Wednesday, June 17, 2009
Category:
Personal Finance Tips
According to Tesco Travel Money, the challenging economic conditions have failed to alter the fact that holidays are regarded more highly than other luxuries.
In fact, 54 percent of Brits will be holidaying overseas this year and a further 29 percent will be taking a minimum of two foreign breaks.
Despite this revelation, it has been pointed out that 34 percent will be spending ‘less’ this year, while 12 percent will be spending ‘significantly less’. It would seem that British holidaymakers are embarking upon a range of cost-cutting methods in order to avoid expensive breaks away. For example, 54 percent are reducing the amount spent on food and drink, and 43 percent are not shelling out as much on gifts or duty free. Self-catering accommodation has been booked by 30 percent who intend to completely avoid meals out, and 30 percent are opting for tents or caravans to save the pennies. In addition, 33 percent will be packing essentials such as teabags in a bid to make savings.
Bargain breaks would appear to be popular this year, with the attainment of cheap deals and free accommodation through friends and family ranking in the top five holiday priorities. The research also revealed that 76 percent are intending to map out their holiday finances prior to travelling, and 14 percent will not be able to afford to veer from these plans at all. However, irrespective of financial preparation and budgeting, just 48 percent shop around for the cheapest currency options. For 26 percent, convenience takes precedence over rates.
A spokesperson for Tesco Travel Money commented: "It's great to see that holidaymakers are pulling out the stops to get value for money and making sacrifices to ensure they get their two weeks in the sun. But they're still missing a trick with their holiday spending money. Getting a good deal is easy. By choosing a company like Tesco – consumers can pick up great value currency with their weekly shop in one of more than 120 stores across the country".
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Homeowners who have had to turn to their credit cards to fund their much-deserved holidays and who have several other forms of credit such as store cards, or hire purchase agreements, could consider consolidating these debts with a
secured loan. A secured loan could reduce multiple monthly repayments down to a single, straightforward repayment. By tying existing debts up into one place, any confusion and stress associated with juggling several credit card bills each month could be eliminated. A secured loan is one of many finance options available to those looking to consolidate debts. However, borrowers should remember that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
