Three Financial Tips for Parents Planning Family Vacations

Summer break provides your family with the perfect opportunity to escape daily routines and create lasting memories. But without a plan, you might return home with more financial baggage than souvenirs. Here’s how you can enjoy your summer adventure without draining your savings.

Budget-Friendly Travel Tips

Use these tips to help plan your next vacation.

1. Make Budgeting a Family Affair
   
   Get the whole family involved to turn budgeting from a “parents only” task into a shared experience. Decide how much the family can spend, then divide that amount into categories, such as accommodations, meals, and entertainment. Let kids manage their own spending money or help them choose between activities.



2. Include a Financial Cushion
   
   Set aside an extra 10-15 percent of your budgeted expenses. A financial cushion ensures you won’t have to worry about unexpected costs. Whether it’s a last-minute pharmacy visit or extra parking fees, this buffer absorbs the costs so you can stay on track.



3. Search for Travel Deals Now
   
   Booking your vacation early can lead to significant savings on airfare and hotel stays through early booking discounts. Travel costs fluctuate based on timing and availability, so comparing rates across different booking platforms and selecting less popular travel dates can result in considerable savings for your family trip.

✓ Bonus Tip: Google “kids eat free + (destination)” to find which local restaurants offer discounted or free kids’ meals with the purchase of an adult entrée.

If you find a great travel deal, such as a deeply discounted flight, hotel, and car rental package, there’s no need to miss out because you’re temporarily short on cash. A low-cost personal loan or personal line of credit can help cover the expenses. Our fast approvals let you quickly finalize your plans and depart on schedule.