How To Save For a Family Holiday

Taking the entire family on holiday is a dream for many parents and carers. The chance to get away, make wonderful memories together, and have some proper quality time is incredibly valuable. However, funding a trip for the whole gang can be an expensive undertaking. With a bit of planning and some savvy saving techniques though, that dream family getaway could become a reality sooner than you think.

Start with a Plan

The first step is to have a clear goal in mind for your family holiday budget. Decide where you’d like to go, whether it’s a classic UK seaside break, an adventure holiday in the countryside, or even a once-in-a-lifetime overseas trip. Research typical costs for accommodation, travel, food, activities and anything else you want to factor in. This will give you a target figure to aim for with your savings plan.

Get the Whole Family Involved

Saving for something as a family can be a great way to motivate everyone and instil positive money habits in children from an early age. Sit down together and discuss the holiday plans in an exciting way. Maybe you could make a decorative savings jar or chart to track your progress visually. Delegate age-appropriate money-making odd jobs or chores to the children in exchange for contributions to the holiday fund. This will build their personal investment in the trip.

Make Cutbacks

Taking an honest look at your regular expenditure can often reveal areas where cutbacks on luxuries like meals out, subscription services, designer coffees and so on could easily free up cash to put aside for the family holiday fund. Even small sacrifices can add up significantly over several months of dedicated saving. 

Foster Carers: Use Your Allowance

For families fostering with an agency like Fostering People, the fostering allowance payments received to support their role can be a very useful income stream to allocate towards holiday savings goals. While the allowance is primarily designed to cover the day-to-day costs of caring for a foster child, any surplus amounts can be put aside for larger occasional expenses like holidays if desired.

Maximise Interest

If your holiday fund is going to be building up over many months, make sure to put the money into a dedicated high-interest savings account. While rates are typically low at the moment, you could still earn a little extra just from interest accumulating if you shop around for the most competitive account. Some accounts may also offer bonuses for setting up new deposits.

Sell Unwanted Items

Having a pre-holiday clear out of possessions you no longer need can raise a tidy sum if done smartly. Check online selling platforms for what similar items to yours are going for, price accordingly and market items well with good descriptions and photographs. You may even be able to trade in old electronics, video games or branded goods at specialised buy/sell outlets.    

By using a combination of these tips, it is very possible for families and foster carers to build up enough money to make their holiday dreams come true through dedicated saving over several months. The splashes in the pool and sandy toes will be all the sweeter knowing how much was achieved through teamwork and commitment.

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