International family trips were a hot trend in 2018, according to AAA. They found that 35% of families planning a vacation had set their sights on a trip abroad, with trips to Mexico and the Dominican Republic leading the way. Despite the average American spending 10% of their annual income on vacations, 27% of families opt to take three or more trips per year. Therefore, in order to maintain this lifestyle and enjoy family fun-filled days on the beach, it’s essential that you take steps to keep your vacation costs down.
Book in advance
When you’re hunting for a vacation online, you’ll undoubtedly come across endless adverts for low-price last minute deals. However, these deals often mean flying at undesirable times of the night which is far from ideal with kids in tow. Additionally, hidden costs such as baggage fees still need to be factored in. Travel Insider recommends booking your vacation as far in advance as possible and at least one month before you plan to travel. By doing this, you’ll secure the perfect room for your family and will avoid last-minute price increases.
Prepare your expenses
On a vacation abroad, you’ll want to indulge and show your kids the wonderful sights and tourist attractions of your chosen location. However, this comes at a cost of $4,580 for a family of four. By planning your excursions and daily itinerary before you go, you’ll know exactly how much cash you’ll need each day. Pop this cash in an envelope and lock it in your room’s safe when you arrive to ensure you don’t go over your daily budget. You should also seek out ways to gain incentives with your payment method. By signing up to a reward credit card, you can earn cashback and rewards when you dine out and shop overseas. This can then cover the cost of a small family treat at the end of your trip.
Be financially savvy before you go
74% of holidaymakers fall into debt as a result of overspending on vacation. However, there’s no need to see your finances falter if you meticulously save before you go. Set up a savings account especially for your family vacations and have a standing order in place to top it up each month. This way, you’ll always have cash put aside for your beloved family trips. It’s also wise to make cutbacks before any big vacation. So, be sure to follow in the footsteps of the 50% of Americans who reduce the amount they eat out and the 41% who shop less.
There’s nothing better than kicking back and relaxing with your family on a joyous vacation. However, to ensure you can cover the cost of this luxury, you should make your booking in advance, prepare your expenses before you go and take steps to cut your spending before boarding the plane.