Summer is here and who doesn’t want to spend it on the beach? How do you budget family travel when you’re tight on cash? Read on!
If you’re like most people the thought of how to finance a summer vacation is already giving you anxiety. Never fear though! With a little creative thinking and some elbow grease, you can make your dream beach vacation a reality. And without breaking the bank!
The key to a great trip is to budget wisely for it in the period leading up to your departure. So, when you select your family vacation destination, ensure you take action to budget family travel for a great time away.
How Do Families Benefit From Travelling?
One of the best things about family travel is that it provides opportunities for parents and children to spend time together. Not only does this form strong bonds, but it also creates lasting memories.
Additionally, travel can be educational and offer a new perspective on the world for kids. By exposing children to different cultures and experiences at an early age, you give them great opportunities. In fact, you help to form global citizens who are more tolerant and understanding of others.
Of course, all of this comes at a cost, which is why it’s important to budget carefully for your trip.
Below are some tips on how to do just that!
7 Tips On How To Budget Family Travel
Here are some tips and strategies on how to budget for fun family travel:
1. Set A Goal And Be Realistic
- The first step is to set a goal. Determine how much you can realistically save each month leading up to your trip. This will help you stay on track and not overspend in other areas.
- Next, make a list of all the potential expenses you may incur during your trip. This includes airfares, accommodation, transport, food, activities and maybe even souvenirs.
- Now that you have an idea of how much you need to save, set up dedicated savings account for your trip. This will help you keep track of your progress and make it easier to reach your goal.
2. Create A Budget
- Once you have a goal in mind, it’s time to create a budget. Start by allocating a certain amount of money for each expense.
- Be sure to include a buffer in your budget in case of any unforeseen expenses.
- Finally, review your budget periodically to see if you need to make any adjustments.
A month or two before you’re due to fly, make sure to review your finances and the savings you’ve accumulated. Then, decide on the things you really want to do as a family and set aside the cost from your end amount.
If your budget doesn’t cover everything, consider which activities to drop from your to-do list. If this is a once-in-a-lifetime trip, you could look into borrowing some funds however, we don’t recommend this.
The most important thing is to enjoy valuable time together and the best thing is that this can be done at no expense.
3. Save Where You Can To Budget Family Travel
There are many ways to save money leading up to your trip.
- Consider using credit card points or airline miles to offset the cost of airfare.
- Look for deals on accommodation and transport. Be on the lookout for special promotions and discounts that can help you save on your travel expenses.
- And, don’t forget to take advantage of early-bird discounts and package deals.
4. Make Cutbacks
Find ways to cut costs in other areas of your life so you can redirect that money toward your vacation fund.
You’ll be keen to splash the cash during your trip, after all that’s what vacations are for. However, you must ensure that it doesn’t leave you riddled with debt.
So, you may need to make some cutbacks at home in the months and weeks leading up to your getaway.
Slash the price of your weekly shopping by opting for cheaper brands, utilizing discount coupons and planning your meals. Of course, commit all the family to taking packed lunches to school and work.
According to USA Today, the average American spends more than $22 a week buying lunch. Therefore, if you ditch the takeout lunch in favor of homemade sandwiches, you’ll have plenty of cash to enjoy some lovely exotic foods during your trip.
5. Save All You Can To Budget Family Travel
This article, published at the end of 2021 shows some interesting figures on the cost of vacations. A 4 night domestic holiday will cost the average American $600 per person. This figure is for the average tourist in the USA.
However, if you are looking to go overseas, that cost rises to around $1200 per person. With that in mind, you’re going to need as much spending money as you can get your hands on.
You can make every effort to save, by working overtime and putting any spare cash you have in a savings account. Experts say it’s a good idea to get your kids involved in saving for a family holiday on a budget too.
Show them the activities available at your chosen location and ask them which they would like to do. Then explain the cost of each and get them to forgo some pocket money for a few weeks/months. This will go into the “holiday pool” and allow some fun family activities.
6. Earn Some Extra Cash
Take on some freelance work or start a side hustle to generate additional income that you can put towards your vacation fund.
7. Loose Change Can Help To Budget Family Travel
Put any spare change into a jar and watch it grow over time. This is a great way to quickly boost your vacation fund without having to make any major sacrifices.
To budget family travel is easily achieved when you make smart financial decisions in the lead-up to your big break. Saving as much as you can is best while making cutbacks will help substantially.
Most of all, be realistic about what you can get for your budget. This will ensure everyone’s expectations are met and a brilliant time is had by all.
With a little bit of effort, you can easily save enough money for an amazing summer vacation that the whole family will enjoy.
Just remember to start planning and budgeting as early as possible so you can make the most of your trip. Happy Travels!
If you found this article helpful, please leave a comment below. Also, look at an earlier article of ours on why you should travel with kids to know more benefits of family holidays.
We have written 11 travel essentials for kids which would help you prepare for your traveling journey. Read on!