Summer is just around the corner and who doesn’t want to spend it on the beach? According to Gallup, 62% of American adults went on vacation in 2017 and just as many families are expected to book a getaway this year. 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 for a great time away.
You’ll be keen to splash the cash on you and your family during your trip, after all that’s what vacations are for, but to ensure that it doesn’t leave you riddled with debt, you’ll need to make 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 and utilizing discount coupons and ensure you all commit 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 all ditch the takeout lunch in favor of homemade sandwiches, you’ll have plenty of spare cash to enjoy some lovely exotic foods during your trip.
Save all you can
Value Penguin reports that a typical 12-night international vacation costs $271 per day. With that in mind, you’re going to need as much spending money that you can get your hands on. While you can make an effort to save as much as you can by working overtime and putting any spare cash you have in a savings account, it’s a good idea to get your kids in on the action too. Show them all the activities that there are to do at your chosen location and ask them to forgo some of their pocket money for a few weeks so you can afford to pay for them all.
The week 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 dropping some activities from your to-do list or look into borrowing some funds so you’re able to fulfil the family holiday of your dreams. The most important thing is to enjoy valuable time together and the best thing is that this can be done at no expense.
Budgeting for a family vacation 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 substantially help. Most of all, be realistic about what you can get for your budget to ensure everyone’s expectations are met and a brilliant time is had by all.