It’s no secret that today’s families are living on very tight budgets. Having enough money to cover all the bills each month is difficult enough, never mind having anything left over that you can tuck away into your savings account. 

Perhaps you’ve been wanting to take the family away on holiday for years now, but with the cost of living expenses so high, the idea of saving enough money for travel seems unrealistic. To help you wade through the financial stress of today’s families, here we’ll take a look at some ways that you can save money for your kids and manage to squeeze in a family vacation here and there.

Photo by Weiqi Xiong

Can You Cut Down on Child Care Costs?

Outside of your mortgage/rent and monthly utilities, one of the biggest expenses for parents is childcare costs. Depending on the childcare center, and how many kids you have there at any given time, your monthly costs could actually equal as much as your mortgage or rent. Finding a way to cut down on costs in this category, yet still have your child in a safe environment, can make a huge difference.

One tip is to choose a childcare center that is registered with a company like Jump Start, which specializes in child care loans. By choosing a center that is registered with Jump Start Finance, you can then apply for a line of credit. This is meant to cover up to two years’ worth of childcare bills for kids aged two to six.

Photo by Markus Spiske

Look for Affordable Vacations

We all want to go on lavish vacations, but not many of us can afford it, especially when kids are involved. In all honesty, there are many equally (if not more) fantastic vacation ideas for you and your family to consider – many of which will not leave your bank empty. 

Consider head somewhere that isn’t too far away. If you live next to the ocean, see if there is a lovely and affordable resort nearby. Vacations do not mean getting on a flight and flying halfway across the world!

Other ideas include keeping an eye out for all-inclusive vacation packages. A lot of these will compile the costs of the hotel, dining and activities into one, cheaper package deal. You can also research the cheapest days to look for flights – did you know that booking a flight around midnight on a Tuesday is the cheapest time?

Is Downsizing an Option?

While downsizing may seem like a drastic step, the fact is that you can save a whole lot of money by downsizing. Sure, it’s nice to have a big giant space to really stretch out and settle in, but is it actually necessary? All that money you would be saving on living expenses could then be tucked away into savings for your kids, travel, emergencies, and anything else.

Photo by Liana Mikah

Make money while you travel

Yes, you heard right. You can still make money while you travel if you and your family wish to be on the road and explore for more than a few weeks. This can easily be done with thanks to technology – sign-up as a freelancer and establish a few clients before you leave and keep contact with them as you travel!

Photo by Timur M

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