Money Matters

Blink of the eyes and it’s December! Looking to plan your year-end family holiday? The catch is that family holidays can be a big dent in your budget. In order not to disrupt the main budget, you should prepare a plan for your holiday budget.

Here’s some practical tips on how a family can travel for less.

Set the destination and estimate budget
Deciding the perfect holiday destination is often a tough decision. Discuss the holiday destination with your family; where do you want to go, tourist attractions etc. Ask your friends for good vacation recommendations - what they liked about the place and what you can do there if you decide to visit.
Once you decide where you want to go, you can start planning the holiday budget.  If you’re looking to save extra money on travel, consider booking your trip early.
 
Make a travel checklist
If you already know where to go and how much you will spend, you can start making a travel checklist. Please include transportation, accommodation, and entrance fees to tourist attractions. These will help you get a general idea of what you want from your vacation. Get a feel for how much you expect to spend. And be sure to write in a little extra money for miscellaneous expenses that will almost certainly crop up on your vacation.
 
Prepare monthly saving
Budgeting makes travel better. Set your monthly saving with a manageable monthly instalment plan. Set specific amount of money for holiday budget. You can start doing this if you already have the checklist.

Stick to the plan and better still, invite the entire family to contribute to this holiday saving.
 
Expect the unexpected
Prepare yourself for the unexpected expenses, it can happen anytime. Rule of thumb, do set aside at least ten percent from the total budget.

You also need to consider other holiday destinations just in case something happens. Don’t hesitate to explore your own town for ‘hidden gems’!
 
More importantly, don’t wait till the year-end to start planning. Start on your budget as early as you can for an enjoyable family holiday.
 
Please note this article provides general advice only and has not taken your personal, business, or financial circumstances into consideration. If you would like more tailored advice, talk to our advisor and let them help you plan ahead for a brighter future.
 
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