Can you love travel, or holidays, too much? Upon first reflection, those of us who work in, or simply love the travel sphere would say no. But what about when vacations start having a detrimental effect on household budgets, at a time of rising energy and insurance bills, and interest rates?
Polling over a thousand Aussie parents, a recent survey commissioned by hotel price comparison site HotelsCombined.com shows that four in five (79%) Australian families go over budget when paying for travel.
Because of this, more than half (53%) of those polled said they would borrow money to travel, with one in three (34%) respondents open to paying for a holiday on their credit card, and one in five (19%) using a loan from a bank or relative.
But perhaps more than the cost of travel, forecasting, or lack thereof, is to blame as more than one in three (36%) Aussie families apparently don’t plan their budget when arranging holidays.
Or maybe travel means too much for us to care. According to the study, more than half (55%) of those polled said they would still take a holiday if the rising cost of bills added $500 a month to family expenses.
Reflecting the importance of travel to families, only a quarter (27%) of all respondents said they had cancelled a holiday when household budgets wouldn’t allow for them, while one in six (16%) simply downgraded to a cheaper vacation.
Qualified financial planner Lynette Bolton, who recently took a family holiday to Fiji with AFL star husband Jude Bolton and their two young children, believes parents shouldn’t have to compromise too much for getaways.
“Accommodation is likely to be one of the biggest expenses of any holiday so that’s what Jude and I looked at when it came to book our recent family holiday to Fiji,” she said.
“Many people book their flights first and that can really hamstring you on accommodation, so I recommend looking at accommodation and flights before you book to allow for some flexibility.”