for secondhand items or go to a clothes swap. If you prefer to buy new, look for quality over quantity. Aim to own a couple of well-made timeless items that will last a good few years. If you can buy them on sale, so much the better. In the long run, it will be better value than buying lots of fast fashion items that fall apart the second or third wash.

5. Items that will languish at the back of your cupboard

I used to be a sucker for kitchen gadgets that wound up gathering dust. From avocado cutters to various garlic crushers, I’m now a lot more cautious. For example, take the Banana Loca tool. It may have appeared on Shark Tank, but that doesn’t mean you’re going to use something that will fill your bananas with chocolate or any other sauce.

Before you spend $30 or more on a new gadget that you will barely use, think about how else you could use that money. For example, if you don’t have an emergency fund to cover three to six months’ worth of living expenses, even $30 can make a difference. And if you’re not where you want to be in terms of your retirement savings, why not invest that money? Personally, I’d rather build wealth than stuff bananas.

Telling the differences between bargains and bad buys

We’re all different, and what one person considers wasteful spending could be someone else’s bargain of the year. All the same, there are some hard-and-fast rules that can stop you wasting money.

Don’t buy something on Amazon Prime Day if:

You could get it at a better price elsewhere: Target and Walmart both have sales around the same time as Amazon, so be sure to shop around.It isn’t something you were planning to buy: I’m not saying you don’t need to buy a 36-color set of glitter nail varnish or a bikini-themed neon light for your wall. But if you didn’t know you needed it before you saw the offer, you probably wouldn’t notice if you gave it a miss.There are price shenanigans at play: Online retailers have ways of pushing prices up just before a sale. You might think you’re getting 50% off an item that’s reduced from $400 to $200. But if it was available last week at $150, you’ll still be paying over the odds. Use a price comparison or price-tracking site such as CamelCamelCamel to find out if you’re actually getting a good deal.You already have it: It doesn’t matter whether it’s top-notch headphones, an under-desk treadmill, or the warmest slippers ever. If you already have something similar, even a 75% discount doesn’t make it worth buying.It is outside your budget: Before you engage with any big sale event, work out how much you can afford to spend. If you’re having to take on credit card debt so you can swing a big discount, it might be to wait until you’ve got more money in the bank.

Inflation has put pressure on most people’s budgets and made it hard for some people to stay afloat financially. Sales like Amazon Prime Day can be a fantastic way to save money. Just steer clear of products that you weren’t already planning on buying and always check the prices against other sites.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Emma Newbery has positions in Amazon.com and Apple. The Motley Fool has positions in and recommends Amazon.com, Apple, Target, and Walmart. The Motley Fool has a disclosure policy.

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RentCafe conducts annual research to find the top 50 cities in which to rent. Read on to find out the top five cities for 2023. 

A little over a third (34%) of U.S. households rent their homes. Whether it’s a single-family home, townhouse, duplex, or apartment, it’s where their memories are made — and the location matters. Unless a person has unlimited financial resources, their standard of living is often determined by the city in which they live. And some towns offer a higher standard of living than others.

Luckily, finding the right city has become a little bit easier with the help of research conducted by RentCafe to determine the top U.S. cities for renters.

How cities were scored

If you’re wondering how anyone can look at thousands of American cities and boil the list of “best places to rent” down to less than 150, here’s a few of the 20 factors researchers examined:

Cost of livingJob growthQuality of public schoolsNumber of days per year with good air qualityHow much time drivers spend commutingShare of high-end apartmentsNatural amenities (this refers to features that are unlikely to be affected by the local economy. For example, parks, bodies of water, mountains, and forested areas.)

As you’ll notice, RentCafe researched a wide range of factors. Some categories “weighed” more than others, meaning they were deemed more important, and made up a larger percentage of the overall score.

By the time RentCafe was done with its research, these five cities were at the top of the heap.

1. Charleston, South Carolina

Charleston is the oldest city in South Carolina, and in 2023, it offers the ideal mix of apartment quality and cost of living. As home to more than 250 tech companies, Charleston’s healthy economy also lifted it to the top. With clean air, lots of outdoor activities, a high job growth rate, and an average apartment size of 967 square feet, Charleston had too much going for it to beat. Charleston is such an attractive draw that going through the hassle of a move may seem a small price to pay.

2. Plano, Texas

Plano has earned its nickname as the “City of Excellence.” The state of the local economy and high quality of life score helped Plano reach No. 2. After all, who wouldn’t want more money in their bank account and somewhere fun and interesting to spend it? Here’s what else RentCafe discovered Plano has going for it:

Excellent public schoolsGreat air qualityA large percentage of high-end apartmentsHome to large companies, like Hewlett Packard, FedEx, and PepsiOne of the highest job growth rates in the U.S.

3. Scottsdale, Arizona

It’s no surprise that Scottsdale, known as a luxury destination for travelers looking for high-end resorts and upscale accommodations, scores so high for its quality of life. The study also found the following:

At 942 square feet, the average Scottsdale apartment is 60 square feet larger than the national averageNatural amenities make it easy for young professionals and families to get out and enjoy their city81.3% of Scottsdale apartments are considered “high-end”80% of all apartments are situated in top locations

4. Atlanta, Georgia

The cost of living is a paramount reason Atlanta scores so well. That’s not to say that it’s the only reason, though. Atlanta has a lot going for it, including:

So many parks that Atlanta earned a spot on National Geographic’s “Best of the World 2022” listA smoking-hot local economyAtlanta is becoming such a tech magnet that’s it’s being called “Silicon Peach”A job growth rate of 4.3%

5. Raleigh, North Carolina

Although Raleigh landed at No. 2 in last year’s study, 5th place is still quite a compliment. Raleigh ranks high in all categories, particularly the cost of living and housing. And speaking of housing, Raleigh is home to a large number of high-end apartments. With a thriving tech industry, there are plenty of people to fill those apartments.

Interestingly, 36 of the top 50 rankings are located in the South. Whether it’s a smaller market like Birmingham, Alabama, or a large hotspot like Orlando, Florida, the common denominator is each city’s high potential for job growth and lower cost of living as compared to other places in the U.S. For many Americans, it’s about earning enough money to pay bills, and having enough left over to tuck away in a savings account or investment fund.

With slightly more than one-third of all U.S. households renting, it’s good to know that thriving cities nationwide are working to create great communities for renters to move into.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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Target date funds are popular in 401(k)s. But is this the right investment for you? Read on to learn more. 

When you save for retirement in an IRA, you generally get the option to hand-pick individual stocks for your portfolio. But 401(k) plans generally do not let you buy stocks individually. Instead, you’re usually limited to different funds to invest in.

You’ll commonly find mutual funds as an available option in your 401(k), as well as passively managed index funds. And there’s a very strong chance your 401(k) will also let you invest your money in a target date fund.

In fact, Vanguard says that 98% of 401(k) plans use a target date fund as their default savings option. This means that if you don’t select specific investments for your 401(k), you’ll be put into a target date fund automatically.

A target date fund could be a good choice for your 401(k), especially if you’re someone who doesn’t want to have to put a lot of thought into investing for retirement. But you should also know that these funds have their drawbacks.

How does a target date fund work?

A target date fund is set up to help you save for a specific milestone, like retirement. What’ll happen is that your fund will automatically rebalance your portfolio over time so you’re taking on the optimal amount of risk given your age.

As an example, a target date fund will generally put you into more aggressive investments, like stocks, when you’re younger. Stocks can be very volatile and there’s a notable degree of risk you take on when you own them. But they tend to generate solid returns to make up for that, and you need those strong returns for your money to grow.

Then, what’ll generally happen with a target date fund is that you’ll be shifted into safer investments, like bonds, as retirement gets closer. This way, you’re not taking on undue risk.

Is it smart to invest in a target date fund?

A target date fund is something you can truly set and forget. So if that’s the approach to investing you’d like to take, then a target date fund could be a good bet for you.

That said, there are a few drawbacks to choosing a target date fund for your 401(k). First of all, these plans tend to err on the side of being conservative. That’s a good thing if you’re very risk-averse. But it also means that you might end up with lower returns than you’d get from a mutual fund or index fund. And lower returns mean less money for retirement.

Also, you’ll generally face investment fees for each of the options your 401(k) plan offers. But the fees charged by target date funds can be high. And you might pay a lot more to put your money into a target date fund than into a passively managed index fund.

All told, target date funds tend to be a popular choice for 401(k) plans, and it’s easy to see why the idea of putting your savings into one is appealing. But you may want to explore other options before settling for a target date fund.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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