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Rent or Buy? How to Save Money on Common Wedding Expenses

By U.S. News & World Report

Planning a wedding and sticking to a budget are challenging tasks. As you make decisions for your event — how many people to invite, where to host a reception and whom to include in your bridal party — you may feel confused about whether you should buy or rent what you need. Here’s what to consider when deciding whether to rent or buy wedding necessities, including table linens, decor, tuxedos and bridesmaid dresses.

[See: 10 Oddly Practical Things You Can Rent.]

Table linens. Depending on your reception venue, table linens may or may not be included in the overall cost. When you are choosing a venue, it’s important to get a detailed breakdown of what is included in the rental fee. It can vary from an all-inclusive package, where everything from the tablecloth, setting and napkins are provided, to a more do-it-yourself approach, with you bringing in a lot of the supplies yourself. Some venues may even offer a la carte pricing with the option to add in certain pieces or upgrade to different colors and fabric options.

If your venue does include basic linens in the price of the site rental, consider using them, even if they’re not the exact color or fabric you would have picked. You can completely change the look of your dining tables easily with centerpieces, candles or other decorations, and the tablecloth ends up being the last thing your guests will notice.

However, you may need to find your own linens if your venue does not provide them. In this case, there are a few questions you should ask when deciding where to buy linens and what type to get:

— Is it an indoor formal event? If so, then floor-length table linens and cloth napkins are traditionally used.

— Is it an outdoor, tented or informal event? If so, then you have a bit more flexibility here and could consider shorter tablecloths or paper napkins.

Once you know what type of linens you need, check out the prices of rental companies in your area. Your venue may have a few recommendations for reliable vendors. One thing to understand about the price of renting linens is what is included in the cost: not just the linens themselves, but the delivery, setup and labor. Therefore, you’ll find that renting is almost always more expensive than buying, especially if you’re buying linens secondhand. If it’s possible for you to press your linens before your big day — which can be a time-consuming task — then buying might be the best option for you. If you can find linens secondhand, then sell them again after your wedding day, you can save serious money. For some couples, it’s worth allocating room in the budget to have the linens delivered hassle-free and whisked away once the event is over.

[See: 7 Signs Your Romantic Partner Is Financially Unstable.]

Decor. This is another expense that depends heavily on your venue. If you’re starting from scratch in a building or tent with little included decor, you might need to bring in a lot of outside items, such as lighting, drapery or furniture. In these cases, it almost always makes sense to rent. Not only will you have a professional to install complicated displays, it’s unlikely that you would want to keep any of these items after the wedding.

For smaller decor items, such as candleholders, signs, easels or artificial flowers, you can most likely find a better deal if you buy rather than adding onto your rental order. There are many stores and resources where you can find a great deal on decorations. Don’t forget to take advantage of sales and coupon codes, too. Plus, a lot of the items can be repurposed later in your own home.

Suits and tuxedos. Is your wedding a formal or black-tie affair? If so, you may decide on a tuxedo. If you don’t own one, but find that you are often invited to formal occasions, this is a good opportunity to buy one and get it altered to fit you perfectly — you can consider it an investment. If you rarely get the chance to attend a formal event, but want to wear a tuxedo for your own wedding, renting is definitely the less expensive choice.

If your groomsmen are also wearing tuxedos, you will probably want to have them rent as well. You can probably get a discount if you are renting as a group. However, if you’re all wearing suits in the wedding, have a discussion with the men in your bridal party on whether they would prefer to rent or buy. They may want to rent a suit if you have a specific look required. If not, it might make more sense for them to invest money in something they can wear again.

[See: 12 Millennial-Inspired Ways to Spend Less.]

Bridesmaid dresses. As wedding trends change, there is more flexibility in bridal party attire. Some brides only require a certain color palette for their bridesmaids while others ask for a specific dress style and length. If you’re hoping to provide a more affordable option to your bridesmaids, consider one of the rental websites available, such as Rent the Runway or Vow To Be Chic. Brides can pick the exact dresses they want for their bridal party, then bridesmaids send in their measurements and get to try on the dresses and find the best fit. Afterwards, they simply return the dress.

Going the more traditional route and asking your bridal party to buy their dresses doesn’t have to break the bank. The most expensive option is going through a bridal shop and choosing specific designer gowns, which can cost your bridesmaids upwards of several hundred dollars, plus the cost for alterations. Instead, let them know the designer, model or color, then help them find a more affordable option on eBay or a website such as PreOwnedWeddingDresses.com.

With these tips, you’re informed and ready to tackle some wedding planning decisions that make the most sense for your budget.

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Rent or Buy? How to Save Money on Common Wedding Expenses originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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