Are you struggling to save money for your family holidays as you keep spending the money because it is in your main bank account? Then maybe you should consider a holiday bank account. There are many options available but personally we have a normal current account with the same company we have our main accounts with. This means we can easily transfer money via our banking apps, which saves us a lot of time.
Setting Up A Holiday Bank Account For Family Holidays
Set a Budget
We have a separate bank account (joint bank account) that we transfer a set amount of money into every month (remember to start with you don’t have to transfer huge amounts, start small and increase every few months). This means we know that the set amount of money will be increasing every month and we don’t have to worry that we will spend the money.
What Budget Will Cover
This set amount of money that we set aside each month has previously been budgeted by me (Sam) which I know will be enough to cover the following while on holiday:
2. Transport (flights, ferry etc)
3. Petrol if going by car
4. Airport car parking (if parking car)
6. Fees to pay for our dogs to go to the home boarder (not kennels) and rabbits to get looked after
8. Some extra money for postcards, souvenirs.
9. Travel Insurance
Having a separate bank account for our holiday money gives us peace of mind that we won’t be stressing at the last minute because we have been spending it on other things either through the month or the year.
Once back off our holiday if there is still money left then it stays in the account for our next holiday. Which then means we could either go away again in the same year or spend a bit extra on the next years holiday (i.e better accommodation)
Do you have a separate bank account for your holiday savings?