5 tips to help you fund your next family holiday

When was the last time you had a family holiday? Kids playing in the sand, the ocean breeze on your face, the adults enjoying a glass of something special. Whether you’re craving an action-packed adventure or a relaxing poolside retreat, here’s how to save for your family’s next getaway.

1. Set a goal

This is the fun part! Get the whole family involved and decide where you want to go. Explore different domestic and international options to find something that suits your budget, climate and activity preferences, and estimate how much you’d need to make it happen. You can even set up a family vision board of your goal destination to keep you accountable.

If you’re trying to keep costs manageable on the trip itself, it pays to consider holiday types that include food or kids’ entertainment, allow you to self-cater, or that save on accommodation costs. Camping, holiday parks, house swaps or package holidays can offer good bang for your buck.

2. Save small amounts regularly

Set up a holiday savings account, and name it with your goal destination. This has been proven to increase your commitment to saving. Then, make a transfer each time you get paid, or each time you have some spare money to put towards your goal. Logging into e-banking or the Bendigo Bank app and seeing your holiday fund grow helps hold you accountable and keep you motivated to jet off sooner.

3. Cut household expenses

Move towards your goal faster by sending extra money to your holiday fund. Get serious about meal planning, plug any budget leaks, and get the whole family involved in budget-savvy behaviours. With the goal of your holiday to look forward to, you’ll stay motivated! You could also do a seasonal clear out and list some preloved items for sale to boost your balance.

4. Unlock opportunities

When was the last time you reviewed your home loan? You could save thousands in interest by refinancing or switching to a loan structure that better suits your needs. If you’ve got equity in your home, you might be able to unlock cash to fund your family adventure. A free Bendigo Bank Home Loan Health Check can identify opportunities that can get you on your way sooner.

5. Get booking and pack your bags

Once you hit your goal, you’re ready to book and get packing – but the budget-savviness doesn’t have to stop there. Plan your itinerary in advance to make sure you’re on top of your activities budget, scope out local supermarkets to stock up on food, and browse travel forums for hacks local to your destination. Some travel passes can get you into major attractions at a fraction of the walk-up price.