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Planning A Family Holiday? Here’s How To Budget For It!

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Planning A Family Holiday? Here’s How To Budget For It!
November 11, 2022

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A family holiday is the best time spent away from home yet together. It boosts your relationship with your children, your parents, and your spouse. According to a survey conducted among Indians, 94%*1 of respondents agreed that they planned to travel more with family in 2022 as compared to earlier years. However, planning a holiday and budgeting for it is important.

Here are 5 ways to budget for a family holiday

Step 1: Plan It All Out With Your Loved Ones

The first step to planning a family holiday is listing all your dreams. To be on the same page as your family, it’s best that you discuss and write down your location, the dates, the mode of transportation, activities, and the members to be involved in the trip. You would also want to accommodate the needs of your family members. For instance, your children may want to visit amusement parks and your parents may want to visit museums. Similarly, December might prove to be more expensive for travel due to Christmas and New Year.

Step 2: Begin Saving

Once you have figured out the details of the holiday, you would want to start saving up for it. All the family members could pitch in. For example, your loved ones and you could reduce discretionary expenses such as eating out or purchasing gadgets. You could also explore a savings plan such as HDFC Life Sanchay Plus that offers life cover along with guaranteed returns to create a corpus for the holiday.

Step 3: Watch Out For The Smart Deals

Flight tickets are the cheapest when booked 4 months before your departure date. You’ll save some more if you get them booked on a Thursday. Similarly, a cruise holiday can cost multi-fold more than a beach holiday can for a family of four over the week.

Such details can make a huge difference when it comes to planning the perfect budget-friendly family outing.

Step 4: Fix A Budget According to Your Expense Chart

While determining a holiday budget, remember to take into account every possible element. This includes your hotel stay, the average cost of living per day in the city you’re visiting, food and clothing, passports, airline tickets, and documentation-related expenses. Also, give yourself a considerable margin for miscellaneous expenses, leaving no room for unpleasant surprises during the trip.

Step 5: Never Sway Away from The Budget

It’s easy to make a budget, but difficult to stick by it. If you want to make the most of your finances while having fun on a family holiday adopt a disciplined mindset for adhering to your money management plan. Don’t give in too easily to your urges to spend before the trip. Delayed gratification will really pay off in this situation.

Conclusion

About 77%*2 of all parents planning trips with their families have admitted that getting the best value for their holiday budget is their primary focus. This included luxury travel, an amenities package, and a popular tourist destination. But don’t worry; good planning and perfect execution can get you the best family holiday ever. All you need is a dream and the will to get through with your budget restrictions. Don’t let anything ruin your adventure!

(*Source:

  1. https://www.livemint.com/news/india/indians-to-spend-more-on-travel-report-11648546846903.html

  2. https://ashthetraveler.com/family-travel-statistics-and-trends)

ARN: ED/10/22/29842

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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