by MyDadBlog on June 3, 2011

in Uncategorized

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The prospect of the annual vacation isn’t always as restful as the break itself, with concerns about saving, budgeting and paying for the holiday that your family wants.

The trick, as with everything, is to plan in advance. In the same way that Christmas should be saved for during the preceding year, annual vacations should be planned for and budgeted.

Of course, there are times when an annual savings plan towards the family vacation just isn’t practicable, particularly for last minute holiday decisions.

In those cases, it’s wise to spend time researching the cheapest loans, credit cards or other cost effective borrowing options, to avoid paying punitive charges finance fees and remembering your break for all the wrong reasons!

Firstly, go onto a price comparison website to see what offers are available for zero percent credit cards. Often these offers have a special promotional rate for new spending or balance transfers.

For zero percent on new spending, purchase the holiday at this promotional rate using the card and be sure to pay it off within the zero percent window, or you may face high interest rates.

A low interest loan is a good option for spreading the cost of the holiday out over the annual period or less (any longer will begin to run over with next year’s vacation). Again, search online for the best interest rates and factor in all additional fees and costs.

Avoid payday loans for financing breaks unless you have weighed up other options, sought financial advice and are sure these are right for your circumstances.

PayDay loans are designed to bridge the gap for very short periods of time, usually between bills due and payday. They often only cover small advance amounts and the interest rates can be very high. This is because they aren’t designed to be long term loans.

If you’ve investigated credit cards and loans and there is nothing attractive enough on the market, consider other more creative options. Could your family lend you the money? Could you perhaps raise some extra cash by selling unwanted clothes, toys and other household items on ebay?

Could you work overtime or take on some freelancing to raise additional funds to pay for the holiday? Make sure your tax return is updated accordingly if you do!

Or how about even bypassing the traditional long haul holiday for a year and joining the thousands of Americans who are choosing to have staycations this year?

Rather than spend large amounts of money heading to exotic locations, enjoy time off with your family and make a holiday of it. Visit local tourist attractions, have days out, eat ice-creams, go on bike rides…

There are plenty of low cost holiday options which don’t require spending a fortune, or even worse, borrowing one. So shop around, spend wisely and make sure your holiday is one to remember.

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