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When it comes to building family unity, things like annual family vacations are a great way to spend time together and create great memories that the family will remember forever. Nothing is better than being able to say, “Remember when . . .” and laugh together at the memory.
But too many families create these memories by charging the hotels, theme park tickets, and other adventures to credit cards. This isn’t the way to plan for a vacation. Instead, it’s best if the family creates a vacation fund that is used to pay for such vacations. This can be done by creating a budget and sticking to it.
So the first step is to create a budget that your family can follow. Outline the definite expenses (car insurance, rent or mortgage, food, etc.) and then outline some money for fun and entertainment. List the essential entertainment factors. If you have a long flight ahead, you can ask to get direct.tv while you are travelling to keep you entertained. If possible, 10 percent should be allotted for long-term savings such as retirement. Decide how much you want to spend on your vacation and how long you want to save for. This will determine how much you will need to put away every month. In this way, when you get to the time of your vacation, you’ll have the money you need. If possible, be a little generous on the amount so there’s a cushion in case you spend more on food or souvenirs than you planned.
If you don’t have much leeway in your budget, consider involving the whole family. The kids could earn money from neighbors by doing extra work around their house to earn money and you could have a big jar that you put all of your change into to help you earn.
