Holiday Costs Blog

POLL RESULTS 

We recently conducted a Poll on our social media channels asking you how much you spent on a holiday (maximum 4 people) this year.  The figures suggest the average spend of your holiday was between £2,000 - £4,000 (38% spent between £2K to £3K whilst a close second 36% spent between £3K to £4K). 

AVERAGE COST OF A HOLIDAY IN 2023 

This figure represents a fairly accurate comparison to the average cost of a holiday in 2023 as quoted by BBC News in January of this year.  In January the average cost of a holiday was £3,104, up by around 5% from 2022.  Figures showed that people were spending more on holidays despite finances being squeezed by the cost of living. 

INCREASE IN HOLIDAY PRICES 

Furthermore, Which.co.uk quoted holidays were up to 70% more expensive due to rising airfares (jet fuel prices surging with oil prices) and higher hotel rates (with hoteliers facing spiralling energy and food costs).  Which? provide tips on how to keep the cost of your holiday down here. 

SAVINGS OR LOAN TO FUND YOUR TRIP 

According to the Post Office Travel Money Holiday Spending Report (which surveyed 2,000 UK customers) 66% were still planning a family holiday abroad in 2023, with 38% of respondents booking an all-inclusive holiday, despite the pressures of living costs and price increases.  More than 27% of families will dip into their savings to afford a holiday abroad, and 16% will delay spending on a car and home improvements to help fund their trip. 

When we asked our Instagram followers how they would fund their holiday this year, a majority 58% said they would lift from their savings, whilst 33% took out a loan with their credit union. 

NORTHERN IRELAND HOLIDAY DESTINATION 

With temperatures set to soar again here in Northern Ireland, having hit the hottest day of the year recorded so far (25.3C on Saturday), you might feel somewhat aggrieved to head off on that sun seeking £3,000+ holiday!  Particularly when we are seeing holiday destinations such as Nice and the Canary Islands experiencing rain showers and lower temperatures than Northern Ireland!  We’re hearing reports of an increase in Northern Ireland holiday makers, given the ongoing amazing weather we have been experiencing.  The Times featured a review of Northern Ireland as a great holiday destination, and we couldn’t agree more.  However, keeping it local and holidaying in Northern Ireland is perhaps not always the cheaper option, with a huge rise in costs, especially North Coast destinations and the price of rentals. 

SAVING FOR YOUR NEXT HOLIDAY 

We encourage our members to “save as you borrow” with a minimum of £10 per month required to keep your account active.  Why not set aside an extra £10 or £50 per month to help save towards your next holiday.  Details on how to make a lodgement here.  Or you can increase your monthly direct debit or payroll amount by contacting us here. 

NEED A LOAN TO HELP BOOK YOUR DREAM HOLIDAY? 

Should you need a little extra help, we offer lower costs loans to the value of 5 x times your savings.  Ts and Cs apply.  You might be looking at a 2024 deal early to save on costs, a loan may help you pay this in full, with manageable repayments from 6 months to 5 years.  Check out our LOAN CALCULATOR here for an idea on monthly repayments for your next loan. 

Questions?  Get in touch today.  

Email creditunion@harpandcrown.co.uk or phone 028 9068 5198. 

“Save regularly and borrow only what you need.”

The Harp and Crown Credit Union provides safe, secure, flexible finances for the wider police family in Northern Ireland.