There is a lot of preparation when it comes to winding down with the kids to create memorable memories while on holiday. As much as you want to create picture-perfect moments with smiles all ‘round the last thing you want is to have a holiday finance hangover. To make the most of your budget and every dollar we have put together 6 money smart tips for your next trip.
1. The big ‘T’ when it comes to planning
Timing your trip is the difference between you enjoying your favourite holiday destination with the children at almost half the price or paying through your nose because you promised them you would go there. You can try booking your holiday off season or even save on transport costs by flying midweek, preferably at night, or early in the morning when your children’s energy levels are still low. This also means that to cash in on such deals you can consider signing up for flight or accommodation deals online to be notified.
2. Budget according to your interests
Before going on a trip, it is important that you set a budget that caters to the family’s interest. This means sitting down and planning where you would all like to go, what type of activities you want to do, and sights you would like to see. This will help you know how much will be needed to adequately cover the cost of the trip and also go to a place that everyone will enjoy. Explaining your budget to the children will also help them understand what they can and cannot afford to do so that you don’t break the bank.
3. Keep an eye out for family deals
Whether you are travelling or looking for accommodation you are most likely to spot a deal if you put some research into it. Always ask if there are discounted rates or free meals for children to help you save in the process. This also means that you will need to find child friendly places to take a holiday at.
4. Take the right credit card with you
The right credit card can help you save hundreds in dollars when going on holiday. According to ASIC, Aussies could have saved themselves $621 million dollars in the previous financial year if they chose a low rate credit card with an interest rate of 13%.
To make this more effective you will have to plan a budget that also incorporates your planned credit card usage. If you are travelling abroad, you could consider getting a 0% foreign transaction fee card to buffer the fee that comes with foreign transactions. If you have a rewards card now will be a great time to review the points you have accumulated and where you can use it to cut down costs.
5. You could choose to rent a house
Couples who spend money on accommodation during the holidays fork out a total of $160 which will be more if you include the kids. This will vary according to where you take a holiday and the number of days that you choose to stay there. However, in some cases, you will find that it is more affordable to rent out a house than to book into a hotel. You can compare your options to see which one will be more affordable for you.