The financial come down from time well spent
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What is the main topic discussed in this episode?
The Clare Byrne Show on Newstalk. With Aviva Insurance.
Well, we have been really blessed with a great summer this year. Just maybe don't look out the window this morning. But up until now, it has been fabulous. But fun summers are often really expensive. So how do we cope with the financial comedown from time well spent? Well, joining me now is Irish financial expert, Kel Gallivan.
How do summer highs lead to a 'spending hangover' after holidays?
You're very welcome to the programme. Kel, thank you for coming in. Are spending hangovers actually real? Do they exist?
I think they do. Do you know what? I think they do. Because if you think about it, right, we spend so much of our year where it's cloudy and it's a bit dark and get a bit dreary. And we've had some long winters in the last few winters. So when it comes to our summer holiday, you kind of want to let loose. You want to have a bit of fun and relax. money probably doesn't have the same value when you're on holidays because you're like you know what I'm on holidays I've got my two weeks kids are running around whatever it is you just tap and you go I'll worry about it later and when you do that things can we get them tapping a bit more and we can come back.
So the good weather really does create this good feeling that encourages people to be a little bit looser with the cards.
I think so I think I think when you have a sunny day like your your worries they just melt away and it's just a bit easier and you think okay look I have a budget of this amount for this holiday but then you're halfway through and go do you know what we'll get the extra ice cream so we'll just eat out this evening oh we'll just do that extra trip and you're there on holidays and you're in that moment so the money you work so hard for it doesn't necessarily have that same value so when you come back you look at your credit card you look at your your bank account you go oh okay that was a bit more than what I wanted and that's where we get our bit of a hangover from
I mean, in an ideal world, I do think, Kel, you wouldn't be consumed with guilts after the spending. I mean, you accept the spending, draw a line under it and then try to deal with it. You need to take my job because that's it.
We should never feel guilty about enjoying ourselves. But it is important to not have the absolute dread where that pit is in your stomach, where you're so worried and you're facing in September and you're facing all these different things. Not that. Park that. OK, so you've had a lovely holiday. You're back. Now, you look at the numbers, you look at actually, OK, well, how much is on the credit card or how much, you know, what is that gap between what we planned on spending, what we have spent? And actually, when you run the numbers, it may not be as bad as what you think. So it's really important to just sit down and go, OK, what's the gap here between what I think I spent and what I actually spent?
Mightn't be so bad.
Why does good weather make people loosen their holiday budgets?
And if it is a bit worse than what you thought, well, then it's what do you do from here on in? And that's where you go, OK, well, do I just start planning a little bit more? Do I just go, you know what, for the next month, bar essential clothes we have to get for going back to school or whatever. We're not going to buy clothes that will pull us back or we're just going to eat in a bit more and pull that back. And just do it in really simple ways. We don't want to beat ourselves up over this.
The problem is, I think, that when you have a holiday coming up, you've a real motivator, don't you? To be careful, to save, to budget. It's easier to be disciplined before the event than after it.
Oh, yes, because the excitement is like eating bread is soon forgotten. But if we are nice and disciplined beforehand, well, hopefully you never get the hangover. But the best of us can just have that extra good holiday or things ended up being more expensive than what we thought. So what you do then is, OK, you'll figure out your gap, you work it out and you go, OK, let's let's start filling that gap in. And you go, OK, well, I mightn't have the free cash flow, the spare money in your account to fill that gap.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:01–0:29
2
How do summer highs lead to a 'spending hangover' after holidays?
0:29–2:37
3
Why does good weather make people loosen their holiday budgets?
2:37–6:08
4
How can you assess the real gap between planned and actual holiday spending?
6:08–9:46