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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:
Christmassss · 26/12/2023 19:08

Whilst I love my holidays I’d not be spending so much on them if I didn’t own my house Same and I really love them.

DarkWingDuck · 26/12/2023 19:10

5-10 years ago I would have agreed with your grandmother- save now and put some away for later in life. The increase in the retirement age the length of mortgages now- I’ve changed my mind. I realise I will likely die before I retire or pay off the mortgage. Enjoy a bit of life now.

Beezknees · 26/12/2023 19:15

Heyhoherewegoagain · 26/12/2023 19:06

Whilst I love my holidays I’d not be spending so much on them if I didn’t own my house

Show quote history

I don't own a house, I couldn't afford the upkeep or a mortgage as a single person. I have a council property. So I spend on holidays.

CKN · 26/12/2023 19:16

Why are you discussing your finances with your Granny?? I never discuss my finances with my family.

Sceptre86 · 26/12/2023 19:16

Apologies, I've misread 3 weeks as 3 holidays. Only defense is I'm dosed up on painkillers. Ignore that part of my post!

EasterIssland · 26/12/2023 19:17

Can you afford them? If yes then there is no right or wrong of what % you should be spending. We have been to Lapland and nyc this year. We can afford it. So that’s all we need

Heyhoherewegoagain · 26/12/2023 19:18

Beezknees · 26/12/2023 19:15

I don't own a house, I couldn't afford the upkeep or a mortgage as a single person. I have a council property. So I spend on holidays.

Show quote history

That’s fair enough and I’d probably do the same in your shoes! I don’t think the OP’s £2k a month here t points to a council house though…although there may be reasons for renting rather than buying, such as job relocation etc

adultsizedogbed · 26/12/2023 19:20

I'd be more worried about the £2k a month on rent !

Why on earth don't you buy a house ?

LumiB · 26/12/2023 19:24

Why do they have to buy a house maybe it doesn't suit them right now. Maybe when she finishes her MBA and gets a higher paying job they might need to move for it so no point tying themselves down right now.

Besides in the latest update if after the MBA their combined net is somewhere around £250k as indicated by OP then they can buy then.

Brandyginger · 26/12/2023 19:25

We spend approx 10% of our household income on holidays but varies year to year.

we never, ever, disclose how much we spend on holidays with friends or family. No one knows our salaries, how much we have in pensions and other savings, how much is left on the mortgage. Nothing.

i think on the face of it your percentage spending is low BUT it doesn’t really compute if you’re intending to try and buy a property in London alongside your Cheshire property.

Heatherbell1978 · 26/12/2023 19:36

Still confused about earnings OP! You've come back to say 75k, then 250k then 150k. It's a bit strange to start a thread about whether you spend too much on holidays and then not give a clear picture on what you actually earn.

Christmassss · 26/12/2023 19:37

Still confused about earnings OP! You've come back to say 75k, then 250k then 150k. It's a bit strange to start a thread about whether you spend too much on holidays and then not give a clear picture on what you actually earn.
The OP corrected themself, it will be 150k.

Gettingbysomehow · 26/12/2023 19:39

Depends. Do you have money for pensions and savings?

Suchapain · 26/12/2023 20:09

I currently spend around 100% of my income (small pension) on holidays. Basically I am living off savings. I do have investments which I will need to dip into once savings are gone.

Travel is my priority while I am physically capable of it. I spent much of my youth scrimping and saving and prioritising paying off the mortgage. With hindsight, I wish I had travelled more when I was young and fit, and let the mortgage run for longer while interest rates were low.

Mumof118 · 26/12/2023 20:31

You’re paying for the experience and memories. If you can afford it, do it.

Buttercup176 · 26/12/2023 20:32

3 weeks abroad for £9k? .£3k a week? Seems like a pretty cheap holiday.

Janedoe82 · 26/12/2023 22:05

I think you are being optimistic about how much extra you will get with an MBA

Original poster
phrankiepoo · 26/12/2023 22:18

Thanks @Janedoe82 , but it’s work sponsored at the Saïd and I have a work contract stating my salary upon return.

OP posts:
pinkstripeycat · 26/12/2023 22:41

We earn £55k net and this year went on 2 x 1 week hols abroad. First time we’ve been able to do that as we paid our mortgage off a year ago after an inheritance.

We spent extra on private villas with own pool as kids are late teens and we thought it’d be nice to have some privacy

In the past we’ve been on caravan and camping hols so this year we felt really lucky. Our caravan hols were great too though

qpalbfy · 27/12/2023 08:49

@phrankiepoo sure, so just show Granny your contract stating you're about to earn £250,000 then, problem solved.

greenacrylicpaint · 27/12/2023 08:51

as long as you pay max pension contribution and have cash available for emergencies it's fine.

Hibernatalie · 27/12/2023 08:52

Our annual net income is £84k and we spend no more than £3k a year. This year will be half that.

We are spending a lot on renovations at the moment though.

BertieBotts · 27/12/2023 08:53

Your grandmother is probably thinking of prices back when she was your age, that's why she probably thinks it's too much.

HolidayHappy123 · 27/12/2023 08:57

No. £75k “each year” not “each”.

HolidayHappy123 · 27/12/2023 09:02

Massive drip feed on the salary there OP. I’d say £8k on a £75k annual income is too much especially when you don’t own your home. It’s fine if you earn £150k or £250k. But it’s all relative. I spend far more than you but I also earn far more, our house is mortgage free, school fees are paid until the end of 6th form and pensions are maxed out.

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