I will reply from our experience. We are a family with one kid. Did a lot of travels in Europe. You can get cheap flights to Europe search on skyscanner. If you dont mind travelling from Hurghada or Sharm you can get some really cheap deals from there. Second thing is instead of hotel - book airbnb this way you will feel comfortable and it will be cheaper if there is 4 of you. Food - breakfast buy things from supermarket and eat in your airbnb home or outside.