5 Tips to Save Money For the Family Holiday

Published: 21st January 2011

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With the world economy in a volatile state, many families have had to make contingency plans and set aside emergency funds just in case their job is not their tomorrow. This has put a lot of extra stress on family budgets and the way we are used to living, we have had to sacrifice things such as going out for dinner with friends regularly, catching the latest movies, buying new cars, new designer clothes, big houses and all the fun electronic gadgets that we think we need to get through everyday life.

Could we still afford to take the annual family holiday and take a few days out to relax, unwind and recharge? What would happen if you didn't make a few sacrifices for the family holiday, the added stress might start to effect your relationships with friends, then family, your performance at work starts to decline, next it gets to the point where it is taking a server toll on your marriage. Well you can fill in the rest! So now the simple answer is yes we need to be able to afford the family holiday! If we couldn't, we could end up in an emotional hell!

How To Save Money For The Family Holiday

Set A Budget - This is basically a reflection of the old saying, "If you fail to plan, you plan to fail". Setting yourself goals and highlighting areas you can save a few dollars every week will add up over a period of a year. Also make sure you keep every receipt for your weekly reviews.

Review Your Spending At The End Of The Week - Make sure you are staying on track to achieve your goals and do it every week! If you leave your review any longer you will start to forget where you spent your money and lose receipts.

No More Smokes Or Alcohol - These two habits will be sucking major funds away from your holiday. Calculate how much money you spend per year on these two habits and you will be surprised how quickly it adds up. Your body will also thank you for giving them up as well.

Make Lunches - Buying lunch everyday while you are at work or giving money to the kids to buy lunch at school is costing you a fortune! A quick example, if two adults spend $10 each ($20 a day) buying lunches and you could make lunch $5 each ($10 a day for two), in one year you could save over $2500 very easily.

Travel With Other Families - This trend is becoming more popular again. Allowing you to save money by purchasing group discounts via travel agents or direct with the service provider can save you a heap of cash. Instead of staying in a hotel or apartment, try staying in a holiday home with all the families under one roof.