Financial Planning

How Much and How To Save For A HoneyMoon

This past couple of months I have helped multiple clients prepare for honeymoons and realized I have never written a blog post on it, so I thought I would create one to help you think through and prepare for your honeymoon.  Let’s dive into how much you need to save and how to best save for your future honeymoon! 

How Much Should I Save For My Honeymoon?

Honeymoons tend to be much more extravagant than normal vacations. For most people, they want this vacation to be the one they have dreamed about their whole lives, meaning they are expensive 😂. Another reason some people go all out is because it is their last big trip before they plan to have kids, and we all know how hard it is to travel with kids. 

Today, the average honeymoon costs around $4,466. To break that down even further, the average Caribbean honeymoon is somewhere between $5,000-$7,500. Then that number goes up if the destination is somewhere overseas which can range between $6,000 and $25,000. Quite a wide range, I know. 

The cost can be affected by a number of things:

  • The type of hotel you stay at, there is a huge difference between 3 star and 5 star hotel costs.
  • The way you fly there. First class is way more than coach. Direct flights are way more than multiple stops.
  • Food: obviously the type of restaurants you go to can drastically increase the cost
  • What type of excursions you go on

All of these differences can make a huge impact on your total cost. Most people do not like to hear this, but the best way to plan for your honeymoon is to start thinking about what you want it to look like, then start pricing it out. It is a lot of work, but also you are building your ideal vacation, it should be fun, not some boring task.

So how do you determine what to do? Well, build your dream vacation, come up with a budget, and see if it is a reality. If the dream vacation ends up being too expensive, then start prioritizing what is most important to you. Would you rather fly coach and stay at a nicer hotel? Or vice versa. View every option and trade off and then build the vacation that fits what you both love and what you can afford.

One thing I will add is if you have no idea where to start, hiring a travel agent could be a great first step. They have helped numerous people in this same situation and can hear what you are looking for and send over some good options. As a bonus, they often times get discounts that can help for your Honeymoon.

How To Save For The Honeymoon? 

The best way to save for your honeymoon is to give yourself as much time as possible. Let’s say you just got engaged this month and the wedding is 18 months away, knowing you have 18 months to save is very helpful. Now, let’s say you know the vacation is going to cost $8,000, this means you need to save $445 a month to hit your goal. It’s that simple. Figure out your cost, then divide that by the total months you have to save, and then save that much. Also, see if you have any additional money coming in that you could save to help decrease the monthly savings needed. Some examples would be a bonus or tax return.

If you haven’t yet, go set up a high yield savings account online (Ally or Marcus are my favorite) and create a fund specifically for this vacation. Then go in and set the amount needed ($445 for the example above) a month to automatically get saved here, so you don’t have to worry about it all. It’s that simple. I will also say, it might be smart to save a little extra to be safe, so if you want to do something while you are there, you can. You obviously don’t want to be dumb with your money, but you do want to make this the dream vacation you wanted. One that you will remember 40 years from now and not look back and wish you would’ve done that one thing you could’ve done if you saved for it.

Lastly, you could leverage credit card points to help as well by either saving all your points from your existing cards or by looking for new ones that have some travel bonuses in the first year. Obviously you don’t overspend to get credit card points, but use them to your advantage when you can. Points can be a very great tool for traveling!

Hope this helps you plan for your honeymoon!

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Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimer page.