Making the Most of the Family Budget: How to Save for a Holiday

Sunday, 13 May 2018

Dreaming of a week on the beach with the kids, or even a long weekend exploring some distance land in the sun?

 


Holidays can be a wonderful way to bond with your loved ones and create memories that last for a lifetime. Of course, they're not always the easiest thing to afford. When you're struggling to stretch the family budget far enough as it is, it can feel as though you'll never have enough cash for a holiday. 

The good news is that you don't necessarily have to give up on a family holiday if you're trying to cut back on your spending this year. Instead, all you need to do is think about how you can adjust your budgeting techniques to make your adventure more affordable. Here are a few tips to keep in mind. 


1. Consider Getting Some Extra Help

One of the biggest problems that families have when it comes to booking a holiday, is that we only have certain times in the year when everyone is available to travel together. Whether you're just taking a trip with your immediate family, and you need both parents to be off work, and the kids to be away from school, or you're traveling as a group, it's hard to make the schedules match up. 

Then, when you do find a time that seems to work for everyone, you may find that it doesn't give you enough space to save up your income for long enough to afford the trip. If that's the case for you, a little help could be the best way to go. A personal loan means you can enjoy your vacation worry-free, and then finish paying it off at a time that suits you. 


2. Look for Ways to Make Extra Cash 

If you're worried about having enough money for your family holiday, or you simply want to make sure that you have enough left over to splurge on souvenirs, then you might want to consider finding additional ways to make extra cash. For instance, there are plenty of websites online these days where you can go to offer up your skills as a freelancer. 

On the other hand, you could always consider a more traditional side-gig, like taking on a part-time job or becoming a dog walker for the people in your neighbourhood


3. Save Wherever You Can

Before you even start saving for your family holiday, it's worth sitting down as a group and going through your budget. Look at how much cash you have coming in and going out each month and ask yourself where you might be able to cut back. For instance, would you be willing to sacrifice your Netflix subscription if it meant a dream holiday? 

Sometimes, you may not even have to sacrifice anything. Making simple changes like consolidating your debts or switching to a different energy supplier can save you a lot of money every month. The key is to find as many ways to save as possible, then focus on funnelling all of your left-over cash into your "holiday fund".


4. Choose a Budget-Friendly Trip

Your decision of where to travel is sure to have an impact on how much you spend on your family holiday. For instance, it's probably not a surprise that a budget trip to Spain is less expensive than an all-inclusive adventure around Disney land. Choosing a place that's both appealing and affordable will make your holiday goals more accessible. Additionally, it helps if you can be flexible when it comes to dates and airfare. 

For instance, if you can pick a day for your flight that isn't a peak time, you can save a serious amount of money on your plane tickets. Even driving a little further so that you take off from a different airport can help to make your journey cheaper. 


5. Travel with a Group 

Another great way to save money on your booking? Travel as a group. You can save a serious amount of money just by telling your travel agent that there are 10 or more people going with you. Additionally, if you get everyone together for a trip at once, you reduce your risk of spending extra money on entertainment for the kids when you're at your destination. More people means more opportunities to have fun, bond, and avoid the boredom. 


Just make sure that you choose a group you feel comfortable spending time with for a week or two.