Aug 15, 2024
Most engaged couples tend to focus on planning the wedding. Given the expense of weddings, it's crucial not to overlook the potential costs of a honeymoon when budgeting after an engagement. How can you afford both the honeymoon and the wedding of your dreams? Is there an average honeymoon cost, and how can you plan a honeymoon on a budget?
Let’s examine these questions by looking at the separate elements you might want to include in your honeymoon. We’ll also offer tips to guide you in budgeting for honeymoon costs so you and your spouse can start an exciting life together.
Anytime you need to fly to reach a destination, the cost of your trip is bound to increase. In the last year, the price of airline tickets has shot up by 25% — the largest increase since the Federal Reserve of St. Louis began tracking the index in 1989.1 Though gas prices have come down considerably since record highs in 2022, driving to your destination could still amount to a sizeable chunk of your honeymoon budget, depending on the distance.2
Hotels and resorts continue their efforts to attract travelers in the post-pandemic era, which is promising for couples planning their honeymoons. Rates have remained stable in the past year and are still higher than they were in 2019, particularly during peak travel seasons.3 Destinations like beaches and national parks are always popular, making accommodation harder to secure—especially in the summer or over the holidays.
For these reasons, you might look into traveling during an off-peak time of the year. You could save money, and if your wedding is planned for peak travel season, separating your honeymoon trip from the wedding might make it a more affordable and relaxing experience.
And if you’re hoping to save on lodging and are flexible with your plans, consider consider booking closer to the time of travel, as hotel rates may drop around 15 days before departure.
Depending on the type of vacation and lodging you choose (such as vacation rental versus a traditional hotel), you could end up spending a lot on meals during your honeymoon.
Renting a home where you can cook for yourselves may reduce costs. If you and your spouse enjoy cooking together, this could be a great way to connect and relax while doing something creative. But you'll have to consider whether this is something you want to be doing on your honeymoon, or if eating out is worth the splurge.
The cost of entertainment during your honeymoon will vary based on your destination. For example, a beach vacation may be less expensive in terms of entertainment expenses, while destinations with extensive activity options could lead to higher costs. Factor in costs for activities like theater, fine dining, sports events, unique experiences, or day trips, which can accumulate quickly.
Researching activity costs in advance and booking tickets online or through discount platforms can help you budget effectively or find savings.
According to TheKnot.com, the average honeymoon cost $5,700 in 2023, with expenses nearly even divided across travel, accommodations, activities, and food and beverages.4
The key is figuring out how you can afford this special time without breaking your budget.
To afford your dream honeymoon without financial strain, consider using savings, postponing until savings goals are met, setting aside tax refunds, or utilizing monetary wedding gifts. Some couples use rewards or cash back from credit card, hotel, and airline programs to cover some of the costs and to rebuild their savings.
Alternatively, you may decide to explore more affordable honeymoon destinations closer to home that still provide the shared adventure you want or book a shorter stay in a more exotic destination.
If you’re still not sure how you can afford the kind of trip you’ve hoped for, another option is to use a personal loan to pay for your honeymoon.
With a fixed-rate Discover® personal loan, you could get the money you need, up to $40,000, and a monthly repayment amount and term that suit your budget. Plus, there are no fees of any kind as long as you pay on time. And because a personal loan for wedding expenses is a flexible tool, you can use it for any number of wedding-related costs, in addition to your honeymoon.
No matter your ultimate destination, the important thing is to start thinking about your honeymoon when you begin planning the wedding. You deserve the adventure of a lifetime.
Interested in exploring how a personal loan could help?
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