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Don’t let your holiday ruin your finances – tips on cost control

The summer holidays typically means higher costs for most households. Intrum Justitia’s European Consumer Payment Report shows that around 10 % of families borrow to finance their holiday. To help people with a tight budget, Intrum Justitia’s Helena Milutinovic offers a few vacation tips.

Summertime means a vacation for many of Europe’s households and that often involves expenses – to get to the beach, to visit family and friends or to discover new cities. However, many households are already struggling to make ends meet in everyday life, something that becomes clear from the over 50 000 contacts that Intrum Justitia has every day with people across Europe.

In the video below, Helena Milutinovic, a collector at Intrum Justitia, shares some useful advice on vacations and finance – these are tips that are useful to everyone and not just for those whose finances are a little stretched.

Tip#1 – Get your house in order. If you are already struggling with your personal economy, don’t wait to sort it out – it only gets worse. Pay your bills before going on vacation and pay them on time.

Tip#2 – Don’t overspend. If you have a budget for your holiday, then stick to it! If you don’t have one, then make one. Calculate how much money you have to spend each day over the summer– and stick to your plan!

Tip#3 – Spend less. There are plenty of ways of being on holiday and not spending so much. BYO (bring-your-own), for example. Have that party or family get-together you yearn for but get everyone to pitch in by bringing their own food and drink. Even exploring new places and cities is possible when you swap houses with others – and it’s a fun and cheap way of going away.

To learn more more about European consumers spending behaviour and their ability to manage their household finances, see our latest European Consumer Payment report.