How to Save Money on Your First Family Vacation

Family vacations are a great time to bond with your loved ones and create memories together, but traveling during school breaks can make a trip very expensive. If you’re looking to get away without breaking the bank, here are a few tips to help you get on your way.
Family vacation

There are loads of benefits to going on a family vacation; they give the whole family a break from the stresses of life, and they give you and your children shared memories that will last a lifetime.

However, most parents are only able to take their children on vacation during school breaks, which can make the trip very expensive. The prices of flights, package deals, and hotels all soar during summer, leaving most parents certain that they can’t afford a family vacation.

If you can relate to this, don’t worry. Here are six tips and tricks that you can use to make your family vacation affordable.

Compare exchange rates

Some people are used to buying foreign currency in person from their local travel agent or bank. While it may be very convenient to exchange money on main street, it’s also normally more expensive than the alternatives.

Check all your options for exchanging currency, then compare exchange rates online before you exchange your currency, so that you can make sure you’re getting the best possible deal.

Book during the right time of the year

For most families, the only chance for a vacation is during the expensive summer months. If you can only go on a family trip during summer, make sure you book the latest possible dates to save money. The last week of August and the first week of September are often much cheaper than earlier dates.

You could also consider going abroad during fall. This will make the trip cheaper, but the weather won’t be as good as it would during summer. If you plan on doing this, check online to see which countries are still hot during October.

family vacation 2

Book during the right time of the week

One of the easiest ways to save money on a family vacation is to make sure you book everything at the best possible time. There are plenty of websites online that allow you to compare all the available flights and fares on your chosen date, so that you make sure you get the cheapest deal. Some flights will be cheaper by hundreds of dollars, so this is a great way to save some significant money, but it’s important to check what is included in the fare before you buy them.

Avoid insurance traps

Insurance can be one of the biggest vacation expenses, but it can also be a real waste of money if you get the wrong insurance. When you’re reviewing insurance policies, carefully check the terms and conditions; insurance coverage for cancellations can vary in price, and some companies only offer cancellation options to people who are ill.

It’s also very important to make sure that the policy you’ve chosen actually covers everything you’re taking with you. For example, cheap one-week insurance may only have a single-item limit of $100, which might not cover your phone—and it definitely won’t cover an iPad or laptop!

Take the whole family

Make your family vacation significantly cheaper by bringing along the whole family. If you invite grandparents, uncles, aunts, and cousins to a self-catering villa or lodge, you can split the costs among everyone to save money. You can also save money by spending the evenings in your villa or lodge, playing games and cooking together, rather than going out for a meal at a restaurant.

Consider going on a package vacation

If you want to stay at a traditional resort in a sunny location, a package deal may be the best option for you. Often package vacations are cheaper than other options, especially in the last week of August and the first week of September.

You can save hundreds of dollars by choosing a package deal, instead of individually booking flights and hotels, and it can be a real time-saver. However, it’s worth checking out hotel reviews before you book, so that you know that the resort is as good as it seems.

Disclaimer: Hey! Welcome to our disclaimer. Here’s what you need to know to safely consume this blog post: Any outbound links in this post will take you away from Simple.com, to external sites in the wilds of the internet; neither Simple nor our partner banks, The Bancorp Bank and BBVA Compass, endorse any linked-to websites; and we didn’t pay/barter with/bribe anyone to appear in this post. And as much as we wish we could control the cost of things, any prices in this article are just estimates. Actual prices are up to retailers, manufacturers, and other people who’ve been granted magical powers over digits and dollar signs.