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Original poster

Do we spend too much on holidays?

108 replies

phrankiepoo · 25/12/2023 19:43

What percentage of your take home pay do you spend on holidays/travels?

We go abroad for 3 weeks each year. Maybe a few days more.

We take home around £75k each year. We probably spend around £8-9k of that on holidays, all in. So we spend around 8% of our take home on holidays. My grandmother was telling me she thinks that’s an outrageous amount and I should be saving the money instead.

OP posts:

Heatherbell1978 · 25/12/2023 19:53

Is £75k your net or gross pay? If it's net then I'd say that's fine. We take home slightly more (net) and have a similar holiday budget for a family if 4. If that's your gross salary then that's quite a chunk of it I'd say. But as with everything, it depends on your other outgoings. What you should be spending on holidays would look quite different on no mortgage vs a mortgage if £2k per month.

LolaSmiles · 25/12/2023 19:57

It depends on your circumstances and other expenditure.

If you are renting or paying a high mortgage and regularly complaining about things being tight or unexpected bills being a stress, it's probably quite a high and easily reduced expense.

If you've got no mortgage or a small mortgage, feel comfortable and you prefer to spend your disposable income on holidays over other things then it's not a big or unreasonable expense.

Original poster

phrankiepoo · 25/12/2023 19:57

Net! And funnily enough, our rent is 2k a month.

OP posts:

Crooklodge · 25/12/2023 20:00

We don't even earn half of that and our holidays are usually 5/6k. Life's too short to worry about it.

Heatherbell1978 · 25/12/2023 20:02

So I guess to your grandmothers point, how much do you save? How old are you? Our holiday budget money comes out after pension payments and savings and would be the first thing to cut back on if we were struggling. We usually do an annual overseas trip and a couple of other holidays in the UK on our budget. Restricted to school holidays so it isn't cheap. As long as you are actually saving (and on a gross over £100k you should be) then that's fine.

CoatOfArms · 25/12/2023 20:03

If you can afford it, spend what you like. It's nobody else's business but yours. We spend a lot on holidays too because we can afford to, and don't class camping as a "holiday".

Overthebow · 25/12/2023 20:06

It depends on your circumstances. You say rent, are you trying to save up to buy? Do you not have much in savings? If so then 8k on holidays a year is a huge amount and you should be saving that instead. If you are financially comfortable and own a house, have sufficient savings and pension fund then it’s fine!

Beckafett · 25/12/2023 20:06

She's entitled to her opinion but your money your choice.
Assume you are in a secure tenancy if you are renting and you don't need the money for a rainy day?

Overthebow · 25/12/2023 20:06

Also if you’d rather have the holidays then a house and savings then that’s fine too.

GreatGateauxsby · 25/12/2023 20:18

I think if holidays are important and something you prioritise it’s fine tbh…

you have a healthy household income and presumably excess money.
as long as you are still saving I think it’s fine

Hipnotised · 25/12/2023 20:22

I think you're mad to rent when you could be putting that towards owning a house.

Get that out of the way and then do the holidays.

Doyouthinktheyknow · 25/12/2023 20:23

We are spending a little more with a slightly higher income next year but haven’t previously spent so much.

We have had many a year of a week in the UK self catering while we had a mortgage but have paid it off and we can afford to spend more.

I would say you need to be saving as well and if you can’t afford that, you may need to cut down.

My mum and dad would be horrified at what we are spending this year, I just don’t tell them!

ShinyAppleDreamingOfTheSea · 25/12/2023 20:28

We spend similar and it's an even higher percentage for us - but we paid off our mortgage a few years back and no longer have dependent DC living at home .

PizzaPastaWine · 25/12/2023 20:30

If I was in your situation I'd be putting the holiday fund towards the deposit for a mortgage. I realise that a mortgage isn't for everyone.

We spend about 15% a year on travel. Numerous holidays a year varying from camping/sports tours/longhaul.

Travel is high on my list of priorities but owning my own home more so.

Derb · 25/12/2023 20:31

If you budget for it and can afford it then that's fine. Your disposable income is yours to do with as you please.

Enjoy your holidays!

Beezknees · 25/12/2023 20:33

My income is £27k a year after tax/pension and spend about £6k a year on holidays. It's all relative to outgoings.

Beezknees · 25/12/2023 20:35

I rent too but I have a housing association property with a lifetime tenancy and quite frankly owning a home wouldn't be worth it in my situation, I have cheap rent and don't have to pay for any repairs or home maintenance. So I spend my disposable on holidays.

byteme1011 · 25/12/2023 20:35

Agree with @Derb it's your choice how you spend your income and no one elses? If you prioritise travel go for it and enjoy yourself. Speaking personally as long as you are saving/got an emergency fund, I really don't see the issue? What else would you spend it on?

lernum · 25/12/2023 20:36

For me it would depend why you're renting. If it's because you haven't been able to save for a deposit, then I personally wouldn't have spent that much and would be frugal with holidays and other living costs so I could get on the housing ladder. Housing security is important to me and I'd want to tackle that first, especially with dcs to consider (if you have them/want them in the future).

If there are other reasons for renting and you have the money put away for a deposit when you're ready to buy, that's different and a choice you've made.

stonkytonk11 · 25/12/2023 20:36

If you can afford it and aren't getting into debt for holidays then go for it. Personally I feel that holidays are really important and worth spending a bit on, why shouldn't a good chunk of your income be spent on something that widens horizons and creates wonderful memories?

arewedoneyet · 25/12/2023 20:39

I think it's a gross amount to spend when you don't even own your own home

Original poster

phrankiepoo · 25/12/2023 20:48

@arewedoneyet

Thank you! Appreciate your view.

But you do realise having a mortgage doesn’t mean you own your home outright?

OP posts:

AuContraire · 25/12/2023 20:48

phrankiepoo · 25/12/2023 19:57

Net! And funnily enough, our rent is 2k a month.

So your combined take home pay is 12k a month, and you spend 9k a year on holidays?

I mean, you could survive easily on one salary netting 6k a month if your rent is only 2k, so no, it's not "too much" to spend on holidays.

Everyone is different but I can't conceive of earning that amount of money and not wanting to buy a home rather than keep renting, when you can easily afford it.

But 9k on holidays aren't what's stopping you doing that, so <shrug>, horses for courses.

whyamiawakestill · 25/12/2023 20:49

Sounds great, we spend 15k+ a year minimum and to the "buy a house" posters we rented for 15 years while saving and having fab holidays, I'd rather have time and adventures over a mortgage any day.

You are only on the planet once go and see it and enjoy life. Home ownership in this country is massively overrated.

Original poster

phrankiepoo · 25/12/2023 20:50

We live in central London so it’s not as easy as the rest of the country to just “buy a house”.

OP posts:

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