Three tips for creating a family holiday budget
A holiday provides a wonderful opportunity to have fun and bond as a family. However, a trip abroad can be pricey, particularly if you’re planning on being away for an extended period of time.To get the most out of your holiday without paying more than you can afford, you need to get your finances in order. Here are our top tips for creating a realistic budget in time for your next family holiday.
Record your income and expenses accurately
In order to create a holiday budget, you first have to make sure all your other important expenses are taken care of. If you haven’t already, calculate how much money you have coming in on a monthly basis, and allocate portions of your income to each of your everyday expenses, like bills, food, and other essentials. It’s important that you remember to put some of your money away for emergencies, and some into a ‘fun’ fund, too – this will ensure you have a pot separate from your holiday fund for everyday entertainment.
Even if you’ve already created a budget, be sure to go over it again – it’s important that it’s accurate, so it’s best to double-check.
Browse holidays that suit your budget
Once you’ve accounted for every one of your expenses, the money you have left over can be put into your holiday fund. Most people won’t be able to afford to go on holiday using one month’s worth of disposable income – you may need to save up to take the family holiday of your dreams.
Think about when you’d like to go on holiday and how much time that leaves you to save, and look at holidays that you’d be able to afford with that budget. If you want to book a while in advance, a buy now, pay later holiday might be an option for you. These holidays allow you to book immediately, but leave you with a bit more time to pay off the total cost of your trip.
Look for ways to save
You may have set your sights on a particular holiday experience, but if it’s out of your budget, it won’t be the dream trip you’re hoping for. Coming home to unpaid bills and debts can quickly dampen the mood after a relaxing break with your family. When it comes to the trip of a lifetime, you want to make sure it’s a guilt-free, stress-free experience.
If you can’t afford your bucket list trip this year, save up for next year – and opt for a staycation in the meantime. Staycations can be a very convenient option for families with kids as they involve less travelling and can be far more affordable. Plus, many of the activities you might have tried on holiday can often be enjoyed closer to home, like hiking, cycling, and swimming.
Other ways to save include travelling out of season, and choosing budget-friendly accommodation. There are plenty of online tools that’ll help you find the best bargains for your preferred holiday experience.
Make your dream holiday a reality
A nice holiday doesn’t have to cost a fortune, and even if it does, budgeting can help to make your dream break a reality. Ultimately, a family holiday is all about spending time with your loved ones, which you can do both at home and away.
This article is a collaborative post.