Creating a Honeymoon Budget
Open a savings account online to start saving for your honeymoon
Celebrating your new marriage with a honeymoon is a tradition that dates back to at least the 1500s. A honeymoon vacation gives you the opportunity to unwind from your wedding while bonding and relaxing with your partner. Whether you honeymoon in the U.S. or abroad, your trip will require careful planning and saving. Use our honeymoon costs guide below to help you create a honeymoon budget and determine how much money you'll need to set aside for your specific trip. Then, explore the different types of savings accounts available and open a savings account online to meet your savings goals.
Things to consider in your honeymoon budget
Whether you're planning a trip to the wine country of California or a European getaway, there are several important financial factors you should consider while creating your honeymoon budget:
- What season will you be traveling? - Summer is considered the peak travel season in most locations due to the higher volume of tourists, and winter is considered low season. 'Shoulder season,' which varies by destination, generally borders summer and may offer good deals. Plus, some locations may have the opposite season from your departing location, which is important to consider. Remember, when you're going may affect the cost of your trip and the amount of other tourists with whom you will contend for transportation, accommodations and activities.
- Accommodations - There are many different accommodation options available for a honeymoon, including all-inclusive resorts, hotels, bed and breakfasts, and rental condos or homes. When choosing a place to stay, decide if you'd rather be secluded or if you want to stay closer to the nightlife, entertainment and shopping of your destination. Additionally, you'll want to determine how much planning you want to do, as staying in a rental home may mean you have to plan out your trip more than if you stay at an all-inclusive resort.
- Transportation - Will you travel by airplane, train, boat or car to your honeymoon destination? Examine the cost and benefits for each, and determine if you will need some combination of the above options to get where you're going. For example, if you travel by airplane, will you rent a car or take public transportation and taxis once you reach your destination?
- Passports and travel visas - If you travel abroad for your honeymoon, you'll need to either apply for a new passport or make sure your current one is up-to-date. Some countries may also require travel visas, and you'll need to apply for these ahead of time as well.
- Travel insurance - Whether you travel abroad or not, you may want to purchase travel insurance for your tickets or accommodations. Most insurance plans cover trip and flight cancellation, medical and evacuation needs, and baggage delay or loss.
- Clothing and luggage - Think about where you'd like to honeymoon and the clothing you'll need. You may want to purchase new clothes for your trip or update your luggage; these expenses should be accounted for in your budget.
- Spending money - After travel and hospitality expenses, how much spending money do you want to take with you on your honeymoon? You may need extra funds for excursions, medical emergencies, entertainment, tips, souvenirs, customs duty, etc. Also, if you travel abroad, you'll likely need to convert U.S. currency into the destination country's currency when you arrive. Or, you can check with Citizens Bank to have us order the country's currency for you before you leave on your honeymoon. You may also consider using traveler's checks, which can be refunded if lost or stolen. When you want to manage your finances on your trip, download the mobile banking app from Citizens Bank to check balances, pay bills or make transfers.
Use the average honeymoon cost to inform your budget and save on your honeymoon
While the destination, timing and length of your honeymoon will impact your budget, some couples can easily spend around $5,000. However, just because others spend this much, doesn't mean you have to! There are many ways to save on your honeymoon, and it's wise to start by determining the maximum and minimum you're able to spend. Keeping your minimum amount in mind, add up each of the above expenses based on what you find while researching your top honeymoon destinations.
If you start to close in on your maximum amount, look for ways to cut back on each element of your honeymoon, such as:
- Taking a cheaper flight at a less convenient hour.
- Traveling domestically instead of internationally.
- Removing one of your planned excursions.
- Weighing the costs and benefits of all-inclusive resorts.
- Checking social couponing and travel sites regularly for deals.
- Capitalizing on the best time to book a vacation and save.
Finally, you may want to set up a honeymoon registry where family and friends can assist you with honeymoon costs.
Save for your trip with different types of savings accounts from Citizens Bank
To plan for your honeymoon costs, consider opening a savings account, money market or certificate of deposit (CD) from Citizens Bank. Money market accounts and CDs are great long-term savings options and can often offer you a better rate than a standard savings account, so you're able to earn more interest on the funds you set aside for your trip. However, CDs only allow for one initial deposit and no withdrawals until the term ends, so if you'll be saving as you go, a money market or savings account may be a better option. After you open an account, you can put aside a set amount each month using Steady Save® for a stress-free way to meet your honeymoon savings goal.