Home » Finance » Loans

Counting The Cost Of The Summer Break

Aug 23, 2008
Around 81 billion pounds is spent on holidays each year by British people, new research suggests. A study carried out by Abbey - part of the Spain-based Santander group - found that average Britons spend an amount equivalent to 10.1 per cent of their net income on sojourns each year.

And this figure equates to around 1,650 pounds per person for holidays over the course of a year, the study found. While some people raid their savings to pay for their breaks, others may choose to opt for a low cost loan to help cover the cost of a trip overseas. The survey found that some 50.4 billion pounds is taken from savings accounts to pay for holidays - meaning that other forms of cash make up the remaining 30 billion pounds.

"If people cut back a small proportion of the amount they spent on holidays and kept their savings, this would make a real difference to their financial wellbeing. With savings rates at excellent levels, there has never been a better time to save for the future," said Reza Attar- Zadeh, director of savings and investments at the firm.

But people may consider other options that will not affect their savings if they wish to go on a holiday. Choosing to take out a low cost loan to pay for a trip away may be an effective way of paying for a holiday without having a large expense leave an account at once. With loan repayments being made monthly, the costs could be spread more evenly over a number of months.

In related news, Abbey earlier this month revealed that homeowners wishing to make some money could do so by renting out their back rooms to lodgers. The organisation noted that there are around 18.2 million homeowners have at least one currently uninhabited room in their house and could be making money by letting out a spare room to a lodger. Taking such a step could yield returns of more than 3,500 pounds each year, the company claimed.

Apparently, there are currently some 388,000 adults renting out a room in their home. Over the course of a year, these individuals are earning in excess of 1.1 billion pounds from their spare space. But before taking this course of action, it is worth checking with a mortgage provider, Abbey notes, as although there is unlikely to be any problems over payments, any changes to circumstances could have an effect.

Last month, it was noted by moneysupermarket that individuals about to head off on their holidays should be sure to take out a relevant travel insurance policy, particularly if active pursuits, such as white-water rafting, bungee jumping or skiing off-piste, are likely to be followed. Taking part in such sports presents the average holidaymaker - including those who may have used cheap loans to help them cover the cost of their break - with a greater level of risk to their health and safety and therefore adequate travel insurance cover should be taken out, the organisation suggested.
About the Author
Abbi Rouse writes for All About Loans. Our visitors can apply online for bad credit secured loans. We also specialise in the cheapest loans online, and UK consolidation loans.
Rating:
Please Rate:
(Average: Not rated)
Views: 271
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources