7 Effective Strategies for Saving for Your Dream Honeymoon (Even on a Tight Budget)

Dreaming of an unforgettable honeymoon but worried about your limited budget? Fear not! Here are seven ingenious strategies to help you save for your dream honeymoon, even when you don’t have a lot of extra cash to spare.

Exploring the World on a Budget

When my husband and I got engaged nine years ago, we were well aware that we’d have to shoulder most of the wedding expenses ourselves. However, being passionate travelers who had first crossed paths in Japan, we were determined to have an extraordinary honeymoon. Picture-perfect destinations like Europe or Asia, and an extended stay spanning nearly two weeks were our aspirations.

While the idea was undeniably enchanting, it also seemed daunting. Not only were we about to finance a $10,000 wedding, but we were also aiming to make a down payment on a new home, which required $14,000. How could we afford our dream honeymoon amidst these substantial financial commitments?

This is where the concept of the “Honeymoon Money Challenge” was born.

Understanding the Average Honeymoon Cost

Before setting your savings target for your honeymoon, it’s important to grasp the average expenses associated with honeymoons. Typically, the average couple spends between $4,000 and $5,000 on their post-wedding getaway. Keep in mind that this is just an average, and your honeymoon doesn’t have to conform to this standard. However, it’s useful to have a benchmark for reference.

Luxury honeymoons tend to last around 11 days and come with an average price tag of $9,954.

Now, let’s delve into the details of the Honeymoon Money Challenge and how it can help you afford the honeymoon of your dreams even when you have limited disposable income.

The Honeymoon Money Challenge: A Path to an Affordable Honeymoon

Almost every couple envisions a lavish honeymoon as a way to unwind after the exhaustive wedding planning process. Unfortunately, the reality is that many of us can’t easily afford such extravagance. You may have found yourself searching desperately for answers, such as “who should pay for the honeymoon,” while trying to figure out how to cover both your wedding expenses and your dream honeymoon.

But don’t give up just yet. Instead, consider implementing a Honeymoon Money Challenge, just as we did.

Our personal Honeymoon Money Challenge was straightforward: save $2,500 exclusively for our honeymoon without relying on our regular paychecks. Remarkably, in just eight months, we amassed $2,334.78, none of which came from our salaries. Since we received airfare as a generous gift from my aunt and uncle, we were able to embark on an 11-day honeymoon in Austria without accumulating debt, all while managing the other significant expenditures mentioned earlier.

Before we dive into seven valuable hacks to boost your honeymoon savings, establish a savings goal for yourself. For example, we set our goal at $2,500 and came remarkably close to achieving it. Setting a target provides you with motivation and direction for your savings journey.

Hack #1: Eliminate Unnecessary Wedding Expenses

When financing your wedding, you’ll likely have to make choices about what to prioritize. We decided to allocate a substantial portion of our budget to our honeymoon. Consequently, we chose to forgo the expenses associated with hiring a DJ and renting a dance floor. This may sound unconventional, but it allowed us to redirect $1,000 toward our 11-day Austrian honeymoon.

If you’re wondering where to trim your wedding budget, trust your instincts. Identify elements that you’re including simply because it’s expected, rather than because they genuinely matter to you. Additionally, you can leverage resources like a comprehensive guidebook that offers tips on saving money on your wedding expenses. I personally saved $700 on photography using just one tip from such a resource.

Hack #2: Harness the Power of Honeymoon Registries

Honeymoon registries provide a unique way for guests to contribute to their dream honeymoon instead of purchasing traditional wedding gifts. This is particularly advantageous in today’s world, where many couples already have their household essentials.

HoneyFund, a leading honeymoon registry site, allows you to create a wishlist of specific honeymoon experiences, such as snorkeling lessons or beach horseback riding, for guests to contribute to. This approach not only helps you fund your dream honeymoon but also creates memorable experiences based on your preferences.

Hack #3: Transform Lunch Breaks into Earning Opportunities

Have you ever considered using your lunch breaks to boost your income leading up to your wedding day? This is precisely what I did when organizing our Honeymoon Money Challenge. I diversified my income sources in various ways:

• Freelance Writing Income: $760
• Bank Account Opening Bonuses: $421
• Wedding Shower Cash Gifts: $325
• Rebates: $222.49
• Craigslist Sales: $341.29
• Carpooling Savings: $104
• Research Study Participation: $75
• eHow Income: $54
• Online Surveys: $27
• Miscellaneous: $5

Notice the variety of methods I employed to generate extra cash outside of our regular paychecks? Here are my top five strategies for earning money during lunch breaks or while unwinding with Netflix:

1. Earn by Searching the Internet: Consider using Swagbucks for internet searches. Since 2009, I’ve accumulated 372,296 Swag Bucks, translating into $3,700 in cash, directly deposited into my PayPal account.
2. Shop Smart with Rakuten: Download the Rakuten Chrome extension (get $30 FREE in cash back after spending $30) to earn cash back while shopping for wedding supplies and other essentials. This extra cash can be channeled into your honeymoon savings.
3. Complete Online Surveys: While I personally earned $27 toward our honeymoon through SurveyJunkie, every little bit helps on your savings journey.
4. Participate in Focus Groups: Explore opportunities for online or in-person focus group research. Companies like Respondent Market Research offer attractive compensation for your participation.
5. Explore More Ways to Earn: For additional ideas on earning extra income from home, check out my comprehensive list.

Hack #4: Leverage Bank Account Bonuses

Instead of stashing our honeymoon funds in a traditional savings account, we adopted a different approach. We deposited the money into checking accounts offering opening bonuses. For example, one bank provided a $150 bonus per account, prompting us to open two separate accounts. This strategy resulted in $421 in honeymoon funds, representing 18% of our savings goal. Additionally, it provided an 8.5% return on our money, subject to a six-month account holding period.

Consider utilizing funds earmarked for your wedding or other savings to meet the initial deposit requirements for these bonus-bearing checking accounts. This approach not only boosts your Honeymoon Money Challenge but also streamlines access to your funds when the time comes for your dream honeymoon.

For an updated list of banks offering opening bonuses, consult this resource.

Hack #5: Decouple Your Honeymoon from Your Wedding

While many envision transitioning seamlessly from their luxurious wedding reception to an exotic honeymoon destination, it’s not the

only way to go. In fact, my husband and I delayed our honeymoon by seven months, not due to financial constraints, but to highlight an alternative approach.

There are two compelling reasons for scheduling your honeymoon separately from your wedding:

1. Off-Peak Travel: Opting for an out-of-season honeymoon can yield significant cost savings. This may mean choosing a different time for your honeymoon than your wedding day.
2. Wedding Reception Funds: You can use the money allocated for your wedding reception to cover part or all of your honeymoon expenses. My family, for instance, has successfully booked beachfront properties during hurricane seasons, securing outstanding vacations at a fraction of the usual cost.

Hack #6: Combine Your Destination Wedding and Honeymoon

If you’re planning a destination wedding, consider the option of combining your wedding and honeymoon into a single trip. While this approach can be costly for both you and your guests, it’s worth exploring.

Look for all-inclusive wedding packages that may allow you to save on the overall cost compared to booking a separate wedding and honeymoon. This strategy can simplify logistics and potentially reduce expenses.

Hack #7: Utilize a Travel Rewards Credit Card

Do you possess good-to-excellent credit? If so, you can leverage travel rewards credit cards to your advantage. Many of these cards offer enticing travel perks, such as 50,000 frequent flyer miles after reaching a specific spending threshold. Typically, you need to spend a certain amount within the first few months of card ownership to qualify for these rewards.

Since you’ll be making substantial wedding-related payments anyway, consider funneling these expenses through a new credit card to meet the spending threshold. Subsequently, you can utilize the reward points to cover the cost of your flights to your honeymoon destination.

My husband and I have successfully employed this strategy for travel, saving us substantial sums on airfare. This approach, commonly referred to as “travel hacking,” is a valuable tool for planning a budget-friendly honeymoon.

In conclusion, marriage brings about significant financial changes, making it essential to embark on a financial journey together. Implementing a Honeymoon Money Challenge can provide a head start in transitioning smoothly from single life to married life while making your dream honeymoon a reality.