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John Davies

With a number of years journalism experience, John is a personal finance journalist and editor providing regular daily news updates to the MoneyMaxim website. His area of particular interest includes house prices, mortgages and insurance. He works as News Editor at MoneyMaxim.

Family holidays abroad – see the latest trends and read our money saving tips

There are a number of tips on how to stick to your budget when taking a family holiday, such as renting a car instead of taking public transport.

As living costs increase household budgets leave less and less room for the expense of family holidays. This is why UK parents are now opting to take advantage of off-peak prices and take their little ones on holiday during term-time. There are a number of tips on how to stick to your budget when taking a family holiday, such as renting a car instead of taking public transport.

Term-time holidays are on average 46% cheaper than those taken during the school holidays. It then comes as no surprise that the latest study from LV= travel insurance has found that up to three in ten UK parents (29%) have decided to take their children on holiday during term-time.

More than a half (57%) of UK parents, who used to go on family trips during term-time, argue that costly holidays are the main reason they remove their children from school for a family break. For 32% of parents, travelling during term-time is the only option as their restricted budgets don't allow for travel plans during the school holidays.

Selwyn Fernandes, managing director of LV= travel insurance, said: "The difference in price for taking a trip during the school holidays and during term-time is huge. It is not surprising that so many parents are willing to risk a fine of £60 when they can save ten times that by holidaying outside of the peak season. If something goes wrong on holiday it can be very expensive to put right and it is important that families don't scrimp on travel insurance and leave themselves at risk.”

Saving tips for family holidays

Travelling abroad always comes at a cost, especially if you are travelling in a group.

A good way to make savings is hiring a car once you land in your destination. This will allow travellers to optimise costs and avoid overspending on public transport. Find out about car hire excess insurance in your chosen destination and save time and money by renting your holiday car.

Otherwise, you should try to book as early as possible. Find out what the online deals for family holidays are and avoid tourist hotspots where prices can be over inflated.