Disclosure: collaborative post
Holidays and special celebrations are great times for families to reconnect and have some fun. But, they can also be a bit stressful. The fact that you are going to be spending quite a bit of money over a short period of time can be a bit of an issue. With this in mind, I’ve come up with a few ways to help you to budget, so that having a good time with your family does not lead to high levels of debt.
Getting yourself financially prepared for school holidays
First, let’s look at the kid’s school holidays. There is no doubt that they throw up financial challenges for most parents. You will find an excellent article on this website which explains exactly how to plan ahead and budget for them. It includes some great low-cost activities that your kids are bound to enjoy. The tips you will find in that article work for all of the school holidays. But, they are particularly useful for the long summer break.
Budgeting for your family holiday
Taking the kids away for a family holiday is something that most parents like to do at least once a year. But, it is not much fun if when you get to where you are going you do not have enough spending money. Constantly saying no to your kids is the last thing you want to be doing. So, you need to start saving early to ensure that you can enjoy a few treats while you are away.
How you do it is up to you. Sometimes it is the simple ideas that work best, for example, putting your loose change into a coin jar. Or, forgoing one of your daily coffees and putting that cash into your holiday savings account. You will be surprised by how much you can save up just by changing a few spending habits and putting the money you save aside. This is especially the case if everyone in the family gets involved.
It is also important to identify, at an early stage, how much spending cash you are likely to need. The best way to do this is to sit down and write out your itinerary and put a cost against each item. Don’t forget to include the cost of eating out, snacks and things like hiring bikes. Totting this list up will enable you to work out roughly how much you will need to save up. A figure you can then breakdown into a monthly savings goal.
Saving for special events and times of the year
You can take a similar approach when saving for special times of the year like Christmas or landmark birthdays. Sit down and identify the likely cost and use that to set your savings goal.
Spend wisely
Taking the time to search out a bargain every time you buy something will also help. So, get into the habit of using price comparison, voucher and coupon sites or apps every time that you buy something. This excellent article explains how to save a little money every single day.
None of the above ideas is hard to implement. The sooner you get started the easier it will be to be ready financially for special times of the year and family holidays.
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