Whether you crave sun-drenched beaches, bustling cityscapes, or awe-inspiring nature, there's a perfect destination waiting to be explored without getting you into debt.
This guide will help you work out your budget and look for discounts to make going abroad on a family holiday less scary, financially. We’ll also unveil some of the hottest value spots in 2024, from sun-kissed shores in Southeast Asia to historic European towns steeped in culture.
It’s time to start making those travel dreams a reality.
Why budgeting for your holiday?
Having a budget is helpful when planning a trip because it will help you save for your holiday before you go. You can keep your finances on track while you’re away when you have already planned for the holiday costs. Researching and planning your holiday is fun and exciting, but paying for it can strain your finances. With some planning and a clear budget, you can ensure your holiday finances are sorted before stepping on the plane.
Budgeting for your holiday is essential so that:
- You don’t return having overspent
- You won’t be stressed about spending money on holiday as your budget has already been planned
- You don’t put yourself into unnecessary debt
- You can enjoy your holiday to the fullest as you know exactly what you can afford
- You have enough money to provide the basics as well as anything else you want to do while on holiday
How to budget for a family holiday?
Planning your travel budget: what costs are involved?
Before you think about holiday destinations, you need to work out how much you have to spend on your holiday. We’re looking for an affordable family holiday after all, so you need to think about what you have at your disposal right now.
It’s a good idea to think about all costs in advance so that you can add them up and see if it’s likely you’ll be able to find a way of coming up with this amount of money.
Here are some of the most common costs to consider:
- Travel costs
- Food and drinks
- Attractions and entertainment
- Accommodation
- Important document
- Medical costs
- Shopping
Set up a budget goal and start spending wisely
When do you want to go on holiday? Work out how much you have to spend right now and how much you can add to that pot each week between now and the time you want to go away. You can use the HyperJar app to create a holiday Jar and schedule in weekly payments.
Or you could create different jars for accommodation, transport, activities and food and drink. Your total holiday budget has to cover all elements of the holiday.
Use the analytics tab to look at what you currently spend day to day. Can any of that be reduced so you have more to put towards an affordable family holiday? For example, switching to supermarket own brands and using cashback for your weekly food shop would give you more money to add to your holiday fund.
What are the best family holiday destinations in 2024
According to data by Which? Travel, the Greek islands are currently the cheapest destinations for a package holiday this summer. The average cost of a 7-night package holiday is £847 per person in Kalymos, compared to £1,637 per person in the South of France.
Taking a close second place behind Kalymnos are Greek islands Thassos, at £862 per person, and Lefkada, at £935 per person.
The Costa Brava, a stretch of coastline north of Barcelona, took fourth place, with average prices coming in at £952 per person. The fifth-placed destination was Italy’s Venetian Riviera – specifically Lido di Jesolo – at £965, while the Amalfi Coast – famed for its glitz and accompanying high prices – came in at sixth, with an average cost of £977 per person.
Are all-inclusive family holidays good value for money?
What does an all-inclusive holiday mean?
All-inclusive holidays are enjoying a surge in popularity as we all seek to control our spending. The theory is that if you’ve paid for everything in advance, there’s no need to worry that costs will snowball when you arrive.
Are all-inclusive holidays worth it?
But that’s not how it works in practice with all providers. Premium alcoholic drinks usually cost more and sometimes there are excursions and water park trips to pay for. Research found that guests of Loveholidays spent an average of £328 extra during their week-long all-inclusive family holidays - paying extra for snacks and cocktails.
Also, traditional hotels that offer all-inclusive options are usually a lot more expensive than self-catering accommodation. Hostels, guesthouses, vacation rentals, or even home swaps could bring down the costs of your stay abroad. Plus, foreign supermarkets are often very affordable and you can choose what you eat, which is great for fussy kids.
It often pays to look for cheap flights first, then work out how expensive the cost of living is in the destination to secure the most affordable family holiday.
How to find the cheapest flights for a family holiday?
Head to comparison websites
Comparison websites will show you a variety of flight options so you can compare deals from all the major airline providers.
Skyscanner, Kiwi and Kayak are the best places to start.
Search for "everywhere" as your destination to see the cheapest locations for your travel dates. These sites also allow you to play around with calendars, highlighting the most economical days to fly. Don't be afraid to sign up for email alerts to be notified of price drops.
The beginning or end of the holidays tends to be cheaper than mid-August. Look for fares towards September, and then there’s the added bonus that the kids can return to school feeling extra “holiday-fresh”.
Maximise saving when booking
Remember, there's power in incognito mode. Airlines and travel websites use cookies to track your searches, and sometimes, this can lead to price hikes. Browsing in incognito mode ensures you're seeing the most unbiased fares.
How to make the most of your spending money abroad?
Once you’ve found a few flight options, it’s time to use available research to see how far your money will go abroad. While places in Asia may be more expensive to get to, once you’re there you’ll save on accommodation and meals out, so it’s worth considering.
The Post Office annual travel money report has compiled research into the cheapest holiday destinations for 2024, based on eight tourist staples; the cost of a three-course evening meal for two including a bottle of house wine, a cup of coffee, a bottle of beer, a Coca-Cola, a glass of wine, a large bottle of water, sun cream and insect repellent. They used data from tourist boards and tour operators to compare average prices from 40 destinations across the world to determine the cheapest overall holiday destination
Vietnam, with its stunning beaches and vibrant culture, has climbed to the top of the "best value" list. South Africa and Kenya follow closely behind, offering incredible wildlife encounters at budget-friendly prices. Europe isn't out of the picture though, with Portugal being the sole European contender, thanks to its continued appeal and stable pricing.
List of most affordable family holiday destinations in 2024
- Hoi An, Vietnam
- Cape Town, South Africa
- Mombasa, Kenya
- Tokyo, Japan
- Algarve, Portugal
- Sharm el-Sheikh, Egypt
- Sunny Beach, Bulgaria
- Kuta, Bali
- Marmaris, Türkiye
- Paphos, Cyprus
- Penang, Malaysia
- Phuket, Thailand
- Delhi, India
- Costa del Sol, Spain
- Montego Bay, Jamaica
You might want to use SkyScanner or Kayak to see if you can find cheap flights to any of these destinations, given that you know your money will go further once you get there.
How to use HyperJar to reduce the cost of a family holiday
Gaining instant cashback
Staying in AirBnB? You can get cashback vouchers for that on the HyperJar app. Travelling by Uber to the airport? There’s cashback for that too. You can even save on the cost of a hotel, if you decide to stay in one, with cashback available for Hotels.com and Lastminute.com
Cashback is immediate, giving you more money to spend while you are out there.
Saving from FX fees
Also, the HyperJar card can save you money on FX fees when you’re abroad. Some debit cards and credit cards will charge you a FX fee every time you use it abroad. Take your HyperJar card, or link it to Apple Pay or Google Pay, for a fee-free way to pay with a great exchange rate.
If you look at your bank account regularly, you may have noticed that some transactions are labelled ‘pending’. For example, if you make a purchase with a debit card or credit card, it will almost always show as pending when you view your account online or in a mobile banking app.
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