Are you planning your honeymoon? Here’s how much you need to save
Here is the budget to plan for this vacation after the wedding.
- The average cost of a honeymoon is $4,600, according to The Knot.
- It’s best to pay for your honeymoon with your savings to avoid going into debt.
- Other ways to pay for a honeymoon include credit cards, loans, or a honeymoon fund on your wedding registry.
For many couples, the honeymoon is the best part of the whole wedding experience. Your first vacation as a married couple is always a special experience, and it’s especially nice to relax after so much time preparing for your big day.
To avoid money stress, it’s a good idea to have a honeymoon budget. Whether you’re planning your wedding right now or want to know for later, here’s how much to save for a honeymoon.
How much does an average honeymoon cost
The average honeymoon costs $4,600, according to research by The Knot. He surveyed more than 15,000 couples who got married in 2021 about their weddings and honeymoons.
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Since this is an average, it should be mentioned that honeymoon costs vary greatly depending on several factors. Where you go, when and how long you stay will all play a big role in how much money you need. Of the couples surveyed by The Knot, around 10% spend more than $10,000 on honeymoons, while 20% opt for a smaller mini-moon.
Simply put, if you think your honeymoon will be similar to those of other couples you know, then $4,600 is a good savings goal. It’s a safe number that should put you in a position to book a honeymoon you enjoy.
However, if you think you’re going to spend a lot more or less than the average, that’s another story. In this case, start researching the costs of what you want to book so you can adjust your goal accordingly. If you know you want a luxurious honeymoon, then $4,600 might not be enough. And if you prefer something smaller, saving that much probably isn’t necessary.
How to pay for your honeymoon
The best way to pay for your honeymoon is from your savings. This is what 60% of couples surveyed did, and it certainly helps when you can get married without adding unnecessary debt.
Saving thousands of dollars isn’t something most of us can do overnight. But if you and your partner both commit to saving each month, you could have a sizable honeymoon fund on your wedding day.
Let’s say you’re aiming to save that $4,600 for your honeymoon. Here’s what you can do: Start by opening a bank account specifically for honeymoon savings. High-yield savings accounts are the best option for this, as they keep your money safe and also offer high interest rates. Then you and your partner can decide how much you each want to transfer to the account per month.
With two people participating, this honeymoon fund can grow quickly. You could have saved $4,600 in 12 months, each of you depositing less than $200 per month.
Other ways to fund your getaway
If you can’t save enough for the honeymoon you want, there are a few other options. You could include a honeymoon fund on your wedding registry. Your guests can then send you money for your honeymoon instead of a gift. The Knot found that 27% of couples did so in 2019.
One way to make this a little more special is to have specific honeymoon-related items that guests can purchase for you. For example, your registry could include meals while you are traveling, a couples massage where you are staying, etc. This adds more of a personal touch for the giver.
Credit cards and personal loans are also ways to pay for a honeymoon. I recommend looking at 0% APR credit cards first. These credit cards have a 0% introductory APR on purchases, which means that as long as the introductory period lasts, you are not charged any interest. For example, if a credit card has an introductory APR of 0% on purchases for 15 months, you can charge them your honeymoon expenses and have more than a year to pay them off.
Personal loans, sometimes called wedding loans when used for wedding expenses, are another way to borrow. And couples who need to get a wedding loan soon may be in luck, as personal loan rates have dropped more than 10% recently.
You also always have the option of going on a honeymoon that fits your current budget or waiting to do so after saving more. Although it is traditional to go there soon after the wedding, many couples wait. Remember, it’s your trip and you can go when it’s best for you as a couple.
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