Planning for a Budget Honeymoon? Here are Must-Know Financial Planning Tips for Your Honeymoon

Aug 03, 2018 | 4 months ago | Read Time: 3 minutes | By iKnowledge Team

Budget Honeymoon Planning

When it comes to planning your wedding, the honeymoon can sometimes take a backseat and be the last check on your to-do-list. If you are looking forward to start your married life with a travel vacation you will cherish eternally, then it is likely to involve a good deal of financial planning.

Here are some pointers to help you plan your honeymoon on a budget:

1. Plan and book your tickets early

Begin by scouting for places you want to visit. Talk to your partner and decide on a domestic or international destination. Once you have decided, look for options on accommodation and logistics. If you are seeking a popular spot, you might have to start booking much in advance.

The best time to make reservations for your honeymoon is five to eight months in advance, particularly if you’re planning to go to a popular resort, as premium rooms are booked beforehand.

2. Curb current expenses

Consider how much you both can afford to pay for your honeymoon. You could try listing down the top three vacations you want to experience. Then look at costs such as travelling to-and-fro, accommodation, meals, visas, medical insurance etc., any other connected expenses prior to travel.

Based on your realistic budget, work on your destination wish-list and narrow down your options. Make use of online trackers and applications to get a proper costing. Having included all the experiences you wish to enjoy, you will get a complete costing of your honeymoon.

3. Save early

Early savings can go a long way in contributing to your honeymoon budget. Instead of holding back savings in your bank account, you can choose to invest it and let it grow. Investments like recurring deposits, mutual funds, systematic investment plans (SIPs) or even ULIPs such as iInvest from Aegon Life are a good way to start.

4. List other expenses

Transport and accommodation may not be the only expenses on your honeymoon. If you are looking to have an experiential honeymoon plan for all the trips and treats you want to view. Perhaps you want to explore the Great Barrier Reef through a deep-sea dive or drive Route 66 in a Cadillac. Set aside additional funds for unexpected expenses you may incur.

5. Look for Deals

Do not miss out on deals on accommodation and transportation. Watch out for a good deal to help you save money that you can use somewhere else.

6. Put cash gifts and vouchers to use

Use the money you receive on your wedding day to fund your honeymoon. Vouchers from friends or colleagues can also be use during your honeymoon. These can help pay for those expenses that would have otherwise been paid from your pocket.

7. Time the honeymoon

Along with planning your expenses and other finances, timing your honeymoon is also important. Off-season bookings can help you save a good amount of money. If you are unhappy with a certain booking or experience, consider waiting it out till an opportune moment. You may also want to consider weather conditions when booking, especially if it’s an international destination.

Conclusion:

A romantic honeymoon is about love, not the amount of money spent on it. Financial planning can help you save money and collect memories for your honeymoon. Finally, it is all about returning home and starting a new life with great memories.

Advt. no.: II/Jul 2018/4280


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