How To Manage Your Finances On A Family Vacation

How To Manage Your Finances On A Family Vacation

Sun, sea and ice cream is what every family dreams of as they board the plane to their luxurious vacation in a glorious overseas location. According to the National Travel and Tourism Office, 66,960,943 Americans traveled abroad during 2016, evidence that US citizens love to get away from the hustle and bustle of day to day life and enjoy some rest and relaxation away from home. Vacations don’t come cheap, though. Once you’ve paid for the flights and accommodation there’s spending money to consider. You’ll likely follow family money saving tips to increase the spending pot, but how do you stick to a budget whilst away?

Research the area

A typical 12 night trip abroad costs the average US family $3251, a costly figure which many can’t afford to pay in one lump sum. It can be especially difficult for those with young children who constantly require new items, such as clothes and shoes, to find the funds for a trip abroad. Therefore, many parents need some financial assistance to cover the cost of their break. Even with the vacation expenses covered, you should look for ways to minimize you’re spending once there. One thing you can do is research the area before you arrive and jot down the details of low cost restaurants and free family-friendly locations which will save you spending more than you need to.

Set a daily spending cap

It’s inevitable that you will spend cash on your trip but, by setting a daily limit, you can keep an eye on your budget and not worry about the repercussions when you get back home. Simple things you can do include divvying the cash for each day up into envelopes, sealing them and labeling them with the date it’s to be spent on. This will prevent you from delving into the safe to grab an extra $20 dollars here and there and provides assurance that you’ve got enough funds to comfortably cover your entire vacation.

Plan your days

It’s too easy to run off the spur of the moment and to splash the cash on every trip, show and event that your hotel is offering. However, by deciding what you’re going to do each day before you arrive, you already know exactly how much to budget for each adventure and you haven’t got to worry about unexpected costs that could arise as you’ll have already accounted for them all.

Vacations are brilliant experiences for the whole family to enjoy, but you shouldn’t let money rule your time together. Therefore, ensure you stay sensible with your cash, budget well and, most importantly, have fun.

 

Signature

Speak Your Mind

*