Saving Up For a Holiday As a Family

Everybody loves going on a vacation. Holidays are a great pastime the whole world round… except when they’re not. People don’t take as many vacations as they used to, and many of us don’t take an annual holiday. If this sounds like your family, it might be time to start making some changes.

Saving Up For a Holiday As a Family

One of the ways to make a vacation happen for your family is to make plans as a family. So often, parents decide what’s going to happen, where the family is going to go, and when it is going to happen. Parents also foot the entire budget, more often than not. But if a family vacation is going to be part of your reality each year, why not let the kids help out?

We’re not suggesting that the 6-year-old get a part-time job to help finance a trip to Disney World. However, there are reasonable ways that kids can help invest in something they’re going to really enjoy, and many children are more than happy to do so. This is not primarily a cost-cutting measure – it’s a way for kids to help make the important decisions that go into making fun and complex plans like these. It’s a great opportunity for kids to grow. Here’s how some families are doing it.

Saving According to Ability. Learning how to budget and save is a skill that’s necessary for all people, especially children. So many kids grow into adulthood without ever having saved up for something like a timeshare with DVC Resales. Sometimes when it comes to group saving among people who have vastly different levels of income (parents and children, for example) it’s important to save the same percentage, not the amount.

Let’s say that you want to save up $3,000 to go on a 6 day holiday next July. If everyone in the family saves 10% of their income for the coming months, this should be doable (the numbers will change depending on your situation). Have everyone put their cash in an envelope, create a chart for the fridge with stickers, or otherwise create a visual representation of the savings goal as it is completed.

Once the finances are all worked out (at least your savings plan), then it’s time to start planning the finer details of the trip. Kids love imagining the ways they’ll be having fun, but this is a great chance for them to learn what’s possible with the limitations of the budget they’re currently saving. Look carefully at lodging possibilities, local attractions, and cost-cutting measures. You may be surprised at the great ideas that the kids come up with.

Planning a vacation as a family is a great way for families to come together and create something of benefit for all. Even though you might be able to do all of this work yourself, you may find that involving your kids makes the whole process much more rewarding. Try it in 2018 and you may find that it’s a great thing to do every single year.

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Photo Credit: AJ Garcia Jakob Owens
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