How to Have a Great Holiday Without Going in to Debt
We’ve hit the holiday season and, depending on where you are in the world, you have perhaps two, three or four weeks to go before taking a well-earned break.
But, perhaps not so wonderful if you end your holiday by looking back in regret at how much you have spent. It is one of those times of year when it is easy to be persuaded: “Go on, you’re on holiday!” as though the only way to enjoy yourself is to eat, drink and spend beyond your means.
So, let me remind you of my six rules for having a great holiday – at any time of year.
1. Set a Budget
Decide now what you want to spend during your holiday, then allocate it to the different things you want to have. Decide how much to spend on coffees, on food and drink, on ice-creams, on outings and so on. If you have children, you can even agree it as a family: Yes we can go to the theme park, but that means less ice-creams. Are you okay with that? Once you have set the budget, stick to it.
2. Decide now how you want to feel after the holiday
By having a clear vision of your future, you can use it to remind you every time you are tempted to over-spend. This trick works for other forms of over-indulgence too – if you want to step on the scale in September and not have gained weight, keep that in mind when looking at the all-you-can-eat buffet (which, by the way, is an invitation not an instruction!)
3. Always have consequences in mind
As you stare at the extravagant souvenir in the shop window, ask yourself, “How long will it take me to pay for this?” If you don’t like the answer, walk away.
4. Put your credit cards away
It is so easy to over-spend on credit cards because it isn’t as ‘real’ as cash. You can see how much you have left in your wallet when you pay with notes and coins and it is a very simple way to manage your spending.
5. Own your own vacation
Every time you look at the trips being offered or the expensive restaurats, keep reminding yourself who is in charge? This is your holiday and no one else’s. Don’t let the fact that you are away from home make you feel that you have to spend more than you have on trips, outings and other treats. There is always plenty to do for little or no money and no one will think anything of it if you like to spend the day on the beach playing on the sand and swimming.
6. Don’t let “you’re on holiday” be an excuse to not take action
Every holiday season, I hear the same thing. “I’m in debt, but there is no point doing anything now, since I’m about to go on holiday.” If you are in financial difficulties, now is the perfect time to start. You can take action now, today, which will put you back in control of your spending, set a plan to clear your debts and allow you to enjoy your vacation all the more, by knowing you are on the way to being debt free.
Start by taking my Money Type Quiz and getting in touch for a free, initial consultation.