There are many pressures on parents these days to teach their children certain things and to give them a wide range of experiences. Taking children abroad is one of these experiences that parents may feel that they should do with their children to help to give them a rounded experience of the world while they are growing up. However, foreign travel can be very expensive and so you may be tempted to take out a loan so that you can afford for them to go with you.
Is worth getting a loan for a holiday?
It is worth firstly thinking about whether it is worth getting a loan to pay for a holiday. Loans are expensive and it is good to firstly calculate the overall cost of a loan and add that on to the cost of the holiday. Then think about whether you really think that it is worth paying that extra money on top so that you can go on holiday.
As well as the cost of the loan it is worth thinking about the other problems that might occur. Loans can be a source of stress both because people do not like knowing that they owe money and because the repayments have to be found month after month. If you get into financial problems, then this can be a considerable source of stress, may mean that you have to go without other things to make the loan repayments and you could end up defaulting on repayments which will incur even more costs.
Therefore you have to decide whether the benefits of a holiday are worth the extra cost and stress of taking out a loan. It may be that the relaxation that you get as a result of being on holiday will be outweighed by the stress of the loan.
Does foreign travel add more than UK travel?
The next thing to consider is whether travelling abroad will make a big difference to travelling in the UK. Really it all depends on what you want to get out of a holiday. If the idea is to experience something new, then you will find that you can get this from visiting parts of the UK that you have not seen before. If you want to experience a different culture, then you may be able to do this in the UK too, particularly if you go to more remote or extreme areas such as northern Wales or Scotland where they way of life is quite different compared to English cities. You should be able to find a contrast from your way of life even if you do not travel a very long distance.
Some people like to travel somewhere hot and sunny. This is difficult to achieve in the UK, particularly if you are looking for winter sun. If you like the idea of swimming outside and hot beaches and things like that, then this is tricky in the UK. Of course, there are plenty of indoor swimming facilities and warm indoor activities that you can take part in.
It is worth thinking about where you were thinking of taking the children and why you felt it would be better for them than staying in the UK for a holiday. There are plenty of different places to visit in the UK such as cities, theme parks, lakes, beaches, national parks, mountains and even ski resorts so it is possible to experience many different types of things without having to go so far.
Making the decision
It is worth thinking hard about this decision. It is lovely to have a holiday and share new experiences with your children. It can be a worry if all of their friends have been abroad and they haven’t. However, it is worth considering whether it is worth getting in debt to give them this experience. They may be able to afford to go themselves when they are older or you might be able to afford to take them without getting a loan. You also need to consider whether the experience that they get will be worth the money.
An alternative is to save up for the holiday. This will mean that you will have to delay going for a while, but it will end up costing you less as you will not have the loan costs to pay for as well as the costs of the holiday. You may think that you will find it hard to save. However, if you put aside the amount that you would need to pay for your loan repayments when you get paid and then add in any spare you have left at the end of the month, you will soon start to build up a significant amount of savings that you will be able to use to pay for the holiday.