Having a summer break without breaking the bank
Escaping for a dream destination holiday can be the ultimate way to unwind and recharge the battery. But without a budget planned with care, the summer getaway can create more stress than relaxation – not to mention an intense financial headache.
Summer holidays are costly and without a longer period of savings, the getaway to offshore sun and beaches can be inaccessible.
Intrum's most recent European Consumer Payment Report shows an increase in the share of consumers with a positive attitude to financing holidays on credit. In 2017, around one out of six consumers (16 percent) said that they believe it is OK to finance a holiday on credit or using borrowed money. This is up by 3 percentage points since 2016 and six percentage points since 2015.
But lending money for the summer vacation can leave a bitter aftertaste, with a pay off period going way beyond the last traces of the tan received. A good start to avoid a financial backlash after the summer is to set a realistic budget, and make sure to follow the budget throughout the holiday. If it is necessary to finance the summer trip with a loan, a post-vacation budget can ensure you to be able to pay back on time.
There are also plenty of ways to get into the holiday mood without extensive expenses. Here's a few examples:
- Stay at youth hostels for a cash-conscious trip. Complement with one or a few nights at a hotel for a bit of a luxury treat.
- Become a stay at home-tourist. Most of us have plenty of hidden gems yet to discover in our local area. Check out the tourist guides for your hometown and prepare for sightseeing that doesn't demand long travelling hours.
- Hire a bicycle and do a spot of camping or hiking, with barbecues, campfires and communing with nature.
- Invite your friends and family over for a potluck party in the garden or your local park.
- Try a new outdoor sport - challenge your friends on climbing, volleyball or another outdoor activity that provides for a summery feel.