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How To Budget For Your Honeymoon

Tuesday 14th November 2017
So you may have just spent a small fortune on making your wedding dream a reality and the thought of planning another huge expense like a honeymoon is giving you mild heart palpitations. We’re here to tell you that saving for your honeymoon can open up doors and actually make it easier to develop a lifestyle of budgeting as a married couple.
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Maybe some of you have already been budgeting since you were a mere teenager to which I say, “Good on you!” But for the rest of us out there who may have never planned an overseas trip before, or are just downright spend-happy, we’ve put together a few tips to help you budget your dream honeymoon (and have fun doing it!)

Discuss your expectations

As a recently engaged or married couple, planning your honeymoon is not only an opportunity to discuss the myriad of potential adventures that lay before you, but also to address any assumptions, expectations or concerns that you may have. This might be – how long you anticipate the holiday to be, or if you plan to visit any family or friends along the way. These questions will naturally unfold as you begin to nut out the logistics, but if you begin with an attitude of transparency it will make the budgeting process a whole lot easier and help curb any future anxieties.

Set tangible goals

We’ve all heard the goal-setting piece before, and there’s a wealth of truth to it. Goals allow us to narrow our focus on a particular intention until it comes to fruition. When devising a honeymoon budget, goals help to break down the overall cost into more manageable bite sized pieces. When planning your honeymoon, it’s important to set tangible goals that remind you of what you’re both working towards. Instead of setting a numerical target like $300 or $400, reframe your goal in terms of accommodation or activities you plan to undertake on your honeymoon. An example might be: ‘My goal for this month is to save enough for our 3-day scuba tour in the Philippines.’ The actual financial target may be identical but the perspective shift will allow you to view the goal more positively, motivating you to strive to reach it.

You might also like to consider a honeymoon gift registry that allows your guests to express their congratulations by gifting an aspect of your honeymoon plans. Online platforms like Wanderable allow couples to create their own honeymoon itinerary with a list of goals and objectives that their guests can make financial contributions towards. Guests can co-fund large, logistical goals like plane trips and accommodation, or spoil you with some exciting entertainment like flamenco shows in Barcelona or gondola trips along the Venetian canals. The site also allows you to browse through other couples’ itineraries which can offer great insight if you are planning to travel within the same region.

Use your points

If you are looking at getting a joint bank account or have already began budgeting collectively as a couple, then you may be aware of the options on your current credit card plan. Points and rewards are often an inclusion that most people tend to forget about or overlook. But there are many great benefits to be had, particularly those that assist in the cost of travelling overseas. Speak with your local branch and do your own due diligence by researching the potential rewards that you may entitled to. Often this will include frequent flyer points, accommodation deals, or free traveller’s insurance, all of which will be helpful in keeping your honeymoon on a budget.

Math is a wonderful thing

For a lot of us, numbers and sums make us cringe immediately. But behind every great holiday lies a few good hours of math. How you choose to embrace these unavoidable hours of work is up to you. We suggest you turn up the speakers, pop on some tunes and pour each other a glass of Pinot as you get cracking on your calculations. Use resources like ToDoist and SmartyPig (and good ol’ Excel) to help you create your budget by dividing up your goals and organising your savings.

Recommendations go a long way

Strike up a conversation with friends and family members who have already ‘travelled’ through their honeymoon right of passage. They’ve probably got some incredibly entertaining stories that they’re eager to share, as well as a few tips that they wouldn’t mind passing forward. Make the most of their wisdom and networks, and expand off their suggestions with your own ideas. This will allow you to take advantage of sweet deals and bargain spots that are most likely not listed in your travel brochures.

Tuesday 14th November 2017

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