Family vacation budgeting tips

Family vacations are times to slow down, bond and build core memories with loved ones. But saving money for an annual family trip may take some planning and financial savvy. Here are some cost saving tips for planning your next family vacation including advice on setting a budget, saving money and a few creative strategies.

Setting a budget

Many prospective travellers may at first consider a budget constraining, but having an idea of how much you can spend on a vacation can help you consider the possibilities.

Before you even have a destination in mind, you may start by taking an audit of your expenses and considering where you can cut back. Are you ordering a lot of take away or grabbing prepared meals from the grocery store after work? What about that streaming service you’re still subscribed to three months after the last season of your favorite show? Cut back where you can to get to where you want to go!

Money saving tips

Now, once you’ve identified how you can save, it’s time for the fun part — considering some destinations! To keep costs low, you can opt to travel during the shoulder season and outside of major holidays. Or get off the beaten path by choosing a destination that doesn’t receive a lot of tourists, which can often mean lower rates on hotels and attractions. Get the kids involved in choosing where you will roam and have them research things to do. If they’re invested, they may be more likely to help stick to the family budget!

Write your goals

You can use an app or an old-fashioned pen and paper to estimate expenses for your accommodations, transportation, eating out and other trip essentials. With your destination in mind and expenses paired down, you may want to create a savings goal of a set amount monthly. It can help to establish a dedicated vacation savings account, with competitive interest rates and no fees.

Before you go, consider ways you can save on big ticket needs like transportation, accommodations and food. To save money on getting around, consider using multi-day or multi-week public transportation passes in major cities.

Make your money work for you

If your children are older, getting around metro areas by rented bicycle can be a great way to catch sights you would otherwise miss in a car, save money and get your heart rate up. Consider checking into a room with a kitchen to cook some of your meals and save money on eating out. If you’re looking for low-cost activities, many museums may have discounted or free admission. Local parks, trails and beaches can give you a taste of local scenery without breaking the bank.

You may always have bills to pay, so why not use this fact your advantage? Consider paying your bills with a no fee travel rewards card. If you pay the total balance monthly, accruing points toward airfare and hotel stays with a travel rewards card can be an effective way to put more money toward travel.

Travel insurance and savings

You should know that your Canadian government health insurance plan may not fully cover you if you experience a medical emergency outside of your home province. And many health care facilities abroad expect payment before service. A travel insurance policy by Allianz Global Assistance with emergency medical coverage may save your family thousands if you experience a covered emergency during your trip.

Travel insurance may also be a big help for delays, cancellations, lost luggage and other snags that can be extremely costly. Let’s say your child catches the flu the day before you’re scheduled to fly for the family trip. A travel insurance policy by Allianz Global Assistance with trip cancellation eligible benefits may reimburse non-refundable expenses if your trip is cancelled or delayed due to a reason included in your policy.

We offer plans for a range of needs and budgets. Purchase protection for a single trip or consider an annual plan as an economical option if your family travels multiple times a year. You can also tailor your coverage with plans that solely offer either medical or trip cancellation benefits.

As a world leader in travel protection, we help millions of Canadians annually answer the call of adventure with confidence every year. Let us be there for you, too.

Travel insurance is underwritten by CUMIS General Insurance Company, a member of The Co-operators Group of Companies, administered by Allianz Global Assistance, which is a registered business name of AZGA Service Canada Inc.