Financing a Family Vacation

The financial pressures families face seemingly increase from one year to the next. Between mortgages, car loans, household expenses, and taxes, our pockets are left rather light at the end of the day. For many of us, it seems the dream of a family vacation is a far-flung fantasy. However, if your family works together on creating a vacation plan with each member making a monetary contribution, the dream can become a reality.

While the costs of daily living must take priority, there are several ways in which your family can save money to finance a vacation everyone will enjoy. It may take a lot of brain-storming to come up with money-saving ideas that will work for your family. Here are several initiatives to help you get started in financing that next family trip.

• Make a Plan. Deciding where to go should be a family affair. Let each family member suggest a destination. Then, take a family vote to pick the location. Do some research on the location because this will help you figure out how much money will need to be saved to pay for the trip. Have a family meeting to share ideas on how everyone can help contribute to the cost of the trip.
• Piggy Bank or To the Bank. Identify a specific spot in the house to place all money to be saved for the vacation. You may want to consider using a savings account at your local bank. Every Friday deposit the money the family saved that week. You and your spouse may also want to consider setting money aside from your paychecks through a direct deposit, if you can afford to do so.
• A Penny Saved is a Penny Earned. No change is too small to add to the family pot. Empty your pockets and handbags of loose and spare change during the week. You will be surprised how quickly it can add up.
• Reduce or Eliminate Extra Expenses. Review your weekly or monthly expenses to see if you can save money on the little-extras or luxuries you treat yourself and your family to, such as clothes shopping, dining at restaurants, or going to concerts and the movies. By cutting out even one restaurant meal as a family, you can typically save at least $45.
• Become a Coupon Maven. Keep those extra pennies or dollars in your own pocket, instead of handing them over to the local grocery market. Look through the Sunday paper or clipper magazine for coupons on items used in your household on a regular basis.
• Kid Can Contribute. It is a family vacation, so let your children learn the value of a dollar and contributing to the things they really want, but do not need. Children can help by adding a portion of their allowances or money earned from part-time jobs to the family vacation fund. It will make them feel like a valuable member of the family, and happy to know they had a direct hand in making the family trip actually happen.
• Sort and Sell. Garage sales, flea markets, and the trendy Ebay can be the best friends of a family on a money-saving mission. Sell things you do not use or no longer need, including books, DVDs, video games, clothing, toys, and tools.

It does not matter if you plan a family vacation near home or far away. If you work together as a family, you can identify the resources needed to finance a fun and memorable family vacation.