Its’ that time of year again to start to look forward to the summer and those holidays!  Have you thought about your breakaway yet?  Efficient money management is vital.  Have you planned this expense in your household budget?  For many years, now and in the past, Christmas Savings Clubs have been common place.  These clubs were set up to enable people to set aside money on a weekly or monthly basis in advance of the inevitable expense of Christmas.

Not so common place is a Holiday Savings Club.  In bygone years, our parents and grandparents were the epitome of efficient money management as they always saved towards any major expenditure such as Christmas and the summer holiday.  They prioritised what was essential expenditure and simply did without if they could not afford the luxuries.  Although the family holiday was not considered an essential expense, it was always something the whole family looked forward to.

There are a number of things you need to consider before deciding on the family holiday.  Firstly, you will need to calculate how much money you can afford to spend on a holiday before you decide on where you will be going.  If you are struggling to manage your money or to pay your regular bills such as rent/mortgage, utility and grocery shopping, you will need to set up a budget plan to structure your payments.  This will help you to see if there is room for the additional expense of a family holiday.

You don’t have to join a specific account or club to set aside money towards your hard earned holiday.  Include the expense in your budget and you will not need to worry about paying for your holiday when summertime is here.  Remember to include your spending money, allocate a daily budget and stick to it, but always include a contingency for the unforeseen expenses.