While planning a family holiday, it can be tempting to throw all caution to the wind and jump into your overdraft in order to pay for it. However, this is rarely a good option. When you save for a family holiday and book it in a financially-friendly way, you’ll be able to spend your time away feeling relaxed, not restless with worry about how you’re going to afford everything. Below are a few tips that will help you save money for your family holiday.
1. Look At Ways to Cut Costs at Home
Now, this tip is ideal for people who have very little spare money available to them. If you are currently living paycheck to paycheck, you won’t be able to afford to go on holiday without borrowing. The best option here is to look for ways you can cut costs at home.
Could switching energy supplier lower your monthly outgoings? What about cancelling your Sky subscription and making use of Netflix or Amazon Prime for your TV? Even going without takeaways or your daily coffee-shop run could save you a lot of money during the month. Any money you save can be put towards a family holiday.
2. Set a Budget and Start Saving
The next thing you’ll want to do is set a budget. Determine how much money you want to spend on your break, and don’t go above this limit. Remember to factor in everything from flights, hotels, and travel insurance, to any excursions you want to take, and any spending money you’ll need for your time away. You can then use a savings calculator to work out the best ways to reach your goal.
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When it comes to saving, you can start small by putting any spare change you have into a holiday jar. You can also see if your bank has a service that saves money on your behalf – many of the leading banks now have an AI that can do this for you. Some people find that having a visual progress chart is enough to give them the motivation they need, while others require the assistance of a friend to keep them on track.
3. Look for Deals
We mentioned above that it’s a bad idea to go into your overdraft in order to afford a holiday. However, there is one time when borrowing makes sense: short time deals. Most of the biggest travel companies and airlines have deals throughout the year where they offer ridiculously low prices to get people to travel.
If you see a deal on a holiday that is perfect for you at a drastically reduced price point, borrowing to pay for it can be worth it. Whether you use an agreed overdraft, a bad credit loans provider, or put it on your credit card, it is possible to save a lot of money when taking advantage of deals so long as you can definitely pay the money back. If you can’t or are unsure, don’t do it.
Finally, it’s a good idea to expect the unexpected. Things crop up in life that can hamper your goals, but so long as you are prepared for them to happen, they don’t have to cause a massive setback. Consider your finances before your next trip and you’ll find you enjoy it a whole lot more!