Vacations are a great way to de-stress and have some fun, especially when you bring your children along. Unfortunately, though, vacations can also get incredibly expensive. Even if you stay in the same country, you still have to pay for travel, food, and accommodation, as well as days out and things to do. If you’re planning to visit somewhere abroad for more of a “once in a lifetime” type holiday, such as Singapore or Australia, this can cost you a whole lot more. You certainly don’t want to be worrying about money when you’re supposed to be having a good time on holiday, so here are the best ways to fund your next family holiday.
Have A Savings Account
It’s always the most sensible idea to fund your holidays yourself, using money from your own savings.This avoids you having to pay any interest on your getaway, and means that you won't be putting yourself in debt for a few weeks in the sun. It can be tricky to save when you have so much to pay for, so you need to start budgeting. Write down all of you expenses for the month, including all of your bills, how much you spend on food, and anything else. Identify non-essential expenses, such as cinema trips or meals out, and cut those out. Any money left over can be put into your savings account for your holiday. Visit bettermoneyhabits.bankofamerica.com for more information on how to save.
Use A Credit Card
Just because using your savings is the most practical way to pay for your holiday, it doesn’t mean it’s the only way. If you’re strapped for cash, you may want to apply for a low-interest credit card. This could be doubly beneficial, as some credit cards give you points or rewards when you use them. Just be sure to check the terms and conditions of individual credit cards before you apply for them, to ensure you’re getting a good deal. It might be a smart idea to pay for your holiday with a credit card, even if you have the money in a savings account so that your money is protected if your travel company goes bust. Once the holiday was paid for, you’d just have to pay off the credit card in full, before any interest occurs.
Apply For A Loan
A personal loan shouldn’t ever be your first option for funding your holiday, but that doesn’t mean it’s completely off the table. As long as you shop around and find a loan with low-interest rates, then there’s no reason for you not to consider applying for one. Personalloan.co has advice on applying for loans, to help you through the process. You won’t be able to secure a loan with a low-interest rate if you don’t have a good credit rating, so you may want to consider ways of increasing your credit rating, before negatively impacting it with loan applications.
Whichever funding method you choose has the potential to impact your finances in the future, so make sure you think through your circumstances before making any payments. Other than that, I hope you enjoy your vacation.
We use our credit card and get miles. Our tickets are usually free or for very little money which helps tons and saves us a bunch.
ReplyDeleteWe always save for vacations. A simple way we save for daily expenses like dining out is to save our change all year long. Usually, we have enough saved that we don't have to dip into our checking accounts to pay for food, etc.
ReplyDeleteI am a great believer in saving for vacations and most things. It gives something to work for without accumulating debt to repay.
ReplyDeleteThese are some great ideas. We normally just put money aside for a vacation. I do use a credit card but make sure I can pay it all off the following month. I mostly use it so we can get the rewards points!
ReplyDeleteI have a savings account strictly for vacation planning. It's a great way for us to save for our annual family vacations.
ReplyDeleteI am trying to save a lot of money for our vacations. I've never tried to take out alone but everything else that you had on this list I have done. It is such a good way to save money to go on a vacation.
ReplyDeleteI am leaving for a trip soon! These are some great ways to help out!
ReplyDeleteThese are some great ideas, I really need to try and save myself as knowing you don't have to dig into your normal money when holiday is a big thing.
ReplyDeleteI think how you fund a vacation depends on your financial situation. I would never apply for a loan for a vacation. I just can't see how that would be smart. I did take a bunch of accounting classes while in school, and this would not be advised. Sometimes we should wait and save for a vacation because it's that much more enjoyable knowing we didn't go in debt.
ReplyDeleteThese are great tips. We love to go on vacations but our budget just doesn't allow us many.
ReplyDeleteWe are going on a vacation soon, and saving up is definitely a must. We are thinking of getting a credit card that has rewards so that we can get a return on using our credit cards.
ReplyDeleteWe always have to put a lot away so we can go on a family vacation every year. Out of all of your tips, we use a saving account to put money towards a fun trip. It takes a while, but it gets the job done.
ReplyDeleteI think for me, the savings account and the credit card with rewards points, of course, works best! I also opt for vacay layaway if possible.
ReplyDeleteI think having a savings account is the best option for me. I have a couple of credit cards but save them for an emergency.
ReplyDeleteFunding vacations can be so tiring. But we all know how worth every penny is for that vacation!
ReplyDeleteGreat ways to fund a vacation. We don't get out much but when we do we have saved money to go or use credit card if needed.
ReplyDeleteI have a couple of credit cards and only one of them do I use abroad because of the benefits it gives me.
ReplyDeleteI use the bonus points I earn from my credit card to fund my travel. I cash them in and use that money as my spending money.
ReplyDeleteI still believe that the best way to fund a family vacation is to save for it. I try my best to avoid charging everything to my credit card or applying for a loan. We just go by "if we can't afford it, save up for it." Thanks for these tips! Really helpful.
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