A honeymoon is a great way to kick off newly-married life. Where you go on your honeymoon is up to you and your budget. Typically, an Australian couple will spend between $5,000 and $10,000 on a honeymoon. This generally allows for a trip to a romantic or exotic location for a length of between one week to one month. That said, mini-moons are on the rise, meaning shorter and more affordable travel for your honeymoon.
Choosing where to honeymoon
Your honeymoon should be to a place that’s special to you, but that doesn’t mean you have to break the bank to get there. To choose your honeymoon, take into account the cost of hotels, flights, food, drink, transport, activity costs, pampering, souvenirs,and pre-travel costs like travel insurance, visas, new clothes and immunisations. After that’s done, work out where you can afford to go. The Amalfi Coast would be nice, but if you’re paying it off for the next 10 years the debt might taint the experience a little.
The good news is there are a ton of honeymoon destinations for every budget. From bustling cities and pristine beaches to majestic mountains and country hideaways, there are plenty of choices. Narrowing down your options by setting a budget is a great way to start.
Budgeting for your honeymoon
The goal of your wedding is to start your life together, which will involve a list of future expenses like purchasing your first home, having kids, renovations, and more holidays. Be realistic about how much you’re willing to spend so that your honeymoon doesn’t encroach on these future expenses too much.
A great solution is to set up a honeymoon registry in advance of your wedding, which allows guests to help with some of your travel costs. Their gift will also help you feel less financial guilt when splurging on special services and experiences.
If you don’t think your honeymoon registry will cover the total cost of your trip, you should consider using the following tips to save up before the honeymoon.
5 ways to save for your honeymoon
1. Assign accountability
Having your own telethon-style countdown as you save towards your goal offers a great sense of accountability. Budgeting software programs like Mint and Pear Budget include countdown functions and will suggest ways to cut your expenses. If you’re not hitting your goals, this gives you time to revisit your honeymoon budget – those fancy cocktails might need to be swapped for convenience store wine. A simpler way to stay accountable is to make your financial goal number your screensaver or put it on your fridge. Constantly seeing your target will help prevent overspending.
2. Open up a separate bank account
Creating a separate bank account for your honeymoon savings is a great way to save specifically for your honeymoon. Plus, it will likely stop you from spending the money on other items. If you can, set up a direct deposit to automatically put money into this account each week – even $5 a week can add up to help make your honeymoon that bit more affordable.
3. Thin out your closet
If buying new clothes is part of your honeymoon budget, make room for these new clothes by flushing out the old. Selling clothes on Gumtree, Marketplace or eBay is a great way to make some extra cash while saying goodbye to clothes you no longer wear. You could also try setting up a stall at a local market or hosting a garage sale.
4. Learn to say no
With a wedding and a honeymoon to save for, there’s never been a better or easier time to say no to dinners out, coffee hang-outs, and chipping in to birthday gifts. Learn to say no to unnecessary expenses and remember the end goal. Because what’s more memorable – three dinners out with friends or one fancy dinner at a hatted restaurant on your honeymoon?
5. Get a side hustle
Finding ways to boost your income allows you to splurge on your honeymoon without feeling guilty. You’ll also enjoy your honeymoon that much more knowing how hard you worked for it. Extra income could come from working additional hours at the office or a side hustle like a part-time job or freelance work.
5 ways to save on your honeymoon budget
Just because you’ve saved for your honeymoon or you’ve received a cash injection from your wedding guests doesn’t mean you have to pay full price – find ways to stretch your honeymoon budget and make the most of your dollars. You can do this by:
1. Setting your priorities
If a dreamy and luxurious hotel room is a priority, consider spending less on travel and more on the room. Stay somewhere local and allocate flight funds to securing the best suite. Alternatively, if experiencing culture is a priority, look for a cheap hotel in the heart of where the action happens and spend your fancy suite funds on more activities out and about.
2. Booking during off season
Choosing to travel in the off season or shoulder season can save you heaps. You’ll also enjoy fewer crowds, meaning a more romantic and secluded experience. Off-season doesn’t have to mean bad weather, though, you just need to do your research and find destinations that are great all-year-round.
3. Booking early
Whether you’re travelling in peak season or off season, the earlier you book the more chances you have to save. Booking early guarantees you access to cheaper rooms and seats. If you’re considering a cruise, booking early can save you more than 50%!
4. Considering cost variables
Variables like a favourable exchange rate, recovery from a natural disaster, or a brand-new resort can make a magical destination a steal. Search for cheaper alternatives to your favourite destinations and save with low-cost locales.
5. Exploring all-inclusive options
All-inclusive can mean no financial surprises at the end of your trip. You can live like royalty for one flat fee with most all-inclusive rates factoring in the cost of the room, all meals, drinks, activities, entertainment, tips, taxes and airport transfers. Ask lots of questions to get a good understanding of what’s included.
Be realistic
If you’re simply not in the position to be taking an extended honeymoon in an exotic location right now, consider taking a mini-moon or applying for a personal loan for SRG Finance. This will allow you to enjoy some time away as newly-weds without the massive upfront costs.
