While it can be stressful to plan a family vacation, don’t let this stop you from creating a budget, saving money and making your vacation ideas a reality.
Whether you’re planning a staycation or an international adventure, keep these simple cost-saving strategies in mind for the perfect family vacation.
Here are four family vacation ideas and strategies for where to spend and where to save.
Do you want to go on a family trip but can’t afford to travel far? Try a staycation in your local area. Take time off and check out local events, festivals, historic sites and museums—many of which offer discounts or free admission on specific days.
Visit your local tourism board’s website for ideas or call your Chamber of Commerce and request a visitor’s guide.
If you’re itching for something different, plan day trips to nearby cities or towns or go outside and try backyard camping. If you can afford to splurge a little, spend a couple of nights at a local hotel. For added fun, pick one with a pool, hot tub and great view.
Ideal for families who can’t afford the cost of multiple airline tickets, road trips can get you where you want to go and offer the perfect family bonding experience.
Whether you’re traveling to a U.S. national park or a big city like Boston or Chicago, driving rather than flying can cut vacation costs by thousands of dollars—and give you the chance to see the country along the way.
Many cruise lines offer a wide range of all-inclusive deals, so you don’t have to worry about food, entertainment or lodging. Cruises aren’t just for those looking to hit the beach on a tropical island—there are some that will take you to Vietnam, Norway, the west coast of Africa, Scotland and the Mediterranean.
Best of all, many include adult-exclusive events and kid-friendly activities. Before booking a cruise, make sure to ask about hidden fees, such as port taxes, excursion costs, gratuities and parking at your launch port.
Ready to travel abroad with your kids and show them a new cultural experience?
Trips like these can add up quickly, so in addition to normal travel costs (like flights, food and hotel accommodations), you’ll need to consider currency exchange rates, foreign transaction fees on credit cards, roaming charges on your phone, whether you need certain immunizations before entering your destination country and international departure fees (if you’re flying).
The good thing is, all of this can be carefully planned for with a little organization and thorough research.
It’s hard enough to save for future expenses such as college tuition, mortgage payments and home improvement projects. Factor the cost of your family vacation into your budget well in advance so you can have plenty of time to save the money you need to travel.
One way to build your vacation fund is by opening a savings account dedicated to making your family vacation ideas a reality.
Consider opening a money market account or a high yield savings account at Synchrony Bank that is FDIC-insured.1 These accounts offer no minimum balance requirement and easy withdrawals online, by phone or ATM.2
During a family vacation, you can rent a car or drive your own, but factor additional costs such as snacks, hotel stays and gas. Calculate fuel costs before your trip and set aside money for unexpected auto emergencies.
It’s easy to eat out while on vacation. Below are ways in which you can save on the cost of food and still make the most of your vacation:
Start saving for your vacation by opening a money market account or high yield savings account today. Contact Synchrony Bank online or call 844-345-5789 to speak to a banking representative about savings options for your family vacation ideas.
Economic Policy Institute: http://www.epi.org/resources/budget/
1FDIC insures our customers up to $250,000, per depositor for each ownership category.
2Federal regulations limit the number of electronic and telephone transactions you can make with your savings or money market account to six transfers or withdrawals per monthly statement cycle. If you exceed these limits, we may close your account.
*ANNUAL PERCENTAGE YIELD (APY): All APYs are accurate as of 05/25/2018.
APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For Money Market and High Yield Savings Accounts, the rate may change after the account is opened. For CDs, a minimum of $2,000 is required to open a CD and must be deposited in a single transaction. A penalty may be imposed for early withdrawals. After maturity, if you choose to roll over your CD, you will earn the base rate of interest in effect at that time. The APY shown for CDs and IRA CDs is for a 60-month CD with a balance of at least $25,000. Click here for all CD rates and terms offered.