For months before the wedding, you are overwhelmed by all the preparation for the ceremonies. By the end of it, the exhaustion makes a honeymoon more of a break than a luxury. If planned well and early enough, the honeymoon will not burn a hole in your pocket even after incurring the wedding expenses. Scripbox says A good starting point is to discuss the key details with your partner such as the destination, the mode of travel, the kind of activities you would be keen to experience together.
ASSOCHAM estimates the Indian wedding market at over Rs 1,00,000 crores, growing at 25-30% per annum. The cost for an urban wedding in India can range from Rs 20 lakhs to Rs 5 crores, as much as one-fifth of the total wealth accumulated in the average person’s lifetime. You just don’t run into this kind of money. And as you look at this escalating wedding cost you might want to drop the idea of a honeymoon - lavish or not. But a bit of strategic planning coupled with these tips might make your dream a reality.
Read below and plan your honeymoon better:
Invest in advance to secure your budget
You may not know where you would like to travel for your honeymoon in advance. But it won’t hurt to plan and save up in advance in a ‘vacation fund’. Doing this 1-2 years in advance and putting this money in short term mutual funds such as a liquid fund will not only help you accumulate the sum you need but also make your money grow.
By investing just Rs 6,000 every month in such mutual funds, you can accumulate Rs 1,56,000 at the end of two years, which is a good enough sum for one person to travel to and spend 8-9 nights in Paris or Switzerland, inclusive of round trip flight tickets.
There is no lock-in and your money is accessible to you at all times and can be credited back to your bank account within 48 hours. Given the short duration, liquid funds are subject to low volatility.
Work out a budget
It shouldn’t eat up all your savings. Keep in mind that exhausting all your cash or savings on a honeymoon might put your day-to-day needs at risk, once you are back. It would be ideal to build a vacation or discretionary expense fund that you have started a few years ago and can use for your honeymoon.
Plan according to your needs
Some people like to travel luxuriously. Others prioritise sightseeing and covering more destinations, and don’t mind staying in low-budget hotels or homestays. First, find out what works for you both? Maybe something in the middle or a little bit of both. When you are budgeting you can keep upper limits from each kind of expense such as stay, shopping, food, etc. and choose from options accordingly.
Book well in advance
Decide on the destination and book your tickets and stay well in time, without putting it off until close to or after the wedding. Booking with time on hand helps avoid last-minute hassles and is also light on your pocket, without sacrificing any of the experience.
Be on the lookout for deals
There are several options for attractive travel packages, which combine meals and key tourist spots in various destinations. Individual bookings and visits can be more expensive. Many tour operators, both online and offline, offer these options, and they can be worth your while to evaluate.
Finally, talking about money and finances should go beyond your honeymoon. Budget your expenses, save, and most importantly, make your money work hard for you.