Are you planning a honeymoon? Here’s how much you need to save

Young couple walking towards the Roman Forum in Rome at sunset.

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Here’s how much to budget for the post-wedding vacation.

the main points

  • The average honeymoon cost is $4,600, according to The Knot.
  • It is better to pay for the honeymoon with your savings to avoid getting into debt.
  • Other ways to pay for your honeymoon include credit cards, loans, or honeymoon financing on your wedding registry.

For many couples, the honeymoon is the best part of the entire wedding experience. Your first vacation as a couple is always a special experience, and it’s especially good to relax after so much time to get ready for your big day.

To avoid stress on money, it is a good idea to have a honeymoon budget. Whether you’re planning your wedding now, or want to find out later, here’s how much you can save for your honeymoon.

How much does a honeymoon average cost

The average cost of a honeymoon is $4,600, according to a study by The Knot. It polled more than 15,000 couples who got married in 2021 about their weddings and honeymoons.

Since this is an average, it’s worth noting that honeymoon costs vary quite a bit based on several factors. Where you go and when and how long you stay will play a big role in how much money you need. Of the couples surveyed by The Knot, about 10% spend more than $10,000 on their honeymoon, while 20% go with a smaller baby moon.

To keep it simple, if you think your honeymoon will be similar to honeymooning with other couples you know, $4,600 is a good savings target. It is a safe number that should put you in a position to book a honeymoon that you will enjoy.

However, if you think you’ll spend more or less than average, that’s a different story. In that case, start researching the costs of what you want to book so you can adjust your goal accordingly. If you know you want a luxury honeymoon, $4,600 may not be enough. And if you prefer something smaller, saving that amount probably isn’t necessary.

How do you pay for your honeymoon?

The best way to pay for your honeymoon is with your savings. This is what 60% of married couples surveyed did, and it sure helps when you can get married without adding any unnecessary debt.

Saving thousands of dollars isn’t something most of us can do overnight. But if you and your other partner commit to saving each month, you can have a big honeymoon financing by your wedding day.

Let’s say you aim to save $4,600 for your honeymoon. Here’s what you can do – first, set up a bank account specifically for honeymoon savings. High yield savings accounts They are the best option for that, as they keep your money safe and also provide high interest rates. Then, you and your partner can decide how much you want to transfer to the account per month.

With two people involved, this honeymoon fund can grow quickly. You can have $4,600 saved in 12 months, with each of you depositing less than $200 per month.

Other ways to finance your vacation

If you can’t save enough for the honeymoon you want, there are a few other options. You can include the honeymoon box in your wedding registry. Your guests can then send money for their honeymoon in lieu of a gift. The Knot found that 27% of couples did so in 2019.

One way to make this even more special is to have specific honeymoon items that guests can purchase for you. For example, your record could include meals on your trip, a couple’s massage where you’re staying, etc. This adds a personal touch to the gift giver.

credit cards Personal loans are also ways to pay for your honeymoon. I recommend looking at 0% APR Credit Cards first. These credit cards have an annual interest rate of 0% up front on purchases, which means that as long as the advance period lasts, no interest will be charged. For example, if a credit card has 0% APR up front on purchases for 15 months, you can charge your honeymoon expenses to it and have more than a year to pay it off.

Personal loans, sometimes referred to as wedding loans When used for wedding expenses, it is another way to borrow. And couples who need to get a wedding loan soon may be in luck, like Personal loan rates have fallen More than 10% recently.

You also always have the option of going on a honeymoon that fits your current budget, or wait to do so after saving more. Although it is customary to go soon after marriage, many couples are waiting. Remember, it’s your trip, and you can go any time that suits you best.

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