Are you getting ready for your big day? Do you have a guest list of all the family members and friends you’re inviting? Have you and your partner decided on a vacation destination?
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 saving for these 2 important life events. Check out these tips to make the type of wedding and honeymoon you always dreamed of a reality.
Make a Wedding Budget and a Honeymoon Budget
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. Planning to find ways to cut back on wedding costs and honeymoon costs can also help you set an attainable savings goal when you’re wedding planning.
Determine Your Wedding Savings Plan
After you know how much money you need, including down payments for venue rental and other expenditures, it’s time to determine a savings schedule to keep you on track. Break your financial goal down into segments (based on time, category or importance) to make it more manageable. Use our savings calculator to save money each month to reach your goal.
Open a Separate Savings Account
To manage your wedding expenses, you may be able to make saving easier by opening a separate savings account to easily track your progress and make automatic deposits. A joint savings account allows you to make continual deposits, earn higher rates, choose your own maturity date (for certificates) and compound dividends daily (or monthly, if you're using a savings account rather than a certificate). That extra money earned will certainly be helpful to the wedding planner!
Set Priorities for Your Honeymoon
What's important to you for your honeymoon? Location, length, luxury or something else entirely? According to BRIDES, you should start planning your honeymoon 6 to 8 months prior to your travel dates, especially if you’re looking at the summer season. (Pro tip: 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 day and honeymoon by separating the 2 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 “shoulder season,” the time directly before or after high season. You’ll likely find better deals and smaller crowds.
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 them 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.
- Take a look at your budget and set a savings goal for your wedding and honeymoon by seeing what your existing monthly expenses are, and where you might be able to set money aside.
- Next, look for a savings account that helps you maximize your money with higher rates like a certificate or money market account.
This content is intended to provide general information and shouldn't be considered legal, tax or financial advice. It's always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.