Capping off your dream wedding with a dream honeymoon may seem like a financial impossibility, but with the right budget, you can make it a reality. Get started right away with saving for these two big expenses. Check out these tips:
- Make a budget for each: Knowing how much you’re planning to spend on your wedding and honeymoon ahead of time can make it easier to save for your goals. You may be able to simplify costs for your honeymoon by searching for all-inclusive travel packages. Finding ways to cut back on wedding costs can also help you set an attainable savings goal.
- Determine your savings plan: After you know how much money you need, it’s time to determine a savings schedule to keep you on track. Break your savings goal down into segments to make it more manageable. Use our online savings calculator to see how much you need to save each month to reach your goal.
- Open a special saving account: You may be able to make saving easier by opening a separate savings account so that you can easily track your progress and make automatic deposits. Navy Federal SaveFirst Accounts are a great option. They allow you to make continual deposits and choose your own maturity date, and dividends compound daily.
- Set priorities: What is important to you for your honeymoon? Set your priorities early so you can find a destination to match. According to a 2015 report from Expedia, you may be able to find the best flight deals two months in advance for domestic flights and six months in advance for international flights. Also, tickets tend to be less expensive when you book on a Tuesday.
- Consider delaying your honeymoon: You may be able to find the perfect time for both your wedding and honeymoon by separating the two events. Consider waiting a few months after the wedding to go on your honeymoon. Doing so can give you more time to save for the trip and may allow you to travel during the “shoulder season,” the time directly before or after high season. You’ll likely find better deals and smaller crowds.
- Get help: Hoping for a few extras to add to your honeymoon, but can’t quite afford them? Ask for help from friends and family. You can send them a “honeymoon registry,” which allows your friends and family to buy certain gifts for your honeymoon. This could be something like a sunset dinner cruise or a room upgrade. Look for online honeymoon registry websites that manage this service for you.
Take a look at your current budget and find ways to maximize your savings for your wedding and honeymoon—and make your marriage celebration truly magical.