Money

how couples can avoid leaving themselves in post holiday debt

Written by The ReReport



CASH-strapped Australians are lying to their partners about the true cost of a holiday before they set off.While getting away for a much-needed break can help relieve stress, it also can add tension when costs quickly accumulate.Some people are being dishonest to get their partner on-board, but this tactic could escalate into bigger relationship problems once the trip ends and the holiday glow wears off.How to get a price drop on holiday and entertainment costsEasy ways to reduce your Christmas spending New research from travel website Wotif has revealed 42 per cent of people have lied to their partners about borrowing money to fund their holiday adventures.And with the peak Christmas holiday season just seven weeks away, many holiday-makers should start getting organised to lock in their summer vacation plans.media_cameraMany couples are failing to be honest with each other about the cost of a getaway.Wotif travel spokesman Chris Milligan said failing to be open and honest with your partner about holiday costs could quickly create unnecessary stress.“If you’re lying about the costs you’re going to get back and have a holiday hangover,” he said.“All of a sudden you have credit card debt that you weren’t aware of and suddenly you have large interest repayments to make.”The research surveyed more than 1000 Australians and found holiday budgets typically blew out by an average of $1130.The research also found mothers (27 per cent) were more likely than fathers (21 per cent) to have lied about the cost of a holiday.Jetsetters are encouraged to be transparent about the real cost of a holiday from the outset to avoid a post-holiday bust-up when they return home.Tribeca Financial’s chief executive officer, Ryan Watson, said financial dishonesty was a big no no.He urged couples to be open and honest with each other, particularly when it comes to holiday spending.“A small lie here and there can lead to much bigger problems over time,” Mr Watson said.“When purchasing a holiday, it should always be done from savings. Paying off the debt from a holiday is generally never worth it.”sophie.elsworth@news.com.au@sophieelsworthAVOID A HOLIDAY BLOWOUT• Set out a realistic budget.• Have a separate holiday travel savings account.• Save together for the trip.• Book well in advance.• Consider package discounts with extra inclusives.• Opt for a local holiday or shorter getaway.• Keep track of your spending while away.• 0Monitor the currency conversions if travelling overseas.Originally published as Couples dishonest about their holiday costs



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