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Original poster

To holiday or save?!

30 replies

Keepgoing88 · 27/08/2023 22:32

I know I am fortunate but I’m in two minds about whether to book a foreign holiday for next year or to just save. I’ve been saving hard this last year and by end of year we should have about £6k in bank. It’s a big milestone birthday for me next year and I’m considering a holiday for around £3k for a family of 5. It just doesn’t sit well with me that that’s half my savings on a week or twos jolly… but I would also love a holiday to celebrate my birthday with my family. I don’t know why I’m struggling with the decision. A few years ago I wouldn’t have hesitated and booked the holiday but this whole cost of living crisis has made me think twice about spending! We can comfortable afford our mortgage and bills each month with no debts other than mortgage and both in secure jobs… what would you do?!!

OP posts:
Birdie8989 · 27/08/2023 22:35

I would book the holiday - experiences and special memories are worth more to me than extended savings

Whoknowswhatanymore · 27/08/2023 22:36

I would book the holiday! You’ve done amazing to save that much and it shows you can do it again but money sat in the bank is nothing compared to memories with your family and especially as it’s such a special birthday for you. You say you’re not struggling, so book it and enjoy! ❤️

goodenoughmum88 · 27/08/2023 22:37

Book the holiday. We had 2 weeks away this year abroad for the first time in 4 years. I had no idea how much I needed it. Feeling so much better and focused with my family, and also towards life in general. You won’t regret it.

Shadowboy · 27/08/2023 22:38

Book the holiday. You dont know what the future holds. What is money for if not to have some element of enjoyment.

Whiterose23 · 27/08/2023 22:39

Book the holiday. I’ve had two close bereavements this year and although both were taken too soon it was enlightening listening to their life stories.
We’re lucky enough to be comfortable so I have taken decision that life is for living.
I’ve booked five holidays over the next twelve months and I refuse to feel guilty.

countdowntonap · 27/08/2023 22:42

Hmm. I personally don’t like going below £30,000 in the bank … but understand some people are more flexible with savings than that. Could you perhaps just use 35% of your savings on a holiday? And put the rest into a fixed term savings account for an extra interest boost?

horseyhorsey17 · 27/08/2023 22:43

countdowntonap · 27/08/2023 22:42

Hmm. I personally don’t like going below £30,000 in the bank … but understand some people are more flexible with savings than that. Could you perhaps just use 35% of your savings on a holiday? And put the rest into a fixed term savings account for an extra interest boost?

I won't go any less than a million. Below that and I'd have to consider selling the Van Goghs.

TeenLifeMum · 27/08/2023 22:44

What kind of holiday for 5 people costs £3k for a week? Curious because we’re a family of 5 and haven’t found anything that cheap apart from Butlins, in which case I’d say save a bit more.

onceiwas7yrsold · 27/08/2023 22:44

find a cheaper holiday.

Original poster
Keepgoing88 · 27/08/2023 22:44

Thanks everyone for advice. I think we will definitely book something but will wait till nearer the time to make sure we don’t have any nasty financial surprises and can def afford it. We have booked last minute before and got a good deal too so maybe that is the way forward!

OP posts:
gingersnappz · 27/08/2023 22:44

I won't go any less than a million. Below that and I'd have to consider selling the Van Goghs.
Grin

TeenLifeMum · 27/08/2023 22:46

@horseyhorsey17 I know right? You really feel the pinch once you’re into 6 figures in the savings! Mn really spans all financial situations but some are very tone death 😂

RoseMartha · 27/08/2023 22:47

Book the holiday

ZenNudist · 27/08/2023 22:49

£3k not a lot for a holiday now but seems like a lot of money for you. I think £3k savings in pretty low. I'd probably find a cheaper holiday.

Pottyhelp · 27/08/2023 22:54

Well done for increasing your saving. I don’t mean offense but I don’t think £6k is a large savings for a family of 5, to warrant a rush to spend half of it. I would continue to build up your savings. I personally cannot imagine spending such a high % of my savings on a holiday.

countdowntonap · 27/08/2023 22:55

@horseyhorsey17 tone death, or sensible? Mid 30s, no debt… plans to retire before we’re ancient. I absolutely would not go on holiday if alls I’d return to is £3000.

countdowntonap · 27/08/2023 22:56

It doesn’t ‘sit well’ with the op because it isn’t a sound financial decision.

Overthebow · 27/08/2023 22:56

Is £6k the total savings you have? I wouldn’t book a holiday if that’s the case. Keep the £6k and save up extra for a holiday.

Zipps · 27/08/2023 22:59

Book the holiday, then add to your savings. You won't need to pay the balance for ages.

PaddingtonBearLondon · 27/08/2023 23:03

Personally I'd want to have enough to cover 3-6 months of expenses before I'd book a holiday (with extra savings). Just in case of redundancy or ill health.

We're all different but make sure you feel comfortable with whatever you decide.

Forgetaboutme · 27/08/2023 23:04

I'd book the holiday so long as you have no reason to believe your job is at risk. We've been saving and we now have about 15k just sitting doing nothing. I'd prefer a few holidays to money in the bank but my dh is a big saver.

BellaBellla · 27/08/2023 23:06

horseyhorsey17 · 27/08/2023 22:43

I won't go any less than a million. Below that and I'd have to consider selling the Van Goghs.

Show quote history

😂

OP, good rule of thumb is have at least a 6-month emergency fund in case of job loss, then you can spoil yourself!

mrsbyers · 27/08/2023 23:07

I’d book it and then keep saving hard to pay for it

confusedlots · 27/08/2023 23:09

Book the holiday! We had a few years without a decent holiday due to using all our spare money on major house renovations and we managed to get a holiday this year and it did us all the world of good! I'll be booking soon for next year!

Calmdown14 · 27/08/2023 23:13

If you can 'comfortably' afford your bills could you not pay at least some of the holiday from your usual monthly pay?

If you couldn't save at least £1000 towards it then you are not really comfortable.

How long has it taken to save 6k? Is that savings as in not to be touched or would you need it if say the car needs £400 of repairs?

If there's slack in your budget elsewhere it's less risky. But if there's slack then I can't see why it would come out of savings unless it's just a deposit to be replaced.