Easter is a time many of us look forward to. We enjoy fun family trips and days in with relatives tucking into delicious food and enjoying a drink or two. Not to mention the inevitable binge on chocolate eggs. It’s fair to say that this time of year is one of joy, but it comes with a price tag. Keeping the kids entertained, satisfying everyone’s sweet tooth and hosting extended family can take its toll on our bank account. Therefore, managing your finances during the holidays effectively is hugely important.
Set a Realistic Budget
One of the best ways to take control of your finances is to set a realistic budget. To do this, you need to calculate how much disposable income you have each month. Simply add together any fixed bills you have, such as mortgage or rent payments, electricity and gas bills or mobile phone contracts. Once you have your total fixed outgoings, you can take this away from your income. This gives you the amount you have left over each month. The key here is to be sensible and avoid overspending. Keep enough aside to cover any unexpected costs such as a boiler breakdown or car repairs. Once you have set yourself a realistic budget, stick to it. No matter how tempting another chocolate egg may be!
Reduce your Spending
During holidays we can get a little carried away with our spending. What started off as a trip to the park with the kids can quickly turn into afternoon treats at the local café. You might think that a one-off low-cost item, like an ice cream or coffee, is completely harmless. But these small purchases can result in a huge amount of over-spending over the course of the holidays. Before you head out for a day with the kids, plan where you are going and what you are doing. This will put you in control of how much you spend so you can avoid making repeated unplanned purchases.
Pick Wallet-Friendly Activities
As much as your children might insist that they NEED to go to the most expensive trampoline park in the country this Easter, there are plenty of fun and cheap activities to keep them busy. Why not take them on a bike ride to explore the great outdoors? Have a water fight in the garden on a hot summer’s day? Make a den in your living room and get cosy to watch their favourite film? Do a treasure hunt around the house? Your bank account will thank you for choosing cost-effective activities and your kids will be pleased to get stuck into something new.
By following these tips, you are sure to have a fun-filled Easter holiday that ensures both your bank account and your family are happy!