With the country starting to finally open back up, families are starting to get back to their normal lives. Things that have been unimaginable over the last year, like sporting events, trips to the movies and even vacations are back on the menu.
If you are a family that is looking to get back to normal life, a well-deserved family vacation is likely on your radar. But how do you pay for it? Look at some of the possible ways to fund that vacation and make some awesome memories for your family.
Finance Your Vacation
The easiest way to pay for that vacation is to simply take out a loan for it.
If you have great credit, this is a simple decision because you should be able to qualify for a low interest loan from your local credit union. For those of you with a few blips on the credit radar, you might have to get a little more creative. A loan is still a very attainable option, however. Online loan websites like this one here, can make it a lot easier for you to get an offer.
If you decide to take out a loan for your family vacation, here are some things to consider before you pull the trigger.
Can You Afford To Comfortably Pay It Back?
The memories that you make on your trip will last a lifetime, but are they worth wrecking your budget for months to come? Make sure that you can comfortably pay back your loan without stressing your normal budget. The worst mistake that you could make would be to just assume that things will work out.
Are The Loan Fees Too High?
If you have great credit, a loan should have manageable loan fees and interest. This means that on a short-term loan, the cost of financing should not be too high.
Poor credit is another matter, however. The total cost of a loan can get out of hand in a hurry. Make sure that the total cost of the loan with all fees and interest are worth the benefit.
Save Money For Your Vacation
Do not want to take on the burden of a loan? This is understandable, especially after last year. That family vacation is still in reach, but you will have to save for it and to do so successfully, there are a few tricks. Have a look.
Open A Separate Savings Account
Hopefully, you already have a savings account, but this is not where you want to deposit your vacation savings. You want to create a new account that is earmarked specifically for your family trip. Since savings accounts are free, there is no real reason not to do this and you will find it much easier to keep this money in its own account.
Take Advantage Of Auto Deposit
Take the money that you need and divide it by the number of paychecks you have left until you plan to leave. If you need $4000 and you have 20 checks left, you need to save $200 out of each check. Set this up as an auto transfer on the same day that you get paid. Taking advantage of automatic transfers to savings will make sure that you do not come up short.
Choose A Cheaper Vacation
What if you do not want a loan and do not have the time to save? Your last resort will be to choose a simpler vacation. Here are some possibilities.
Vacation At Home
There is another word for this, and it is way overused. Okay, I will say it, take a “staycation”.
Most residents of cities never take advantage of them like tourists do. Look at any one of the many travel websites and search for your city. You might be amazed at the entertainment options available to you in your own hometown.
Vacationing at home allows you to eliminate two of the biggest vacation costs, travel and lodging.
Choose A Cheaper Destination.
If you are not picky about where you and your family go, head on over to the travel section of Groupon. It is packed full of deals on hotels and destinations. If you are not set on one particular destination, you could save a lot of money.
Another option is to simply pull up Google Maps. Find your city and search a 200-mile radius around it. There is bound to be another city worth visiting and 200 miles is well within driving distance. If you can cut out airfare, vacationing for the average family becomes much more affordable.
Stay With Relatives
One last option for a cheap vacation is to find a relative to stay with. After the pandemic, you probably cannot wait to get back in touch with all of your family. If that is not the case, just tell them that. Then use the free room and board as a cheap way for you and your family to see another city.