Savings 101: How to Save for a Fantastic Honeymoon
Budgeting | 6 minute read
Honeymoons make for some of the most memorable times, especially for couples who are getting into marriage. It is always essential to start planning for the honeymoon early before it happens. This process involves picking likely destinations, checking on the honeymoon’s overall cost, and saving up for it.
To have a memorable honeymoon without too many financial restrictions, you must devise practical methods for saving. Here are some money-saving ideas you can adopt as you plan for a fantastic honeymoon.
Conduct thorough cost-oriented research on the honeymoon destination
The first and most crucial factor when saving for your honeymoon is to know your dream destination and the cost implications. Different honeymoon destinations have different costs, which is the best place to begin saving.
It would be best if you know the cost of food, air travel, accommodation, games, and fun activities to have an adequately formulated budget for the honeymoon. Once you have all these considerations taken care of, set the official budget for the entire honeymoon period.
Open a Savings Account
Opening a goal-oriented savings account is one of the best ways to save for a fantastic honeymoon. Having an account like this credit union savings account is an excellent place to begin.
Once the account is open, set a weekly or monthly deposit plan depending on both parties’ frequency of income. An effective strategy when opening the savings account is to have a specific amount automatically transferred to the honeymoon account periodically. This strategy helps eliminate scenarios where you save after spending.
Setting a daily or weekly budget and sticking to it
When planning for your dream honeymoon, you should develop budgets for short periods to stick to a consistent cash outflow. The budget will help control the money that is supposed to be spent and when to spend it.
The budget can always be reviewed every once in a while to make amends or check its effectiveness. This strategy will help eliminate unnecessary expenses hence ensuring that there is money being saved towards the honeymoon.
Use cash for your payments
Credit and debit cards are very convenient yet deceitful whenever you are making payments or purchases. The convenience they offer often tricks you into free-spending without being aware of the implication they have on your finances.
You must resort to the use of cash whenever you are making payments as you save for your honeymoon. Your subconscious mind will always feel the pain of losing money, hence restricting your spending abilities. You can also use money orders for large purchases to help you avoid impulsive decisions.
Avoid eating out and adopt home-made meals
When saving towards your honeymoon, an effective way to ensure that you save enough money is to eliminate eating out. A lot of money goes into coffee and fast foods or meals that are ordered at eateries, which can be saved towards the honeymoon.
Opting for home-made meals is a good way of ensuring there are no additional expenses on food that deviate from the house budget. You can also draw up a plan to ensure that the amounts that were periodically spent eating out go into the savings account.
Cancel memberships and subscriptions that have been automated
A loophole that is mostly undetected when saving on money is the subscriptions and membership fees that are automatically renewed. A useful avenue towards saving and eliminating unnecessary expenses is to cancel any subscriptions that you don’t often use.
The auto-renew feature to these subscriptions needs to be turned off as you work towards saving for your honeymoon. You can have the option of subscribing to these services and membership once you attain your goal.
Other simple methods that can be directed towards saving for your honeymoon include carrying packed lunches, borrowing items that you need temporarily instead of buying them, and reducing energy and phone bills. You should also factor in any extra income into your budget to spend it wisely or save it.