Taking the family on vacation is a great joy and a unique opportunity to grow closer. But if you’re like most busy parents, finding the money to make it happen can be an uphill battle. To help you out, here are four practical ways to pay for a family vacation without breaking the bank.
1. Start Budgeting, and Host a Yard Sale
The first step in saving for your family vacation is to create a budget and stick to it. Sit down with your husband or wife and decide how much you can save each month toward your trip. Next, consider where you can cut back on things like eating out or entertainment costs.
But suppose you don’t have enough money coming in: You can host a yard sale or sell items on Facebook Marketplace or eBay. (However, avoid using websites like Mercari as users report frustrating experiences and dodgy customer service.) This will help you bring in extra cash for your vacation fund.
2. Open a High-Interest-Yielding Savings Account
Another great way to save for your family vacation is by opening up a high-interest-yielding savings account at an online bank or credit union. Interest rates tend to be higher with these accounts than traditional banks, so put as much as possible into this account and watch your savings grow. You can also easily find an account with no minimum balance requirements or monthly fees. So be sure to shop around before choosing a bank.
3. Open A Travel Rewards Credit Card
Consider opening a travel rewards credit card if you don’t already have one. These cards offer exciting perks such as free flights and hotel stays when used responsibly, so use them wisely. Be sure to pay off any monthly balances so you don’t incur interest charges while accruing points toward your next big trip.
4. Borrow From Your Whole Life Insurance Policy
Finally, if you’ve accumulated cash value within your whole life insurance policy, consider borrowing against it. This kind of loan usually has low interest rates, so you won’t have to worry about accruing debt that increases by unmanageable percentages. Instead, you’ll have the opportunity to pay the borrowed amount back in manageable increments.
Planning and saving for a family vacation doesn’t have to be stressful or overwhelming. With these four creative tips, you’ll be able to take your family away without breaking the bank. Whether you decide to budget every month, open a high-interest-yielding savings account, or borrow from your whole life insurance policy, you’ll be well on your way to enjoying a beautiful and fun vacation with your family. Once you begin planning carefully and making wise financial decisions, all that will be left is to pick out your destination. Happy travels!