Honeymoon: Budget Planning

Top honeymoon destinations in Australia

To ensure that your honeymoon is the trip of a lifetime, it’s important that you plan all the little details, and make sure you can afford all the activities on your list. Let’s start by choosing a destination.
 

Most overseas escapes for Australians are to the South Pacific. Bali and Thailand, the Maldives and Bora Bora – we love them for their relative geographical convenience and year-round warm weather.
 

Due to certain circumstances, it might not be possible to travel overseas for your honeymoon. However, there are still so many amazing destinations in our very own backyard – that are also a little easier on the wallet.
 

If you’re considering a home-grown honeymoon, check out some of our favourites:

 

WA

• The Kimberley region
• Margaret River
• Rottnest Island
   

NT

• Kakadu
• Uluru
• Alice Springs
   

QLD

• The Whitsunday Islands
• The Great Barrier Reef
• Cairns
   

NSW

• The Coffs Coast
• Byron Bay
• Hunter Valley
   

VIC

• The Great Ocean Road
• The Otways
• Phillip Island
   

TAS

• The Tassie East Coast
• Flinders Island
• Port Arthur
   

SA

• Kangaroo Island
• The Nullarbor
• Barossa Valley
   

If you had your sights set on a European get-away or an African adventure, you can start a savings account to start putting your money away for the big trip.

Establishing your budget

Not only do you have to choose a destination you both like, but also set an appropriate budget. Think about where you’d like to stay – you might not be able to afford a boutique hotel with a personal guide, but there are plenty of affordable options that are great too. What matters is that you’ll be together. Calculate how much you might spend on flights, accommodation, food and activities, then search for great deals.
 

The sooner you book, the cheaper your flights and accommodation will be. Keep in mind, all-inclusive honeymoon packages are usually cheaper, and a good way to save is to add a savings account to the wedding lists, so that guests may contribute to the honeymoon if they wish.
 

The most important thing about a dream honeymoon is that both of you can relax and unwind. Therefore, it is advisable that you do not overload your schedule. You can take an excursion during the trip, but leave time to spend the day in the pool or on the beach without having to keep track of schedules and activities.
 

We can’t help you with time – your access to holidays and freedom from commitment will determine that, but we can help with your finances.

Funding your dream honeymoon

One of the things that planning your wedding allows you to do is set up a honeymoon fund. You may decide to have a mini-moon after the wedding and start saving for a holiday a bit later, when you’ve recovered from the wedding expenses. Whatever you choose to do, we can help you reach your savings goal. Westpac Life makes it easy to manage long and short-term savings goals with just the one account and rewards you if you save regularly.

An online savings account usually offers a higher interest rate.
 

Maybe you’re ahead of the game and have a bucket of savings to go toward your honeymoon already. You could lock it away in a term deposit. Term deposits give you the certainty of knowing exactly what the return on your savings will be but come with certain conditions which can help reduce the temptation of dipping into your savings. It is important to know that you'll have to give 31 days’ notice if you need access to your money.
 

Rewards style credit cards can help you meet your dream honeymoon in a different way. Maybe your card earns you points and benefits you can use toward your honeymoon. For example, you can redeem your points for flights or upgrades, shopping, accommodation and more.
 

Finding the right card for you is easy with our simple card comparison table: read about features like our complimentary concierge service, travel insurance, lounge passes, flight seat upgrades, and more.
 

One of the hidden costs of travelling for Australians is the cost of currency exchange. A travel money card lets you lock in your exchange rate in advance and know exactly what your budget is. You can use your card to get money out at ATMs or shop like a local in stores and at restaurants. You’ll get the security of two cards, in case one is lost or stolen, and you won’t be carrying around wads of foreign currency in your pocket.
 

The travel money card is also handy if the rate is in your favour, but you won’t be travelling yet. There is no monthly account, load or reload fees or currency conversion fees.

Wedding registry honeymoon fund

Honeymoon registries have begun to replace traditional gift registries or form part of the registry. Your guests can contribute to your honeymoon or holiday with cash.
 

The cool thing about a honeymoon fund is it lets you create an itemised, categorised honeymoon registry. Your guests can buy or contribute toward the items you include on your list, such as the flights, accommodation or tours. You may need to check but most honeymoon registries can handle foreign currencies.
 

Your full travel cost probably won't be covered by your guests, and most travel agents require payment 30 days before travel. Perhaps, you can use your savings to pay for the honeymoon, and once guests contribute to your registry, you can recover your costs.
 

Perhaps, you can pay a deposit to your travel agent with a credit card that suits your needs. Your credit card may earn you travel rewards, and you can use your honeymoon registry to help meet your repayments.

Frequently asked questions about Honeymoons

How do I save up for my honeymoon?

There a few things you can do to ensure that you can afford the honeymoon of your dreams. One good way to save is to add a savings account to the wedding gift list, so that guests may contribute to the honeymoon if they wish. You’re undoubtedly saving up for the wedding, so it’s important to set aside a budget for your honeymoon. You might have to cash in on some frequent-flyer miles or avoid eating out for a while, but it’s certainly worth it. In order to track your savings, it’s crucial that you establish a budget.

How much does a honeymoon typically cost?

A honeymoon would cost around $5,000 to $8,000 for 15 days. Factors that add to your costs include distance and time away: the further and longer away from home, the more your honeymoon will cost.

How do you plan a honeymoon budget?

Some important costs to consider when planning a honeymoon budget include currency exchange; airfare; meals; tours; accommodation costs; spas and treatments; as well as in-country, or short hop transfers are other costs to think about. Some of them offer endless variations - depending on the season, packages available and fluctuations in the Australian dollar - with which you can tinker to reach your budget.
 

Knowing what to expect when it comes to the weather and your chosen destination can help you pick the optimal time to go. Being aware of peak times can also help reduce your costs. Why? Because the ‘shoulder’ months, either side of the peak, can be less expensive. There are also likely to be better deals on honeymoon packages at those slower times of the year.

What is the cheapest honeymoon destination?

Of course, this depends on where you want to go and what you want to do. But some of the most amazing, yet affordable, destinations for your Australian honeymoon include – Hamilton Island, the Tassie East coast, the Blue Mountains and the Barossa Valley.

What are the best honeymoon destinations in Australia?

The Great Ocean Road, the Red Centre, Kangaroo Valley and Whitsunday Islands are among the most stunning destinations for an Australian honeymoon.

Is Australia good for a honeymoon?

Australia is a true paradise where you and your partner can combine lively city visits with serene escapes to nature. In short, you can spend a few days in the city, enjoying the culture and nightlife, then move on to the wildest outdoors. Stunning sunsets await, breath-taking landscapes and striking flora and fauna will ensure that your honeymoon is a trip like no other.