Save More for Holidays to Avoid Borrowing

Yes, You Can Save More for Holidays to Avoid Borrowing

Ailsa Adam June 3, 2019

Regular break from routine work and lifestyle is the best way to recharge our life for mental well being. Brits understand this fact very well. According to a recent survey covering more over 2000 Brits, on an average Brits take at least two-holiday trips abroad each year. The majority of people taking 2-holiday trips belong to 25 to 35 years age group. Survey also revealed that almost 48% people have no hesitation in borrowing for holiday tour whether from a bank, friend or family member.

Brits Use Different Sources for Holiday Funding:

Almost 88% people use personal savings for holiday trips while 48% use credit card for holiday funding. The total borrowed amount since 2016 for holiday trip is about £253.6 million. If we go year by year, Brits borrowed for holiday trip £109.4 millions in 2016, £112.5 millions in 2017 and, £31.7 millions in Q1 2018. The increase in total holiday loan in the UK is estimated around 23 per cent since 2016 up to Q1 2018. The people are using different sources to get funds for holiday tour but borrowing from direct lending agencies in the UK has also been a popular choice. The large amount of personal loans is used for holiday celebrations. Sensing this genuine need that is shaping in to a trend, the numbers of direct lenders offer short-term unsecured no guarantor loans for this purpose. Payday loan and 3 -4 months loan are more used for this purpose but people avoid long-term loan for this purpose.

Is It Too Late To Save For Christmas Holidays?

Can you avoid Christmas holiday borrowing by saving? Yes, if you are determined to save for this purpose. No credit check – no guarantor – personal loan from a private lending agency is the most convenient way to enjoy the holiday season; however, a holiday celebration with saving brings more happiness.

  • Plan in advance: Accurate planning for saving is the first step of ‘The Art of Saving’. List the people going on holiday tour and fix the amount you can afford to make purchases and spend for each person. Total the figure defines the budget required for holidays. Now check your accounts and decide how much you need to save so that you could avoid borrowing.
  • Constraint your activities: Reducing the amount on activities, you do normally including hanging out at late night, going to pubs, watching shows etc will surely help you save more dollars for loan free holiday. The habit of going straight to your home after office will help you save considerably.
  • Save parking cost: By using public transport, you save a lot on fuel cost and parking cost. Once you development this habit, you start saving considerably for the year after year. In addition, you will contribute in environment protection for the global mission of ‘Green earth’.
  • Reduce outdoor eating: Develop the habit of self-coking at home; it will improve not only the health but also your saving. Just check how much you have paid to restaurants for avoidable outdoor eating.
  • Book the tickets well in advance: The railway and air tickets are cheaper if booked earlier. In case, you are determined to go to a particular destination for fixed period, book your tickets in advance avoiding last minute booking at higher rate.

Any day is the best time to start saving. Borrowing from a direct lender is a dependable financial help source but you should use it when there is no way left to try.

Short-Term Personal Loan for Holiday

The tailor-made personal loans in the UK are easily available even for the bad credit score holders. Whether you are employed, unemployed, small business owner, self-professional, these are available for you. These loans are available for different periods. Payday loan is also a good option but in most cases, the entire loan amount is deducted from the forthcoming paycheck; it lands you in financial turmoil because you still have to pay the regular living expenses. If you can’t afford repaying single installment payday loan, opt for two to six monthly installments loans with accurate judgment of repayment capability. By optimising holiday expenses and activities, you can reduce the required amount. If you are a good credit score holder, try your regular mainstream banks bank; otherwise, go to FCA regulated direct lender.

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