If you’re newly engaged, now’s the best time to start budgeting for your honeymoon.
Even if you’re not planning on getting married for a while, the quicker you can start putting money aside, the better off you’ll be. After all, you don’t want to be worrying about having enough cash to eat out one night when you’re away on the best vacation of your life.
The biggest problem that many people face when it comes to dealing with wedding expense is that they don’t really know how much money they need to save. It’s easy to assume that you have a basic idea of how much everything is going to cost, but it’s unlikely you’ve ever planned anything quite this extravagant before. So, here’s how you can get started.
Start by Looking at your Current Budget
The first thing you need to do is look at your budget as it stands right now and figure out how much you’re spending on certain things. There are parts of your budget that you won’t be able to change, such as how much your mortgage costs, or how much you spend on insurance – unless you’re willing to change providers. However, other aspects of your spending can be cut down.
For instance, ask yourself if you really need two takeaways every week, or whether you’d rather have a slimmer waist and more money to spend on first-class plane tickets? Your current budget will give you an insight into what you can really do to start ramping up your saving potential.
Plan How Much you’re Going to Spend
A honeymoon can become a very expensive purchase, depending on what you want to do. For instance, if you decide that you want to take your honeymoon in Disney World, you’re going to need to pay for a lot more than just your hotel and flights. You might also need to find out the cost of car hire when you’re away, the price of attraction tickets, and the general cost you’ll need to pay for food each day.
On top of that, you’ll also probably want to make sure that you have some cash aside that you can spend on mementos from your trip. You don’t need an exact number but throw together an estimate of how much you’re going to have to spend on all of the essentials. Remember not to forget about pre-honeymoon purchases too. You might want some new clothing to take with you, new suitcases, or a manicure that you can enjoy when you’re away.
Decide if You’re Going to Need a Loan
If every last penny of your income that isn’t going on bills is going towards paying for your nuptials instead, then you might decide that the best way to grab some extra cash is to get a personal loan. After all, as long as you have enough money in your budget to make your repayments after you’ve finished paying for your wedding, a loan can make your life a lot easier.
If you decide that you do want to take out a loan, make sure that you do it carefully. In other words, don’t just jump on the first deal you find. Make sure that you set aside plenty of time to check out what’s available from different providers. For short term loans, Happy Penguin comes well recommended.
Look for Other Ways to Save Extra Cash
Finding enough money for a honeymoon and a great wedding at the same time isn’t easy. With that in mind, you might want to think about any other ways you can make some extra cash leading up tot the big day. For instance, can you make some additional money by driving an uber, or looking after your friends’ pets?
Another option is to look for expenses that you can cut out of the wedding. For instance, can someone make your cake for you so that you don’t have to pay for a professional? Instead of fresh flower arrangements, why not consider less expensive paper bouquets that you can keep in your home forever? There are plenty of little things that you probably won’t miss when you’re lying on a beach with your new spouse.
Ask for Money Instead of Gifts
Finally, when people come to your wedding, many of them will want to bring you a gift. Instead of registering for toasters and things you might not need, ask your friends and families to contribute to your spending money fund for your honeymoon instead. You’d be surprised how much cash you can collect from people at your wedding.
There are even websites online where people can donate their wedding gift straight to your bank account, so you don’t need to worry about sorting through envelopes.