This is a contributed post by Ethan R., who is a personal finance expert and writer. I have started accepting these contributed posts from time to time when I feel they can be relevant to the readers of MoneyMow. I just got engaged, so saving up for the wedding (and honeymoon!) is also a big part of my monthly budget. Let me know what you think in the comments! 🙂
A lot of happy couples planning their wedding find themselves facing the same common problem. They need to not only find the cash to ensure that they have enough money for their dream ceremony, but they also need to be able to find a little bit extra so that they can afford the costs of their honeymoon too. Often, the financial strain of paying for a wedding is so significant, that many couples find themselves waiting and saving for years before they ever have the chance to start booking a venue or thinking about wedding caterers.
The good news is that there are some options available that could help you to afford your honeymoon a little easier, after you’ve just paid out for an expensive wedding. If you’ve decided that you’re more interested in a big wedding and a small honeymoon, a few flexible decisions could help to make your celebration simpler for everyone involved.
1. Start Saving Early
The most obvious way to improve your chances of being able to afford your dream honeymoon, is to make sure that you start saving up as much money as you can, as quickly as possible. From the moment she says “yes” you should be setting up a separate bank account or a savings section of your account where you can store untouched money for your wedding and honeymoon. Remember, you don’t have to make huge deposits into this place every month, but you do have to devote yourself to a regular amount if you want to achieve your spending goals. Try to look at your budget in depth and find some places where you can cut down on your monthly expenses, so that you can distribute your extra cash towards your wedding.
2. Look For Deals
One of the easiest ways to save money on any vacation – even when it’s your honeymoon, is to be flexible about what you do and where you stay. If you don’t mind exactly where you go during your trip – so long as you’re spending time with your other half, then it’s a good idea to keep an eye out on the different deals and offers that appear on your favorite vacation websites. You can also call into a travel agent as frequently as possible to see what kind of last-minute deals they can give you, or whether they can suggest any shoulder seasons when you can travel to reduce your expenses. Remember, you don’t necessarily have to drive away from your wedding venue and go straight on your honeymoon.
The more flexible you are about your choices, the more likely you are to end up with both a wedding and a honeymoon that you can afford. This doesn’t mean that you have to settle with absolutely anything that’s available of course. If there are specific places that you don’t want to go, it might be a good idea to decide on these in advance, so you both know when to say “yes” when you see a potential deal.
3. Use A Personal Loan
Generally, you should never take out a loan (well, except a few times you might). As a form of unsecured loan, the average personal loan is can be a good solution for somecouples that want to find a little extra cash that they can put towards their wedding experience. Whether you need help paying for the wedding itself, or you simply need a little assistance paying for your dream honeymoon, a personal loan can be used however you see fit – so you don’t have to worry too much about getting approval for your ideas or plans from a bank or building society.
You should always pay back your loans as quickly as possible since nearly all types of debt should be avoided. Although it’s important to remember that you will need to repay your personal loan on time, and with the interest rate that you agree to added on too – it’s also worth noting that using this type of lending can be a good way to make sure that you can afford your ideal wedding and honeymoon package as quickly as possible – rather than potentially having to wait years for the ideal opportunity to come along. Remember to check your affordability for a personal loan in advance before you start applying, and always consider other money-saving options first.
4. Don’t Be Afraid To Be “That” Couple
You might not be the kind of couple that wants to run around telling everyone that you just got married. While your wedding is an exciting thing – there’s a good chance that you’ll be happy to sit and enjoy your bliss together – without the prying eyes of strangers to worry about. However, simply telling people that you’re on your honeymoon is a good way to save yourself a lot of money when you’re actually on your trip. There are few hard and fast rules about the newlywed discounts that you can get on anything from a hotel room, to various excursions and trips.
There are plenty of couples out there who have gotten a free upgrade simply by letting the receptionist know that they’re on their honeymoon.