How Can a Mini-Moon Help You Avoid Debt After the Wedding?Aug 21, 2017
If you fly to a mini-moon, you may not play among the stars—but you’ll probably be saving money. Instead of a honeymoon, a mini-moon is a shorter, less expensive trip that can help you avoid taking on extra debt after a wedding. With this year being Canada 150, there are plenty of destinations across the country that would make for a perfect Canadian honeymoon. And, if you’re looking to see some sunshine, Florida is always cheaper than Fiji.
In its 2017 Cost of Love study, RateSupermarket.ca found that Canadians spend just under three grand for a honeymoon—after dropping nearly $20K for the wedding ceremony and reception. And debt could be causing some to downsize or delay their honeymoon, if not their wedding. A recent survey from Australia (another country with unaffordable housing costs) found that 21 per cent of millennials are putting off or cutting back on their honeymoon to pay off a home loan.
The surprising benefits of a “buddymoon”
Another way to save money on a honeymoon is to take a trip with friends instead of going away as a couple. Known as a “buddymoon,” these trips are becoming popular among millennials. A buddymoon can be another way to cut back on travel costs by splitting accommodations or scoring group discounts. A British study found that half of couples would go on a buddymoon to reduce their costs by 25 per cent—although just one in five have actually done one.
Should you wait to take your honeymoon until you can afford it?
Another recent trend is couples delaying their honeymoons until they’ve set enough money aside for it. (In case you were wondering, this is called a “latermoon.”) As with any vacation, it’s always best to save up enough ahead of time to cover all expected costs. If you already have enough honeymoon savings then you don’t need to delay it, but otherwise, it might not be a bad idea.
Would you go on a mini-moon, buddymoon or a latermoon to save money and avoid debt? #DebtSolutions