It can be hard to gauge your needs, but these strategies will help

Reviewed by Samantha Silberstein
Fact checked by Suzanne Kvilhaug

The average wedding costs about $30,000 in 2025, and that doesn’t include the honeymoon. Mom and Dad might chip in, but the typical couple foots the bill for about 49% of that amount.

Tying the knot in style isn’t always easy on the wallet, but adequate planning and budgeting can help reduce those expenses.

Key Takeaways

• The average wedding cost as much as $30,000 in April 2025.
• Consider working extra hours, trimming your budget, and tucking the money in a dedicated high-yield savings account.
• The day, month, and season of your wedding can significantly impact cost.
• Pay careful attention to vendor contracts so you’re sure you understand what you’re paying for.

Setting a Realistic Wedding Budget

It’s good to start your planning by talking to your partner about elements of your wedding that you consider must-haves. These should be items and aspects that your wedding must include if it is to be perfect for you.

After that, narrow each list down to your top three wants. Assign an estimated price to each of them. You’ve begun your budget and can start planning around these costs.

Note

At least one or two of your items will ideally match up. You can begin negotiating with vendors for the best prices on your must-haves.

“It starts with priorities,” advises Jason Wright, co-founder of ParadiseWeddings.com, a destination wedding agency specializing in Mexico and the Caribbean. “What matters most to you? Is it the venue, the dress, the food, or the experience for guests? Break it into categories from there and assign a percentage to each based on what matters most.”

Once you have your priorities, you can contact potential vendors for quotes. Fidelity Investments recommends padding your final budget with a cushion for any last-minute expenses. Wright suggests an additional buffer of 10% to 15%.

Destination Weddings

A significant factor in your wedding budget will depend on where you’re holding the event. Destination weddings don’t necessarily happen abroad or in the islands: A destination wedding is technically anywhere outside your hometown.

The happy couple typically isn’t expected to pay for guest accommodations if they opt for a destination wedding, but you might want to do a little research on behalf of your guests. Try to guide them to the most reasonably priced inns and other lodging options if they’re staying overnight or for multiple nights.

Don’t overlook your own travel expenses, either. Budget for the expected costs of things like baggage fees and transportation from the airport.

Saving Strategies for Your Wedding

“Saving for a wedding starts with setting a realistic monthly savings goal based on your overall budget and timeline,” says Serena Fournier of The Wedding Duo.

Serena and Dominic Fournier are a husband-and-wife wedding team dedicated to bringing dream weddings to life. “Many of our couples have boosted their savings by taking on a small side gig or putting in extra hours at work. Even those small amounts can add up over time.”

Consider stashing that extra money in a dedicated savings account that will remain untouched until you need it. Your budget shouldn’t be limited to just those extra dollars you might earn, though.

“Look at your monthly finances and figure out how much you can realistically save each month,” Fournier suggests. “Then multiply that amount by the number of months until your wedding. This gives you a general starting budget. We also recommend setting up an automatic transfer each month into that separate wedding savings account so the money is safely tucked away and is less tempting to spend.”

Important

A high-yield savings account can help you earn interest as you save. You can also earn interest through a certificate of deposit, although your money will be locked up until the CD matures.

Cost-Saving Tips and Tricks

Timing and Seasonal Considerations

When you plan to tie the knot can be as important to your cost-saving efforts as where you do it.

Check a local events calendar to determine whether anything major is scheduled on or close to your wedding date. Vendors often hike their prices to profit from event crowds, and you might score significant savings by moving your wedding date by a week or two.

In addition, consider getting married during an off-season month such as December or February. Fidelity Investments notes that wedding venues frequently offer discounts during these times.

Wright suggests marrying in “shoulder season” during the late spring or fall. He says that getting married during these times can save thousands. “Consider extending your timeline. Giving yourself an extra six months to plan can make saving less stressful and help you avoid last-minute premium pricing,” he recommends.

Dates from June through September will most likely cost you a good bit more. You might also want to think about getting married on a day other than Saturday when prices are typically higher.

Important

You might consider taking out a wedding insurance policy. This will protect you against the cost of unexpected calamities on your big day. Some will even pay out and reimburse you if you have to cancel or postpone your nuptials. 

Reception Costs

The reception is typically the most expensive aspect of a wedding event, but there are many ways to cut costs.

You’re not obligated to provide your guests with an open bar. Consider limiting alcoholic beverages to beer and domestic wine, and skip the quality bourbon. This could slash that bar tab considerably. Another option is a cash bar where your guests will pay for their cocktails, which might be an unpopular choice.

The number of guests you feed and accommodate is another tweakable, cost-saving consideration. “Your guest count is the biggest driver of costs,” Serena Fournier says. “Fewer guests mean fewer tables, meals, favors, and rentals, which can significantly lower your expenses.”

Vendor Management and Contracts

You should get a written contract from every vendor providing you with a product or service on your wedding day. If you aren’t offered a contract, ask for one and take as much time as you need to understand its terms.

Vendor contracts typically cover important issues such as payment terms and the exact service or product that will be provided. “Don’t be afraid to ask about any fees you don’t understand,” Fournier advises. “We’re not saying those fees aren’t justified because many times they are. But you deserve to know exactly what you’re paying for.”

Other contract details should cover the responsibilities of all parties involved, including you and your spouse. They should state what happens if the wedding must be called off and provide a framework for dispute resolution if something goes seriously awry.

“Always read the fine print,” says Wright. “Know what’s included, what costs extra, and what the cancellation or rescheduling policies are. A planner manages this for you with destination weddings. They’re your advocate. They can also suggest trusted vendors or help you work with resort-approved ones to avoid surprises. Be aware of outside vendor fees if you’re bringing in your own vendor such as a photographer. They’re usually between $500 and $1,000. And always get everything in writing!”

The Bottom Line

A perfect wedding is the dream of a lifetime but you can’t just blink and make it happen. Time is on your side, however. Begin planning early. Start saving and think about areas in which you can trim expenses without compromising the event or your expectations for it.

“Don’t fall into the trap of thinking you need everything you see on Pinterest or Instagram,” Serena Fournier warns. “A beautiful, meaningful wedding is about what’s right for you, not what’s trending online.”

Worsening disasters have wreaked damage costing hundreds of billions of dollars

Reviewed by Eric Estevez
Fact checked by Suzanne Kvilhaug

Natural disasters are devastating to individuals, businesses, and economies. They come in many forms, such as hurricanes, earthquakes, tornadoes, floods, and wildfires. Their trail of destruction goes far beyond immense property damage. They can leave the affected areas to face terrible financial consequences.

The impact is usually long-lasting and far-reaching, hurting insurance markets, government resources and budgets, and the global supply chain. With climate change causing more of these disasters every year, it’s imperative to understand their economic impact and how to prepare for them.

Key Takeaways

• Due to climate change, natural disasters are occurring more often and their severity is worsening.
• Left in their aftermath is massive economic damage.
• Insurance companies and governments are struggling to manage the financial fallout, often leaving people and businesses unprotected.
• Beyond property damage, natural disasters disrupt global supply chains, raise commodity prices, and leave lasting marks on local economies.
• To lessen the human and financial devastation, stronger infrastructure, smarter policies, and better preparation are needed.

For example, the number of billion-dollar disasters in the United States has increased significantly. According to the National Oceanic and Atmospheric Administration (NOAA), in 1980, the U.S. had three natural disasters that caused more than $1 billion in damages each, for $46 billion. In 2024, there were 27 natural disasters, causing $185 billion in total damages.

Direct Financial Impacts

Property Damage

Natural disasters destroy physical spaces, including homes, businesses, and infrastructure, making this the frontline of financial impact. They reduce buildings to rubble, collapse bridges, and transform entire communities into wastelands. The costs of rebuilding are monumental.

For example, Hurricane Harvey occurred in 2017 in Texas and Louisiana, causing approximately $160 billion (adjusted for inflation) in damages, making it one of the costliest disasters in U.S. history.

In addition to the direct repair costs, individuals experience many years of financial difficulty due to displacement and lost income. Many businesses never fully recover, and others cease to exist. This combination of factors greatly alters the landscape of communities.

Jade Reynolds, a licensed property and casualty insurance professional at Nest Insurance Services, talking about insurance, said, “One of the biggest challenges is understanding what’s actually covered. Many policyholders are surprised to learn that standard homeowners policies don’t include flood insurance or coverage for things like mold, earth movement, or even damage due to lack of maintenance.”

This lack of understanding of one’s own policy often catches individuals and businesses off guard, further straining their finances.

10 Costliest Disasters in the U.S. Since 1980
1	Hurricane Helene (2024)	$225+ billion
2	Hurricane Katrina (2005)	$202.5 billion
3	Hurricane Harvey (2017)	$161.3 billion
4	Hurricane Ian (2022)	$120.7 billion
5	Hurricane Maria (2017)	$116.1 billion
6	Hurricane Sandy (2012)	$89.5 billion
7	Hurricane Ida (2021)	$86.1 billion
8	Hurricane Irma (2017)	$64.5 billion
9	Hurricane Andrew (1992)	$61 billion
10	U.S. Drought/Heatwave (1988)	$55.2 billion

All figures adjusted for inflation. Sources: AccuWeather, National Centers for Environmental Information

Insurance Claims

Insurance is meant to provide financial protection in times of disaster. However, given the increased frequency of disasters, such as wildfires in California and hurricanes in Florida, insurance companies are now often unable to meet all claims.

For example, many homeowners suffered financially, as some insurance policies failed to cover the full cost of rebuilding after the California wildfires of 2018 and 2025.

Several insurance companies cancelled policies, reduced coverage, or moved out of the state, leaving homeowners unprotected and suffering large financial losses.

Reynolds said, “Over the past decade, the industry has undergone significant changes…. We’re seeing tighter underwriting guidelines, higher premiums in disaster-prone areas, and in some cases, carriers withdrawing from high-risk regions altogether.”

Indirect Financial Impacts

Economic Disruption

After a natural disaster, there is widespread economic disruption as businesses shut down, employees lose wages, and tourism-dependent regions suffer from a decline in visitors. Supply chains can also be impacted, leading to shortages of goods and price inflation.

For example, in 2016, after two consecutive earthquakes in Kumamoto, Japan, global automotive and electronics companies faced major disruptions in their businesses. Toyota, Honda, and Sony had to halt production due to damaged factories and supply chain issues.

Natural disasters lead to billions of dollars of losses for businesses around the world, reducing critical business investment. This causes layoffs and lost income for workers, which further impacts economies via less consumer spending.

Commodity Prices

When key agricultural regions suffer from natural disasters, commodity prices are affected, usually by sharp increases in prices. This impacts the cost of items such as food and gasoline.

For example, in 2022, severe droughts in the U.S. and Europe contributed to inflated wheat prices, which, in turn, were sent higher by the war in Ukraine, one of the top 10 wheat-producing countries. Even if a natural disaster is a local event, its consequences can be felt far and wide.

Government and Public Sector Costs

Disaster Relief Funding

Governments bear the brunt of relief effort costs, which relate to emergency response efforts, infrastructure repairs, and aid programs. These needs can cost billions.

In the U.S., the Federal Emergency Management Agency (FEMA) plays the central role in disaster relief, but there are concerns that it is underfunded and will not be able to meet all the demands of future disasters.

As an example, the U.S. government allocated $120.5 billion for disaster relief and recovery efforts to Hurricane Katrina. This had to be supplemented by billions more in donations and private insurance payments.

Moreover, funds can take a long time to be distributed, and in the meantime, communities languish. Sometimes, the long-term struggles of community members are not addressed.

Important

In many flood-prone areas, standard homeowners’ insurance does not cover flood damage.

Long-Term Economic Effects

After a natural disaster, immediate financial relief is crucial. However, the long-term economic effects can last for decades. Depopulation, business closures, and declining property values are common in hard-hit areas.

For example, after Hurricane Katrina, the population of New Orleans shrank by 100,000 people and hasn’t yet returned to pre-hurricane levels. Many businesses have not reopened, and large areas remain abandoned.

Case Studies of Major Disasters

Hurricane Katrina (2005)

Hurricane Katrina remains one of the worst natural disasters in U.S. history, causing an estimated inflation-adjusted $200 billion in damages, displacing over 1 million people, and devastating the New Orleans economy.

The storm also revealed flaws in the nation’s emergency response system, leading to policy changes in disaster management, primarily through the Post-Katrina Emergency Management Reform Act.

Katrina underscored the fact that recovery is slow and uneven. Disparities can exist in disaster areas, where wealthier residents can rebuild faster while lower-income populations struggle more.

The Australian Bushfires (2019 to 2020)

The Australian Bushfires that occurred from 2019 to 2020 burned over 18 million hectares of land (approximately 44.5 million acres) and caused an estimated $100 billion in damages, which affected land, businesses, and homes.

The fires required significant amounts of government aid and reduced tourism revenue, further harming the economy. Estimates suggest the country lost $2.8 billion in tourism revenue.

The Haiti Earthquake (2010)

The 2010 earthquake in Haiti killed an estimated 316,000 people, a tragically high figure. In addition to the massive human cost, damages were estimated to be $8 billion.

The death toll and damages show how natural disasters disproportionately affect poorer nations, as many struggle with weak infrastructure, political instability, and inadequate financial resources.

The Role of Climate Change

Climate change is a driving factor in the increased frequency and severity of natural disasters. Rising sea levels, higher global temperatures, and shifting weather patterns contribute to stronger hurricanes, longer wildfire seasons, and more severe droughts.

According to the World Meteorological Organization (WMO), climate-related disasters increased fivefold in 50 years (1970 to 2019), costing the global economy over $3.64 trillion and resulting in over 2 million deaths.

Unless climate change is curbed, these human and economic costs will continue to rise, making disaster preparedness and adaptation more difficult but also more essential.

Mitigation and Preparedness Strategies

Infrastructure Improvements

Improving infrastructure to make it more resilient in the face of natural disasters is one of the most effective ways to minimize financial losses. Stronger building codes, flood defenses, and wildfire-resistant designs can help prevent and reduce damage.

For example, Japan has heavily invested in earthquake-resistant buildings, which have helped prevent large-scale destruction in its major cities.

Policy Recommendations

Governments need to step in to improve natural-disaster preparedness and lessen the financial impact on individuals and businesses.

Policies geared toward expanding insurance programs, creating emergency relief funds, and incentivizing climate-adaptation projects can lessen the financial destruction of future disasters.

Reynolds notes that “As natural disasters become more frequent and intense, we’re starting to see more conversations around insurance accessibility, affordability, and sustainability.”

Additionally, public awareness campaigns can help businesses and individuals prepare for potential risks, efforts that could assist in reducing overall costs.

The Bottom Line

The financial impact of natural disasters is immense and devastating for businesses, individuals, and entire economies. From direct impact to long-lasting effects, natural disasters can quickly and adversely alter the financial health of a region and its population.

According to Reynolds, “Another layer to consider is the mental and emotional toll disasters take on policyholders navigating the claims process. It’s not just about the financial impact—many people are dealing with trauma, displacement, and uncertainty while trying to understand complex insurance terms and timelines.”

With natural disasters only becoming more common and severe due to climate change, it’s critical that governments and organizations work to lessen the burden on society by improving insurance policies, strengthening infrastructure, and making aid more abundant and readily available. These actions should help save money and lives.

Reviewed by Gordon Scott
Fact checked by Vikki Velasquez

In 1983, legendary commodity traders Richard Dennis and William Eckhardt held the turtle experiment to prove that anyone could be taught to trade. Using his own money, Dennis taught novice traders his technique, and in five years, they reportedly made over $175 million combined.

Key Takeaways

• The Turtle Trading experiment was seen as a tremendous success.
• Market conditions are always changing, and some question whether this style of trading could survive in today’s markets.
• Turtle Trading is based on purchasing a stock or contract during a breakout and quickly selling on a retracement or price fall.
• The Turtle Trading system is one of the most famous trend-following strategies.

The Turtle Experiment

By the early 1980s, Dennis was widely recognized in the trading world as an overwhelming success. He had turned an initial stake of less than $5,000 into more than $100 million. He and his partner, Eckhardt, had frequent discussions about their success. Dennis believed anyone could be taught to trade the futures markets, while Eckhardt countered that Dennis had a special gift that allowed him to profit from trading.

The experiment was set up by Dennis to finally settle this debate. Dennis would find a group of people to teach his rules to, and then have them trade with real money. Dennis believed so strongly in his ideas that he would actually give the traders his own money to trade. The training would last for two weeks and could be repeated over and over. He called his students “turtles” after recalling turtle farms he had visited in Singapore and deciding that he could grow traders as quickly and efficiently as farm-grown turtles.

Finding the Turtles

To settle the bet, Dennis placed an ad in The Wall Street Journal, and thousands applied to learn trading at the feet of widely acknowledged masters in the world of commodity trading. Only 14 traders would make it through the first “Turtle” program. No one knows the exact criteria Dennis used, but the process included a series of true-or-false questions, a few of which you can find below:

1. The big money in trading is made when one can get long at lows after a big downtrend.
2. It is not helpful to watch every quote in the markets one trades.
3. Others’ opinions of the market are good to follow.
4. If one has $10,000 to risk, one ought to risk $2,500 on every trade.
5. On initiation, one should know precisely where to liquidate if a loss occurs.

For the record, according to the Turtle method, 1 and 3 are false; 2, 4, and 5 are true.

The Rules

Turtles were taught very specifically how to implement a trend-following strategy. The idea is that the “trend is your friend,” so you should buy futures breaking out to the upside of trading ranges and sell short downside breakouts. In practice, this means, for example, buying new four-week highs as an entry signal. Figure 1 shows a typical turtle trading strategy.

Source: Genesis Trade Navigator

This trade was initiated on a new 40-day high. The exit signal was a close below the 20-day low. The exact parameters used by Dennis were kept secret for many years, and are now protected by various copyrights. In “The Complete TurtleTrader: The Legend, the Lessons, the Results” (2007), author Michael Covel offers some insights into the specific rules:

• Look at prices rather than relying on information from television or newspaper commentators to make your trading decisions.
• Have some flexibility in setting the parameters for your buy and sell signals. Test different parameters for different markets to find out what works best from your personal perspective.
• Plan your exit as you plan your entry. Know when you will take profits and when you will cut losses.
• Use the average true range to calculate volatility and use this to vary your position size. Take larger positions in less volatile markets and lessen your exposure to the most volatile markets.
• Never risk more than 2% of your account on a single trade.
• If you want to make big returns, you must get comfortable with large drawdowns.

Did It Work?

The two classes of turtles Dennis personally trained earned more than $175 million in only five years. Dennis had proved beyond a doubt that beginners can learn to trade successfully.

Even without Dennis’ help, individuals can apply the basic rules of turtle trading to their own trading. The general idea is to buy breakouts and close the trade when prices start consolidating or reversing. Short trades must be made according to the same principles under this system because a market experiences both uptrends and downtrends. While any time frame can be used for the entry signal, the exit signal needs to be significantly shorter in order to maximize profitable trades.

Despite its great successes, however, the downside to turtle trading is at least as great as the upside. Drawdowns should be expected with any trading system, but they tend to be especially deep with trend-following strategies. This is at least partly due to the fact that most breakouts tend to be false moves, resulting in a large number of losing trades. In the end, practitioners say to expect to be correct 40%-50% of the time and to be ready for large drawdowns.

What Is the Turtle Method of Trading?

Turtle trading involves following trends with established position sizes, risk management criteria, and entry and exit rules.

Is Turtle Trading Still Profitable?

It depends on market conditions and how disciplined you are.

Who Is the Most Successful Turtle Trader?

According to TurtleTrader.com, Jerry Parker was Dennis’ top turtle trader.

The Bottom Line

The story of how a group of non-traders learned to trade for big profits is one of the great stock market legends. It’s also a great lesson in how sticking to a specific set of proven criteria can help traders realize greater returns. In this case, however, the results are close to flipping a coin, so it’s up to you to decide if this strategy is for you.