Seeing the world, or even exploring your home country, can be a great way to indulge in experiences, create some wonderful memories, and discover learning opportunities for your children. Whether you are a travelling novice, or this is something that you have been doing for years, you may want to revisit some of the tips on saving money as you move from place to place. For some, travelling may be something that is restricted to school holidays while, for others, travelling may be a constant process. Either way, keeping on top of finances can benefit you, as well as your family.
Junior ISAs
If your children have the travel bug and wish to explore on their own when they reach adulthood, have other pursuits in mind, or you simply want to give them a bit of financial help, a junior stocks and shares ISA might be a good option for you (click the link for more info on junior ISAs and transferring them). This will allow you to deposit money into a designated account that will only be accessible by your child once they turn 18. In addition to this security, the account will also accrue interest, and investments can be made ethically, so you do not need to compromise on your own personal values, while still giving your child a helping hand.
Be More Frugal
When visiting a new destination, it can be all too easy to be lured into tourist hotspots or pricey excursions. Instead, try to limit the amount of these that you partake in, and broaden your horizons. At times, you might be able to find cheaper, or even free, experiences to try, that can still be fun and educational, without destroying your bank account. From here, it could then be a wise idea to take the money you would have spent on the pricey sight-seeing ideas and put it in your savings account to grow.
Plan Ahead
While you may find discounts available on travel or accommodation if you book at the last minute, this also means that your ideal destination may end up sold out, and your travelling gets cancelled. Instead, booking ahead may also be of use to both yourself and your bank balance. A survey found that, on average, accommodation prices dropped by up to 15% when booked up to a month prior to the arrival date. This number could potentially increase the earlier that you are able to make your booking. The takeaway from this is that, if you decide on a destination early enough you may very well be able to save a lot of money that can be put into your savings account.
While travelling may sometimes be expensive, it can be a wonderful hobby or lifestyle choice to have. By considering your plans for the near future, as well as the upcoming years, and optimising your savings accounts as much as possible, you may be able to continue having your adventures, without running the risk of indebting yourself.
Carol
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