Going on holiday when you're a DFW?

getmore4less

Tommy81 wrote: »

Hi all

Just wondered how many of you factor in a holiday to your budgets whilst paying off debts?

Some may disagree but we have agreed to include this in our budget on the following conditions-
A) it doesn't add to our debts
it doesn't affect our debt repayments

I'd be interested to know if others still plan a holiday whilst on a debt
Free journey?

Depends what you mean by that,

The holiday money could go towards the debt and bring the debt free date forward so it will be affecting your debt repayments.


End of the day you decide how to allocate your money and how long you want to take to pay off your debts

But don't delude yourself it's not affecting your debt repayments.

Don't forget to add the interest you are paying on debt you won't be paying off as part of the holiday total cost.

mrsscattercushion

We took holidays whilst hubby was on his DMP ~ but our circumstances were somewhat different as he was the only party to the DMP (debts pre-me) and I funded the breaks....I do think a break away can help recharge batteries and is needed, especially if working over and above to pay off the debts, but should be carefully budgeted for

sourcrates

All work, and no play, makes you a dull boy ( or girl) lol, but you get my drift !!!

good_advice

It is a personal choice to go on holiday wile paying off dept.
The thing is most people have some dept and just do not admit it to anyone.
Often a loan for home improvements, car loan or mortgage. Some have made bad financial choices.

Over the years, we have tried to get away some where every year.
Tried camping, holiday parks in the uk, Trips to Europe.
Even just a mid week break some years.

This spring we decided to have a stay cation as that means we can pay off our one and only loan. Feels great! No more giving away our money in interest payments. Rather that than have a holiday this year.
Maybe we will have a few days at a holiday park in the Autumn with our dog. A dog walking holiday.SC.

Eyes_wide_open

I think its a personal choice. In my opinion there is the frugal route where no luxuries are had and you pay the debt off the fastest or there is the more scenic route.

I personally feel that the scenic route was the way to go for me as the thought of not being able to buy anything spontaneously or treat myself occasionally for the for seeable future wasn't realistic.

Everyone is different and some people may feel that its daft as luxuries are not necessary/ or the reason you got into debt etc. However you live in your shoes and until someone else does they don't have a right to judge.

If having a holiday helps you maintain a budget for the rest of the year and obviously it isn't the holiday of a lifetime or massively impounds the debt then why not.

Life is for living and just because you have debt doesn't mean you have to stop!

x

Tommy81

getmore4less wrote: »

Depends what you mean by that,

The holiday money could go towards the debt and bring the debt free date forward so it will be affecting your debt repayments.


End of the day you decide how to allocate your money and how long you want to take to pay off your debts

But don't delude yourself it's not affecting your debt repayments.

Don't forget to add the interest you are paying on debt you won't be paying off as part of the holiday total cost.

Thanks for your comments.


I understand your points but we are making a fixed overpayment to our debts each month to allow us to clear them in 2 years. I wouldn't be willing to extend our debt repayment plan or borrow more but we are happy to use some of our 'spare' money to have a holiday.


I know that we could use the money to make additional payments but we have chosen not to do this. I don't think I was 'deluding' myself as our holiday won't affect the 2 year plan that we have agreed to follow.

Puzzcat

Personally I took the scenic route to get here over 25 years...and shall take the scenic route to get debt free...6 - 8 years..I prefer the Marathon to the Sprint..

Life is about choices and what is right for one person may not be for the next.

[Deleted User]

Personally, I wouldn't feel bad about taking a holiday, while a DFW, provided I was paying the contractual minimums.

If, however, I was paying less than the contractual minimums, then I'd scrub round the holiday, until I had cleared my debts.

getmore4less

Tommy81 wrote: »

Thanks for your comments.


I understand your points but we are making a fixed overpayment to our debts each month to allow us to clear them in 2 years. I wouldn't be willing to extend our debt repayment plan or borrow more but we are happy to use some of our 'spare' money to have a holiday.


I know that we could use the money to make additional payments but we have chosen not to do this. I don't think I was 'deluding' myself as our holiday won't affect the 2 year plan that we have agreed to follow.

Thats fine,

Now you have to be carefull of the "oh we did not budget for that expense" and not have a big enough pot of spare(emergency) funds to cover it because some has been spent on discretionary things like the holiday or a bit more going out or...

You make your choices but need to keep a very close eye on the budget and be prepared to adapt should things need changing

sjw64

The question of going on holiday whilst trying to clear debt crops up every now & then.

For me, it’s all down to how desperate you are to clear the debt. If you are the sort that puts away every penny (and I mean every penny), scarifies everything but the bare essentials and living on the most basic needs. Then going on a holiday is out of the question.

I personally think it is wrong for people to say they are clearing debt, especially so via a DMP and go off on holiday. It just doesn’t sit right. I appreciate & respect people own personal circumstances and what they do with their money or how they go about clearing debt is entirely their business but the money spent on a Holiday (travel/food/drink/this/that and some more of this & that) would reduce that debt without any doubt whatsoever. It might only bring the debt free date forward by a couple of months but do that every time you find yourself with a bit of ‘spare holiday cash’ and you’re on a winner.

I’ve applied that logic for the past 5yrs or so and this November I will have cleared £63k of debt. No Holidays no nothing, not even a day trip. Every single penny goes on my debt and I’m shocked at the snowball effect it has had reducing it.



We are all different tho`