There’s nothing quite like a family holiday to bring you all together and ignite that special feeling of anticipation. Stepping away from the chaos of your everyday routine for just a short period of time can have long-lasting benefits – not to mention, it’s a wonderful opportunity to create special memories that will also linger long after the flight home.
However, these magical occasions often don’t come cheap. Travel, accommodation, food, activities and transport all cost money, and it’s easy for these expenses to soon add up when planning a family trip away.
While you don’t need to be a master economist to organise a holiday, understanding the simple things you can do to get the most from your holiday fund will help to take some of the stress away, leaving you to fully enjoy and relax into your retreat.
Here are four things to keep in mind when budgeting for your next foreign family foray.
Understand your budget
Holidays can be a big investment, and before you get carried away with researching exotic locations and hotels, it’s always worth understanding how much money you’ve got to play with. As special as they are, you don’t want a family holiday to affect your finances for years to come, so setting a budget is always a good place to start.
When thinking about how much you can afford, it isn’t just a case of factoring in flights and accommodation costs. Look at every little detail that a holiday entails, and attach a rough estimate to each element, from the activities to getting around your destination. It’s always worth overestimating slightly so there aren’t any major surprises when it comes to booking.
Research, research, research
Now comes the fun part. Once you’ve laid out your budget, you can start to research the options that lie within your price range. Even if you already have a place in mind, you should still commit to a little research to find the best deals and discounts in your preferred destination.
During the research phase, there are lots of things you can do to help yourselves and make it easier to save money once you arrive. For example, you could look for accommodation that offers kitchen facilities, as this will give you more flexibility at meal times and means you won’t have to necessarily eat out every night. Plus, it’s always worth researching the quality of public transport in the area you’re visiting. If there are strong bus, tram or train links connecting the region, this is a great way to save money. However, if you’re likely to need to pay for taxis to get around, it might be worth researching the cost of hiring a car.
The earlier the better
There’s a lot to love about planning a last-minute, spontaneous escape. However, when we’re talking finances, it’s generally better to book as early as possible. This way, you’re more likely to be able to benefit from discounted prices on all different aspects of your holiday, and you’ll have a better chance of securing your first choices when it comes to flights and hotels.
What’s more, the earlier you start to plan, the more time you’ll have to think about building up your holiday fund. Putting a little bit away each month rather than trying to scrape together the funds at the last minute can really help to take the pressure off. This is especially important if you’re going to be paying for the bulk of the holiday using a credit card or buy-now-pay-later deal, since it’ll give you the freedom to pay it off over several months.
Keep convenience in mind
It’s all well and good trying to budget as much as possible for your holiday, but ultimately, when travelling with young children, sometimes paying a little extra for added convenience is a price that’s worth paying.
If you’re in the fortunate position where you have different options to choose from, don’t let a budget option put more strain on what can already be a stressful experience. For example, if travelling from the airport to the hotel in a taxi instead of a train will take some of the pressure off, you’ll have to decide whether or not it’s worth the added cost.
Be a savvy traveller
A family holiday is all about making memories together – and that shouldn’t cost the earth. Fortunately, with some careful planning and a little bit of forethought, you’ll be able to enjoy your next trip together without breaking the bank.
