4 Ways to Save Up for that Family Holiday

Written by Chloe Harwood

Family holidays create many wonderful, happy memories and offer families a chance to escape everyday chores, responsibilities and activities to enjoy just being together. But, as much as you know the benefits of family holidays, you probably also realise that holidays cost money. To avoid debt as a result of your next family trip, it’s much better to save as much as possible before your departure and reduce the stress on your credit card.

1. Have an extra income stream

One of the most effective ways to increase your savings and the funds available for your family holiday is to generate some extra income. You may not have considered it, but trading on the foreign exchange market (known as Forex or currency trading) is an option for increasing your income. If you don’t know anything about it and want to learn more, check out a reputable trading course provider such as Learn to Trade , who can give you some details before you make a decision.

Of course, studying a currency trading course is not a guaranteed way to make money that can be channelled to your family holiday fund, but it can open up a potentially lucrative income stream for you. It should be noted that forex trading is not easy or simple, but with the right education, knowledge, skills and experience you are better positioned to generate income through trading.

2. Budget

If you are serious about saving for your family holiday, take steps to reduce spending before you depart, so that you’ll have money to spend, travel and do all the things that you want to do on your family adventure. Most importantly, you need to keep track of where your money goes and discover ways that you can reduce the amount that you spend on non-essential items.

All family members should commit to careful budgeting and eliminating non-essential expenditure. This is actually more exciting to do when you know the reasons for cutting back – a wonderful family holiday is the reward!

3. Increase your savings

Having reduced the amount that you spend, it’s important to maximise your savings. You should investigate options for depositing your money; invest your funds where they will earn most interest and decide whether a savings account or term deposit is right for you. Understand the types of accounts (such as term deposit accounts) that yield a higher rate of interest than typical transaction accounts. If they are appropriate for your situation, high interest accounts that are more difficult to access can make a huge difference to your savings.

4. Know your holiday costs

As you embark on a savings effort to fund your family holiday, it’s crucial to know how much your holiday will cost. Of course, the cost of your holiday is dependent on where you want to go and the type of holiday that you want to have. Factor in costs of airfares and/or other transport, any visa and passport charges, travel insurance, accommodation, food and drinks, entertainment costs including entry fees to sights and activities, telecommunications (phone and wi-fi), souvenirs and other spending money.

When you know the costs of your holiday, you have a target amount to work towards as you save. A great sense of achievement and pride can be experienced when you have saved enough for your family holiday.

Family holidays are often fun-filled occasions, but for many people, they require some thoughtful financial planning. There are lots of practical ways to save for a family holiday and when it comes time to set off on your adventure, you’ll be very glad that you committed to saving towards your trip!

About the author

Chloe Harwood