How to budget for your honeymoon
- June 30, 2023
- 4 min read
The average honeymoon cost
Honeymoon pricing factors
How to save for your honeymoon
First comes love, then comes marriage, then comes … your honeymoon! Whether you’re jet setting to the beaches of Bali, exploring historic castles in Heidelberg, cruising in the Caribbean or backpacking in the backcountry, a honeymoon is a wonderful opportunity to celebrate your newlywed status with your spouse. (Not to mention, take some extended PTO.) But no matter where you go or what you do, honeymoons come with a price tag — which can be tough to swallow after paying your final wedding invoices . So, we’re diving into ways you can budget, prep and save for your honeymoon.
As with any vacation, the cost of a honeymoon can vary widely. But according to a study from The Knot, the average cost of a honeymoon was $5,100 per couple in 2022.
International vs. domestic travel
Staying in one place vs. making multiple stops
Number of experiences and activities
Tip: Don’t be afraid to share that it’s your honeymoon when booking accommodations, visiting restaurants, etc. You never know when you might receive newlywed perks, like an upgrade or a bottle of bubbly.
It’s a good idea to start thinking about honeymoon expenses when you begin the wedding planning process and include your honeymoon in your overall wedding budget . The sooner you start planning out your honeymoon, the more time and flexibility you’ll have to find deals, save up and book the activities, meals and excursions that are most exciting to you.
If your honeymoon is part of your full wedding budge t, then less money going toward other wedding expenses means more for your trip. Even cutting small costs can add up to more free cash that can make your honeymoon even more memorable. From DIY-ing some of the finer details, thrifting decor, shopping seasonally or recruiting friends or family to help hair, makeup, music, etc., you can find plenty of areas to shave off some of the typical wedding upcharges.
Whether your vacay is planned down to the minute or you’re still deciding between Palm Springs and Palm Beach, it’s never too early to start saving. Consider creating a joint savings account to start collecting funds for your trip. With an Ally Bank Savings Account , it’s easy to earmark funds for a specific savings goal. Just use our buckets feature , which allows you to create and name digital envelopes for up to 10 objectives. You and your fiancé can both contribute and watch your savings grow until you’re ready to go!
The Knot found that more than half of couples put their own savings toward their honeymoon, but nearly a quarter of couples with a wedding registry include a honeymoon fund. This is a great, low-pressure way to give your wedding guests the option to put money toward your trip, whether you simply ask for cash contributions or let folks pay for specific activities or meals you’re interested in.
If you have a credit card, don’t let your spending go to waste. You can rack up tons of miles or reward points , which you can use towards flights, hotels and more. You don’t have to be a travel card pro to take advantage of points, either. Carefully review the policies for any cards you and your fiancé already have to see how you can best earn rewards. Then, research other travel credit cards to determine whether you have the time and financial resources to gain points by earning a sign-up bonus. (Keep in mind, these types of promotions often require you to spend a certain amount within the first few months before you can redeem any rewards.)
Your first getaway as a married couple should be a special, relaxing time to ease into your new relationship status. While it’s always a good idea to be thoughtful about your spending, you shouldn’t spend your whole trip worrying about money. By budgeting in advance, saving strategically with buckets and using wedding gifts to your advantage, you can build a honeymoon fund that’ll take you far.
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