Ways to Finance or Fund your Perfect Honeymoon
Your honeymoon will probably account for a huge chunk of your wedding expenditure, and if you are really pushing the boat out for a once in a lifetime trip to remember, planning your finances cannot be started early enough.
How Much?Year on year, the price couples pay for their honeymoons increases, and it is estimated that the cost has trebled since the 1980s, when newly-weds shelled out just £547 on their trip. The 2008 bride and groom will splash out, on average, £1614 according to the results of a recent poll. And of course many will spend much much more than that as they notch up the extras to ensure their holiday is every bit the luxury trip they dreamed it would be.
Time Honoured TraditionsTraditionally, the groom pays for the honeymoon, but with many couples getting married later, or perhaps for the second time, many people fund their own weddings in their entirety; long gone are the days when wedding etiquette was rigidly adhered to and all parties knew exactly what they would be coughing up for.
Sorting Out Your FinancesIf you are planning a long engagement and have several months – or even years – ahead of you to start saving up for your honeymoon, then making regular contributions to a high interest saving account is probably the easiest way to start squirrelling away for your grand tour. Check interest rates carefully and choose an account that offers the highest. Bear in mind how long the money will be in there, and find out about penalties for early withdrawal – most high interest accounts have a notice period for taking out your dosh. Putting the cost of your honeymoon on your credit card or taking out a loan should be last resort options, unless you know you can pay it back swiftly without incurring massive interest rates or even a lasting debt.
Even if you are short on money, think of the overall affect of putting away even a small sum each month – for example, if you both saved £25 a month, over a year that would amount to £600, which would take a tidy sum off your final honeymoon balance!