The family holiday is a time-honoured tradition that people globally engage in. Whether that’s a road trip across the Southern Australian coast, or a cheap and relaxing break to one of Europe’s all-inclusive resorts, getting the family together for a big trip can be a rewarding experience.
However, whether you’ve plumped for a budget location or something more, family holidays can spiral out of financial control. The initial outlay is added to by meal costs, presents, days out and circumstantial expenditure. So, the question is, how can you stay in control?
Spreading The Cost
One way that many families plan around their summer holiday is to spread the cost out. By paying over a number of months, it’s easier to see where to cut back on daily expenditure, rather than having an anxiety-inducing sum to be saving towards for the big trip, you can manage it in installments. The crediful credit guide (https://www.crediful.com/personal-loans/best-egg/) suggests using personal loans for this purpose – if you have a good credit score, you can minimise repayments and take advantage of low national interest rates.
The importance of good insurance cannot be overstated. The difference between a cheap insurance and an excellent package can be just a few dollars. The key factors to consider are the actual level of cover – will they be sufficient for the full costs of looking after your children’s health, or yours, if you have specific conditions? And what’s the excess – will it be so much of a drain on your account that you struggle or the rest of the holiday is ruined as you have no spare funds?
Exchange Rates and Purchasing Power
The Australian dollar won’t seem like alot to you. Yet, when a British person comes down under, they’ll find that they get nearly double the amount of currency – yet the living costs don’t necessarily double. This is the true in other situations, and your Australian dollar could find you feeling like a rich man when looking for food in Poland. Before you plan and pick your destination of choice, make sure you’re aware of the exchange rate, what you actually get for your money and where to exchange your money. Some countries, like Sri Lanka, have a closed currency where you can only purchase in-country.
Travelling with the family is often some of the best time of your life, with everyone bonding to enjoy the time abroad. Just be careful you don’t slip up on the financial banana skin – use these tips.