Finance 30 July 2018
Honeymoons are a magical way to celebrate love and to spend time with your new spouse, but if your pockets are feeling a little light after the wedding, figuring out how to finance your honeymoon may seem a bit daunting. But, with some research and planning, it is certainly possible to celebrate marrying the person of your dreams with the honeymoon of your dreams without causing yourself a financial nightmare. Here are some tips on ways to save up for the big trip, and, if you're still looking for a little help, different methods for financing the honeymoon.
Ways To Save
Find the best destinations for your money
One of the most critical decisions in planning your honeymoon is of course where you will go! If you don't have one particular destination in mind, do some research as to where you might be able to have the best experience for the least amount of money. You may be able to find an off-the-beaten-path destination that is equally (if not more!) magical than the more touristy spots with a much more reasonable price tag. I'm sure you've also had friends or family members encouraging you to go the all-inclusive route as a way to get the most bang for your buck. All-inclusive trips can be a great way to get a good deal, but make sure you're reading the fine print. If you think something sounds too good to be true, chances are it is.
Consider the timing
Most destinations will be cheaper at certain times of the year. If you're set on taking your honeymoon right after the wedding, you may want to research destinations that are more cost effective at that time of year. Or, if you're set on a particular destination, consider waiting until prices are lower even if that means not going immediately after your nuptials.
A great way to save money once at your destination is to choose an accommodation with a kitchen or kitchenette. Preparing your own meals – particularly breakfast and lunch – can go a long way in cutting costs (and can also be a fun activity for you and partner!).
Put your points to work
Have a credit card with hotel or airline points? Consider looking into what airlines and hotels participate in your card's points program and where you may be able to go to use these points. Doing a little digging is key here – many hotel chains have sister properties in popular destinations that may not bare the more recognizable name.
Take a mini-moon
“Mini moons" – or going on a smaller trip right after your wedding while taking more time to save up for your bigger trip – have become increasingly popular lately. Taking a mini-moon can be something as simple as going on a weekend trip to a destination close to home or even a staycation, or it can still involve a flight or a more exotic destination, just for a shorter period of time. Whatever your pleasure, the perks of a mini-moon include getting to spend that quality time with your partner right after the wedding while also taking the time you need to save up for that pricier trip down the line.
How To Finance
Like with any foreseeable expense, the simplest and most effective way to save up for a honeymoon is to start including it in your monthly budget as soon as possible.
This can certainly be difficult, particularly if you and your partner are contributing to wedding costs, but even sticking $20 a week in a honeymoon jar can go a long way toward making your dream trip a reality.
Travel credit cards, in particular, can be a great way to finance your honeymoon. Research which cards may offer the best travel rewards or have sign-up bonuses so you can make the most of the money you're spending. But like loans or lines of credit, consider how quickly you will be able to pay off the debt. If the card offers an interest-free period, aim to pay off your balance before the interest kicks in. However, you have to be cautious not to overcharge more than you can afford. Just because you get to pay later doesn't mean you don't have to pay!
Honeymoon registries have become all the rage lately. Instead of the traditional gift registry, couples are asking for money toward their honeymoon from their guests. Some websites offer honeymoon registry platforms, which can allow your guests to contribute to specific expenses related to your trip. Some destinations and honeymoon providers also provide honeymoon registry sites.
Your honeymoon is a once-in-a-lifetime trip, and you and your partner deserve to make the most of it. The cost of travel, particularly after a significant expense like a wedding, can undoubtedly be disheartening, but it is indeed still possible to have a magical and memorable honeymoon without breaking the bank. The traditional path is not always the best or most cost-effective path, and that's okay! By looking into alternatives, planning ahead, and making sure you're getting the most bang for your buck, you and your partner can create memories that will last long after the trip is paid off!
3 Min Read
"How did you ever get into a business like that?" people ask me. They're confounded to hear that my product is industrial baler wire—a very unfeminine pursuit, especially in 1975 when I founded my company in the midst of a machismo man's world. It's a long story, but I'll try to shorten it.
I'd never been interested to enter the "man's" world of business, but when I discovered a lucrative opportunity to become my own boss, I couldn't pass it up—even if it involved a non-glamorous product. I'd been fired from my previous job working to become a ladies' clothing buyer and was told at my dismissal, "You just aren't management or corporate material." My primary goal then was to find a career in which nobody had the power to fire me and that provided a comfortable living for my two little girls and myself.
Over the years, I've learned quite a few tough lessons about how to successfully run a business. Below are five essential elements to keep in mind, as well as my story on how I learned them.
Find A Need And Fill It
I gradually became successful at selling various products, which unfortunately weren't profitable enough to get me off the ground, so I asked people what they needed that they couldn't seem to get. One man said, "Honey, I need baler wire. Even the farmers can't get it." I saw happy dollar signs as he talked on and dedicated myself to figuring out the baler wire industry.
I'd never been interested to enter the "man's" world of business, but when I discovered a lucrative opportunity to become my own boss, I couldn't pass it up.
Now forty-five years later, I'm proud to be the founder of Vulcan Wire, Inc., an industrial baler wire company with $10 million of annual sales.
Have Working Capital And Credit
There were many pitfalls along the way to my eventual success. My daughters and I were subsisting from my unemployment checks, erratic alimony and child-support payments, and food stamps. I had no money stashed up to start up a business.
I paid for the first wire with a check for which I had no funds, an illegal act, but I thought it wouldn't matter as long as I made a deposit to cover the deficit before the bank received the check. My expectation was that I'd receive payment immediately upon delivery, for which I used a rented truck.
Little did I know that this Fortune 500 company's modus operandi was to pay all bills thirty or more days after receipts. My customer initially refused to pay on the spot. I told him I would consequently have to return the wire, so he reluctantly decided to call corporate headquarters for this unusual request.
My stomach was in knots the whole time he was gone, because he said it was iffy that corporate would come through. Fifty minutes later, however, he emerged with a check in hand, resentful of the time away from his busy schedule. Stressed, he told me to never again expect another C.O.D. and that any future sale must be on credit. Luckily, I made it to the bank with a few minutes to spare.
Know Your Product Thoroughly
I received a disheartening phone call shortly thereafter: my wire was breaking. This horrible news fueled the fire of my fears. Would I have to reimburse my customer? Would my vendor refuse to reimburse me?
My customer told me to come over and take samples of his good wire to see if I might duplicate it. I did that and educated myself on the necessary qualities.
My primary goal then was to find a career in which nobody had the power to fire me and that provided a comfortable living for my two little girls and myself.
Voila! I found another wire supplier that had the right specifications. By then, I was savvy enough to act as though they would naturally give me thirty-day terms. They did!
More good news: My customer merely threw away all the bad wire I'd sold him, and the new wire worked perfectly; he then gave me leads and a good endorsement. I rapidly gained more wire customers.
Anticipate The Dangers Of Exponential Growth
I had made a depressing discovery. My working capital was inadequate. After I purchased the wire, I had to wait ten to thirty days for a fabricator to get it reconfigured, which became a looming problem. It meant that to maintain a good credit standing, I had to pay for the wire ten to thirty days before my customers paid me.
I was successful on paper but was incredibly cash deprived. In other words, my exponentially growing business was about to implode due to too many sales. Eventually, my increasing sales grew at a slower rate, solving my cash flow problem.
Delegate From The Bottom Up
I learned how to delegate and eventually delegated myself out of the top jobs of CEO, President, CFO, and Vice President of Finance. Now, at seventy-eight years old, I've sold all but a third of Vulcan's stock and am semi-retired with my only job currently serving as Vice President of Stock and Consultant.
In the interim, I survived many obstacles and learned many other lessons, but hopefully these five will get you started and help prevent some of you from having the same struggles that I did. And in the end, I figured it all out, just like you will.