5 Honeymoon Budgeting Tricks
Have you been dreaming of that tropical getaway for your honeymoon, but then your bank statement arrives and reality comes crashing in? The good news is, that with the right budget in place, you can actually turn that dream vacation into a reality in no time.
Here are five tips for getting the honeymoon you want without breaking the bank.
A Little Advice Goes a Long Way
Financial advisors are available (even for free) to help you make responsible financial decisions, including proper budgeting, careful spending and saving plans. Ask for help, and you shall receive.
Equity Equals Excursion
The first question most people ask when thinking about financing their honeymoon is, how are we going to pay for it? If you were fortunate enough to have known how and when to take out a mortgage, then you might already have an ace in your corner.
If your home has increased in value, which it often can, you have the option to borrow from that equity and pay it back later. HOWEVER, this is one of the riskiest financial moves you can make, and it is not recommended. You are better off taking our next suggestion, as a safer, smarter choice.
No Credit, BIG Problem
We all go through rough patches during our lives. The car breaks down, the company hands out pink slips or some other unexpected blow is delivered. While you can’t plan for these unforeseeable occurrences, you can be smart about how you will respond to them.
Many people will rack up hefty credit card bills, relying on their cards to help them catch up. This is flawed logic that will only land you with major credit problems in the future. Do yourself a favor, and find out how a personal loan can solve your financial headache.
Location, Location, Location
Whether it’s sandy beaches, snow-capped mountains or an African safari, nearly every vacation hotspot has its season. The budget-friendly way to visit your fantasy destination is to make your choice based on its low season.
Hotel rates, airfare, fine dining (even on a budget) and tours will all be much cheaper than if you opt for a visit in the high season when prices are doubled and sometimes tripled in honor of the tourists that flock there at those times.
Probably the safest and smartest way to finance your honeymoon is by making plans in advance. Even if you got married in a chapel in Vegas one bleary-eyed night, most people aren’t having a shotgun honeymoon. In fact, there are no parameters, rules or expiration dates on a honeymoon at all.
The good news is that you have plenty of time for saving up for the big trip. Make a game plan, know where, when and how you’re going and what you’ll be doing. This way you can make a budget and start saving accordingly. What’s more, planning ahead gives you the added bonus of scheduling cheaper flights, early bird specials and taking advantage of other timely offers.
The Helping Hand
If you like the idea of dancing in the moonlight but don’t want to do it because you can’t afford to pay your electric bill, then take a look at how Prosper, or any one of the best personal loan companies, can help you get everything you want without going into debt.
If you are already learning to live frugally, don’t stop with dining. Check out the rest of our "shoestring budget" articles:
About Naftali Feig
Naftali Feig holds a bachelor’s degree in finance as well as an MBA. He has over