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Budgeting for a Family Vacation

Every family dreams of their next big vacation, but it’s not always as easy to get there as we hope. But there are ways to budget for your family vacation and save up enough to treat the fam to an extra special vacation. Here are some tips to help you save when planning a family vacation.

Family going on vacation.

Start a Dedicated Vacation Savings Account

Hold up. Before you start budgeting and planning, make sure you set up a separate savings account where you can just put your vacation savings. That way you won’t be dipping into your vacation fund if you need to fix your car or upgrade your iPhone. Having a dedicated account for vacation savings will help you see how far you’ve come and watch as you get closer to reaching your goal. 


Set a Monthly Goal

When setting up a budget, you want to start with a monthly goal to reach. Instead of trying to stay under a certain amount of money for spending, you will want to set a monthly goal that you should be able to meet or exceed when it comes to saving. Start a separate savings account just for vacations and shoot to hit that monthly goal every month, you’ll be planning that vacation before you know it. 


Tracking travel deals on a computer.

Track Deals

Once you’ve decided on a destination, start thinking about when you want to take this trip. If you travel outside of the busy season, oftentimes you can find better deals. Apps like Hopper allow you to track prices for airfare so that you will be notified when it’s the best time to book. If you’re looking for a more comprehensive vacation package option, check out Kayak. If you’ve decided on a city destination, check out the deals on Groupon (Groupon deals are available in many places, but the best ones tend to be in larger cities). 


Stay With Family/Friends

Typically the second largest expense on vacation (after airfare) comes in the form of your accommodations. If it’s an option, save some money by staying with friends or family in the area. If you don’t have that option, consider taking a joint family vacation and sharing the expense of an Airbnb or Vrbo vacation rental. This could drastically cut down the cost of your lodging. 


Packing for vacation, including a credit card with rewards.

Card Rewards 

Take a look at your credit card rewards when you’re planning. If you get miles or cash back, you can make those work for your vacation. The RMCU Platinum Rewards VISA gives you rewards for every dollar you spend and you can put those rewards toward flights, hotels, and more.


If your mind is already racing with possibilities of where to go on your next family vacation, make your first stop at RMCU and open a savings account. You’ll be counting down the days to your next trip before you know it! 


Non RMCU links are being provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by Rocky Mountain Credit Union of any of the products, services or opinions of the corporation or organization or individual. RMCU bears no responsibility for the accuracy, legality, or content of the external sites.

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