How Much is Reasonable to Spend on a Honeymoon
For many, a honeymoon is an excuse to enjoy a guilt-free excursion. Traveling is too expensive for many Americans who view travel as a luxury rather than a necessity. While your honeymoon should be special, it can be daunting to start a relationship in deep debt.
How much should your honeymoon cost you?
The average couple spends about $4,466 on a honeymoon, and around 62 percent of couples cover the honeymoon cost themselves. Weddings cost more today than they did, especially for brides addicted to Pinterest. Seventy-two percent of American couples pay for at least part of their weddings, leaving scarce funds for an extravagant honeymoon.
Build a Budget
Whether you want to go big and travel across Europe, or plan a cozy staycation, planning your honeymoon should begin with building a honeymoon budget. You can use money apps like Mint to help manage your money and start saving for the special trip.
Review your expenses and look for ways to save. Once you know how much money you can put aside each month for the honeymoon, you can build a honeymoon budget.
Cut Honeymoon Costs
You can have an amazing honeymoon on a budget by leveraging travel hacks. Use airline miles to pay for flights. Many airline credit cards offer miles and free companion fares when you apply. This is a great way to cover the cost of a flight but be sure to review interest rates and annual fees.
The annual fee should be less than the cost of a flight to be worth the deal. Minimums shouldn’t be a problem with all the wedding expenses but be sure to pay off your balance at the end of each statement to avoid paying interest.
You can also often convert existing credit card rewards into free flights or hotel stays. Shop your existing credit card rewards program for offers that can help cover the honeymoon cost. Some credit card companies partner with hotels to provide customers with credits. For example, you might see a travel deal from a hotel that offers you a certain amount back when you book a trip within a certain timeframe using your credit card.
Using travel comparison sites like Kayak is a common strategy, but there are some cases where you could actually save by booking directly with the hotel. Hotels are required to pay commissions to travel comparison sites when you book through them instead of going direct.
Some hotels give preferential treatment to guests who book directly. You don’t want to miss out on perks like complimentary upgrades, better views or dining credits because you didn’t go direct. Always check the hotel website before booking your trip with a third-party website. If you see a cheaper rate on a third-party website, call the hotel and ask for the same rate. They’ll probably give it to you.
Funding Your Honeymoon Cost
There are multiple ways to fund your honeymoon aside from saving up for it. If wedding costs prevent you from saving for the big trip, create a honeymoon fund instead of registering for gifts. There are plenty of wedding registry sites that can help you set up a honeymoon fund including HoneyFund.
Include the URL for your honeymoon fund in your save-the-dates and wedding invitations. You can also send an evite. Instead of purchasing gifts, your guests will donate to your honeymoon, so that you can have the trip of your dreams to celebrate your new union.
If you can’t save or raise enough for your trip, you could take out a personal loan. Unlike other types of loans, personal loans can be used for a wide range of expenses – including a honeymoon. You will be expected to pay interest on your loan, so it’s important to create a repayment plan and adjust your budget for quick repayment.
For example, you may be short of honeymoon funds prior to your wedding but want to book your trip before flights become too expensive. You can borrow the cash you need with a personal loan, then repay the loan once you receive money from your wedding guests or payoff wedding costs.
You don’t have to spend close to $5,000 to have a one-of-a-kind honeymoon. There are plenty ways to save and fund the honeymoon of your dreams. It’s most important that each of you agree on a budget. Whether it’s to go big or go budget, come to an agreement to avoid conflict.
This post is not intended to be a solicitation for a loan. Pomo One Marketing, Inc. provides these blogs for entertainment and informational purposes only. Remember to consider all your financial options before making any decisions related to credit.