4 Tips for Saving for a Holiday When Money is Tight

It’s the time of year where our TV screens are flooded with images of happy families enjoying the holiday of a lifetime. It’s a wonderful thought, but what about in the real world? With the cost of living constantly rising, even though wages are remaining the same, the idea of a family holiday like the ones you see on the TV seems incredibly fictional and unachievable. 

Travelling with children in tow usually increases costs, not forgetting the outrageously inflated prices during the school holidays. It’s a miracle to think anyone can afford to spend some quality time with their family in the sun. But, all is not lost, and you don’t have to write off that dream holiday just yet. With a bit of forward-thinking and frugal planning, you and your family can enjoy the holiday you deserve. 

Read on for 4 tips for saving for a holiday when money is tight.

Open up a savings account

Having a separate account purely to place your holiday fund in will certainly make saving easier. From a regular savings account to stocks and shares ISA options, there are plenty of ways you can make a positive financial choice towards saving. If you make saving an absolute priority and an automatic financial responsibility each month, then you’ll always be a step closer to your holiday dream. Don’t give up! 

Choose an affordable destination

It’s easy to be swayed by the constant ads we see for Disney World and Universal Studios, or those incredible villas we see nestled in the hills of a private vineyard in the Spanish countryside. You may get there one day, but if you focus on an affordable destination then you’re more likely to reach your holiday goal sooner. If your holiday goal is just to spend some quality time together and make some wonderful memories, then focusing on an affordable destination shouldn’t matter too much. Ask yourself if you need to leave the country. And how much money you may need for spending on days out and food. Once you think you’ve found a good destination, find the cheapest travel option!

Plan ahead

We all know that there are sites dedicated to finding travellers the cheapest flights and rooms on a last-minute basis. However, when you have the family in tow, it’s not always realistic. If you plan your holiday well enough in advance, you can still get a cheaper deal and you’ll also get the best choice of rooms, seats and activities. 

Don’t write off “all-inclusive packages”It’s easy to be scared off by the large cost of an all-inclusive holiday package. However, you may scrimp and save your way to the initial cost of a family break, but you may not be financially prepared for all the additional costs. Food, activities, entertainment, drinks…it all adds up and can quickly spiral out of control – especially with young children in tow! An all-inclusive holiday could be the answer, and you can possibly find one that matches your budget if you plan ahead and pay off the total a little bit at a time.

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  • Very helpful, we need a plan and choose an affordable destination. But in most cases, we do not fully follow the original plan. There are always some exceptions, so we still cannot save the money 🙂