Going on holiday whilst in debt - WWYD

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Hi,

DH and I are in the process of paying off a lot of debt. We got into lots of debt through silly spending and wanting to have everything right away. We are doing well with the repayment plan - we have a set budget and for the last 26 months we have managed to pay all of our bills, living costs as well as making significant overpayments to our debts. We are on track to be debt free in 3 years. We have also managed to build a small savings pot - this was important to us as we had no buffer before.

The issue is that our kids are getting older and I feel as though I don't want to miss out of making precious memories with them. I would really like us to go on a cheap foreign holiday next to spain/majorca etc. DH thinks that we can't go in holiday until the debt is clear

I understand his point, but I also feel that life is for living and that we can't forgo every nice thing. I think that we could book a holiday as long as we stick to the following rules -

the holiday can not add to the debt that we already have
It must be paid for in full - no credit
It must be a cheap option

I just think that we are doing well and paying everything back at a good rate. I feel like I am punishing myself. We have already made huge (but necessary) sacrifices to pay off the debt.

WWYD?

Why does it have to be a foreign holiday? Have a cheap UK break and make your precious memories there!

We have done Florida , Canary Islands and more , what do the kids remember? Camping in Scotland ( we stay in Scotland) they loved it so much it was even spoken about when oldest daughter got married.
I would look at going away in 3 years time when you are debt free, mostly everyone is only 2 payslips away from trouble it honestly won't be long

I would go n holiday, self catering, try to keep costs low within reason, a mix or eating out, at home, picnics, car rental and a few activities

"Life is for living" - well no-one will disagree at a basic level, but the question is what does that result in? That attitude is arguably what got you into debt in the first place. So yes, go on holiday with your children, but challenge yourself on what the most cost-effective way to do that is: I have plenty of "precious memories" of family holidays with my parents that were put together very cheaply, including visiting the beach near our house, staying in a guest house some family members owned at "mates rates" etc etc My first trip on an aeroplane was when I was 16. And this is in the 1990s, not ancient history.

Have the holiday. Keep on track with the rest.

Life is too short!

It's a big no from me. The money you'd be using to pay for it is not yours - it's owed to someone else. The fact that you plan to pay it in the future rather than now does not change the fact that it still needs paying. People may argue that a mortgage is a debt and people still go on holiday, but that's different. You have a mortgage for a quarter of a century usually. It's a planned for debt, it's part of your living expenses. Your debts aren't. You just spent money you didn't have.

I have a feeling you may get into debt again in future if you manage to clear these debts, as it's obvious from the way you're talking that you haven't changed your mindset. Your DH has, but I don't think you have.

I wanted to add, there are threads on here all the time with people saying they lent their friend money and feel like a sucker because while they claimed they were really hard up and desperate for the money to pay the bills etc the next thing is they're posting on FB that they're on holiday. With their friend's money!

You're not doing any different. You just owe companies, presumably, and not a friend.

Try to reframe it all. Plenty of people forgo holidays when they can't afford them, sometimes for a few years on the trot, sometimes just for one year. Other people choose to compromise and go on a very cheap break in this country with picnic lunches, and takeaway instead of a meal out, or they stay home and have days out instead. There are other options other than just sitting in feeling sorry for yourself.

“Making memories”
is a convenient excuse to spend money you don’t have. You can make memories by getting a cheap camera and going for a walk in the woods! I would go out for days here and have a lovely time in other ways. You seem to envy what others have and don’t have ideas of your own. Pay the money off and then save up.

I agree with a pp that there is no point thinking about it if you partner is not on the same page. You have my sympathies though as it is hard when the kids are young for a finite time.
One solution might be to generate extra income. Maybe take on a extra shift or do some babysitting every weekend. Sell some old things. What ever extra you make can be used for a cheap holiday, and your debt repayments continue as planned.

Go. Stick to your sensible rules, but book that holiday. We haven't had many foreign holidays and I think we've only got a few years left before my eldest loses interest. I really wish we'd done more.

Big no. It's way too much pressure to have a good time. Get inventive with cheaper holidays instead

I’m not sure my dc valued holidays abroad over Uk ones. They don’t remember everything either! All this memory making is over blown. My dc liked holidays well beyond primary years. Have a holiday, but a cheaper one.

TeaAndStrumpets · 09/12/2024 13:43
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I don't really like the phrase "making memories". As if the kids will only remember an expensive holiday. They will enjoy a holiday with you wherever you go. Just my opinion. Camping is great fun for children

Absolutely this. Ours loved camping. We didn’t holiday abroad for various reasons but they have incredibly fond memories of cheap camping holidays in beautiful parts of the UK (rain and all 😁).

Depends on the age of the kids. 'Getting older' could mean anything.

If they're preschool age, probably wouldn't bother at all. 3 and 4 year olds are old enough to appreciate a UK break, but not old enough to miss it.

Primary, I'd say compromise and go to somewhere in the UK that's relatively cheap and cheerful. Much older than that, I'd give serious thought to going abroad because you're approaching the point when they won't want to bother, or at the very least won't engage if they go.

If you go anywhere, I'd also look at the May half term rather than summer. It's cheaper then. If you were willing to go further away, Turkey and the southern Greek islands usually have some good budget options for the October half term.

We often have years and years of no holiday because of animals/livestock.

Instead we have great fun doing different things that don't cost a lot. See 50 things from National Trust.

TBH there's no such thing as a cheap foreign holiday anymore, particularly with children.
You may feel as if you've booked a bargain, but unless it's fully inclusive and you're not planning to leave the resort at all there will be so many hidden expenses.
When you factor in up to date passports, travel to and fro the airport, general spending money, eating out, days out you'll be spending thousands.

And think about how much closer you’ll be to being debt free if you pay the money you’d be paying for the holiday to your debt! Means a holiday with no debt to think about will be much more enjoyable.

I’ve always had a rule that no debt for a holiday - I did it once years ago and having to pay it off when it was a distant memory wasn’t for me.

Holidays are a luxury

i would pay off the debt first

Look at ways to make more money

Switch bank accounts - free money

Cash backs - free money

Second job or a side hassle

Parish

Move savings to a higher rate of interest

My friend went on a family holiday via a plane for the first time in 25 years !

Big No! You need to change your mind set and learn the concept of delayed gratification and self discipline. Redundancy may be round the corner (many companies have frozen headcount and making cost savings aka redundancies) so spending a few thousand pounds on a luxury rather than reducing your debt is crazy to me. I might understand it if there you had a terminal illness...

It's not rocket science! You'll be spending money that you don't have. 3+ yrs left of debt? Surely, ploughing the money you would have spent on your holiday would shave quite a few months of your debt - at least 6 mths?

I wouldn't have any kind of holiday,not would I be.saving. everything would go on paying the debt. My ex H tried to kill me for insurance money, did a runner leaving me a huge amount of debt. Was made homeless, building society re possession. Second DH made redundant 4 weeks after completing on our first property, qualifying period of 9 months for the insurance payout. Then he was made redundant 4 more times in the following 8 years. No credit cards, just the mortgage. Did the downsize (almost seaside) bungalow when the kids left home,a few months after moving, came home to inform me his company had liquidated on the spot. You absolutely don't know what is round the corner. Nope, the kids don't remember the holidays abroad!