Two of my favorite things are saving money and going on vacation (last big trip: London and Liverpool, England in December). With a little bit of planning, you and your family can do both. The secret? Plan, plan, plan.

Start with a Budget

Get the family involved in deciding how much money you can comfortably spend on a vacation. Many experts suggest opening a savings account specifically for the trip – that way, you won’t be tempted to use the funds beforehand. Once you’ve got the magic number, the fun can begin!

Divide and conquer: Divide the cost of the vacation by the number of weeks remaining. This will let you know how much to set aside each week.

Get the kids involved: Put a “vacation jar” in the house and encourage the whole family to contribute. (Bonus: this will help teach your children the importance of saving for major purchases.)

Consider a contest: If your family thrives on competition, consider having a race – parents against kids, for instance – to see who can set aside the most spare change each week.

Hit the Books

As you sock away funds for the trip, start looking for ways to stretch your money. The good news about a rough economy is that most people are willing to bargain with you – take advantage of that!

Book in advance: Flights and rentals are generally cheaper when reserved ahead of time. If you reserve something well in advance, ask for an early-bird discount (the worst anyone can say is no!).

Hunt the bargains: Visit the library’s travel section, your destination’s Chamber of Commerce, the Internet and anywhere else that might offer you discounts on attractions or lodging. When booking, ask about discount offers.

Check out a map: Knowing where to find a grocery store, ice cream stand, movie theater, etc. will help you avoid driving around and burning excess gas (which will save you cash).

Pack the important stuff: On the road, food, allergy meds, band aids, and other needed items can come with hefty price tags. Pack snacks, sandwiches, and other essentials in the car to save you from dropping dough where you don’t need to.

Leave Yourself Wiggle Room

Surprise! Sometimes, it’s a good idea to splurge. Spending a little extra and booking lodgings with a kitchen, for example, can save you food costs; getting a place near attractions can save you on gas.

So, juggle the numbers a little and see what makes the most sense. And with a little planning, you can have a dream vacation with filing bankruptcy.

 Email This Post