Building the Honeymoon Fund
Start a fund dedicated to your honeymoon. It doesn’t matter if you already know where you want to go; it will be better for you to already have the fund in place before you decide – so that when you do know, you will already have a cash reserve that gives you a jumping-off point to either build upon or to allocate.
Start the honeymoon fund at the same time as your wedding fund. Sit down with your partner, and decide how to split your contributions to the funds. This will depend on your priorities: more to the wedding fund if you want a memorable event, or more to the honeymoon fund if you want an ideal honeymoon.
Delegating percentages to the funds becomes even more necessary if the two of you are contributing different amounts.
Another way to ensure a truly special honeymoon is to focus more on the experience than the time of year. If you book your honeymoon to take place during the off-peak season, you could get to experience everything you want without crowds nor waiting in never-ending queues.
Read up on tips on how to gauge peak and off-peak periods, or even find alternate countries to experience specific activities. The Maldives is expensive year round – but you can have the same beach and snorkelling experience in Fiji or the Philippines.
Also, do take note that airlines are raising prices across the board as more people are now able to travel due to the easing of travel restrictions. You may want to book flights months in advance to get good deals, or book them just out of sync with high-travel periods to get better rates. The cost of the same flight to Italy in October will be vastly different from the cost of flying in December.
Saving up for your dream honeymoon with KDI Save
Sometimes, you just don’t have enough time to save the ideal amount for a honeymoon and the wedding you need in order to mollify both sets of parents.
Luckily, you can always turn to KDI Save. This low-risk, short-term fixed-rate cash management product offers interest rates above what a typical fixed deposit (FD) offers – with no lock-in period.
As of October 2022, KDI Save has upped its effective annual rate to 3.5%*, so even a little portion of your income once a month can snowball into a sizable honeymoon fund in the one to two years between proposal and wedding.
You can invest a small amount now – and by the time your wedding rolls around, your money will have grown due to compounding interest. Whether you are saving for the whole trip or just the flights, KDI Save gives you a nice little cushion to make that aspect of wedding planning just a little bit easier.
Plus, the daily returns and no lock-in period make it easy to withdraw from KDI Save to pre-pay or make deposits without worrying about forgoing future interest.
* Terms and conditions apply