Here’s how much you should budget for after the wedding vacation.
- The average cost of a honeymoon is $4,600, according to The Knot.
- It’s best to use your savings to pay for your honeymoon so you don’t go into debt.
- Other honeymoon payment options include credit cards, loans, or a honeymoon fund on your wedding registry.
For many couples, the honeymoon is the most beautiful part of the entire wedding experience. Your first holiday 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 stress about money, it’s a good idea to have a honeymoon budget. Whether you’re planning a wedding or want to know for later, here’s how much you can save for your honeymoon.
How much does the average honeymoon cost
According to research by The Knot, the average honeymoon costs $4,600. It surveyed over 15,000 couples who got married in 2021 about their weddings and honeymoons.
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As this is an average, it is worth noting that honeymoon costs vary widely due to several factors. Where you go, when and how long you stay play a big part in how much money you need. Among couples surveyed by The Knot, about 10% spend more than $10,000 on a honeymoon, while 20% prefer a smaller mini-moon.
To put it simply, if you think your honeymoon will be similar to other couples you know, then $4,600 is a good savings goal. It is a safe number that should enable you to book your honeymoon that you like.
However, if you think you’re going to spend a lot more or less than average, that’s another story. If so, start by researching the cost of what you’re planning to book so you can adjust your destination accordingly. If you know you want a luxurious honeymoon, $4,600 may not be enough. And if you prefer something smaller, there probably isn’t a need to save that much.
How to pay for your honeymoon
The best way to pay for your honeymoon is with your savings. That’s what 60% of couples surveyed did, and it certainly helps if you can get married without unnecessary debt.
Saving thousands of dollars is something most of us can’t do overnight. But if you and your significant other both commit to saving every month, you could have a sizable honeymoon fund by the time you get married.
Let’s say you want to save that $4,600 for your honeymoon. Here’s what you could do – set up a bank account specifically for honeymoon savings first. High-yield savings accounts are the best option for this, as they keep your money safe and also offer high interest rates. Next, you and your partner can decide how much you want to transfer to the account each month.
With two people contributing, this honeymoon fund can grow quickly. You could save $4,600 in 12 months with each of you depositing less than $200 per month.
Other ways to finance your vacation
If you can’t save enough for the honeymoon you want, there are a few other options. You could add a honeymoon fund to your wedding list. 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 items that guests can buy for you. For example, your registration could include meals on your trip, a couples massage at your place of stay, and so on. This gives the recipient a more personal touch.
Credit cards and personal loans are also ways to pay for honeymoons. I would recommend looking at 0% APR credit cards first. These cards have an introductory APR of 0% on purchases, meaning you won’t be charged any interest for the duration of the introductory period. For example, if a credit card has an introductory APR of 0% for 15 months, you can use it to charge your honeymoon expenses and have over a year to pay them off.
Personal loans, sometimes referred to as wedding loans when used for wedding expenses, are another borrowing option. And couples who need a wedding loan soon might be in luck, as personal loan rates are down more than 10% of late.
You also always have the option to have a honeymoon that fits your current budget or wait after you’ve saved more. Although it is traditional to leave shortly after the wedding, many couples wait. Remember, it’s your journey and you can go whenever suits you as a couple.
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