Updated: Oct 6
Perhaps you and your spouse are thinking about forgoing the honeymoon due to financial reasons. It is common for newlyweds to cancel or delay their honeymoon. Before you follow suit, figure out if this is the route you and your spouse want to navigate. There are many factors involved in the question of whether you should honeymoon or not. A honeymoon can be a significant investment, depending on where you plan to travel. Not only do you have to prepare for the financial aspect of a honeymoon, but you also have to be able to take time away from work. What about other responsibilities as well? Responsibilities like your pets, children, and possibly elderly parents.
Let's consider some factors.
What is your budget?
Have you set a budget for a honeymoon or not? Have you thought of and planned for all the expenses associated with a honeymoon. Depending on the location, you may need to plan for:
appropriate clothing for the destination
This is not a comprehensive list of categories for your budget but a good starting point.
What is your destination?
Start by selecting a honeymoon destination with your spouse and determine the costs associated with that specific destination. For example, do you want a large-scale honeymoon on a remote island, or are you perfectly content with a weekend getaway close to home? Once you decide the destination, you can plan and save accordingly. Sometimes we don't like delayed gratification, but the honeymoon will be sweeter if you plan and avoid debt.
Should You Cancel or Delay?
If you haven't budgeted for a honeymoon but would like one, it may be best to delay your travels instead of accumulating debt immediately after the wedding. Many newlyweds decide to delay their honeymoon and plan it for their first anniversary. They spend their first year of marriage planning, budgeting, and saving.
Regardless if you honeymoon or not, just remember that the first place to start is with a budget. If you have questions or would like to speak to a financial advisor, don’t hesitate to contact us via email at email@example.com or by phone at (408) 995-0915.