Summer holiday money?

So, you sort of had it planned. The summer holiday (now a distant memory) was fab last year and the plan was to repeat the vacation this year.

10 days of sun, sea and sand, perhaps a glass of wine, as the kids practice their backstroke in the pool, and a cultural excursion to some sites, with dinner planned in the cool of the evening. The jasmine fragrance will fill the air by then, as will the pesky mosquitoes! Sure, it was one of the main expenses in last year's calendar, but worth every pound.

What are you going to do, if anything, this year? Sure, you might get a break at half-term in October, if we're all allowed, but other than that it's looking a bit grim.

The Office for National Statistics (ONS) suggests that for 2018, the average per-person cost of a 10-night holiday abroad was £947. So for a family of 4, allowing for some junior discounts, that might mean a hefty £3,000 or so for the family to have their fun in the sun. Some statistics on our travels can be found here:

https://www.ons.gov.uk/peoplepopulationandcommunity/leisureandtourism/articles/traveltrends/2018

And it doesn't look like any of us are going to be able to take this trip in 2020. It's probably not fair to suggest that you're going to save all that cash, because you'll want to be entertained somehow. But say you could save half, maybe £1,500. That's £125 per month, if you want to look at it in another way. What could you do with it?

You could:

  • Pay down a credit card to save interest costs
  • Build up some emergency savings in a deposit account or Premium Bonds, as examples
  • Start a savings plan for the children, who are still not best pleased about this year's holiday situation!
  • Put some extra money in your pension
  • Start an ISA

Now, we know that this is not as exciting as a sun-drenched trip to the beach, but hey, it might help save for your trip away in 2021. When you're sat in your garden, the park, or balcony as summer approaches, have a think about this, and what you could do with some of this year's summer holiday money.