According to the survey conducted by the company “Spinter Research,” the vast majority – 61% – of residents plan to spend up to 1,000 euros per person on summer holidays this year, while less than a fifth – 18% of respondents – plan a budget of more than 1,000 euros.
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According to Julius Ivaška, Director of the Business Service at “Urbo” Bank, such plans of residents align with common financial planning practices – it is usually recommended to allocate about 5–10% of annual income for holidays.
“Holidays should not be a spontaneous purchase that requires rearranging the monthly budget afterwards. If a person earns the average salary this year – about 1,400 euros net – their annual income is approximately 17,200 euros. In this case, 5–10% would be about 860–1,700 euros. So the 1,000 euro amount seen in the survey seems quite reasonable to many residents – it allows planning a quality rest without burdening the daily budget,” calculates J. Ivaška.
The study revealed that the largest share – 27% – of residents plan to fit their summer holidays into a budget of 500–1,000 euros. Almost a quarter (23%) of respondents indicated they would allocate 200–500 euros for holidays.
Far fewer respondents intend to spend a larger amount on leisure: 14% plan 1–2 thousand euros for holidays, and 4% more than 2 thousand euros. About one in eight respondents have not yet planned their summer holiday budget, and one in ten does not plan to take a holiday at all during the hot season.
Quality holidays – not necessarily expensive
Among the group earning the lowest income – up to 500 euros per month – almost a fifth do not plan to go on holiday, while more than half intend to allocate no more than 500 euros for summer leisure.
However, the data show that lower income does not necessarily mean a complete refusal of rest. For example, among the unemployed, 14% do not plan to take a holiday, while the largest share – 35% – also plan to allocate a budget of 200–500 euros for holidays.
“Holidays do not always mean an expensive trip. It can be a shorter rest in Lithuania, a few days with relatives, or a break from routine in the embrace of nature. The most important thing is that a person finds a way to rest according to their means and does so without harming their financial situation,” says the Director of the Business Service at “Urbo” Bank.
The situation is quite different in the highest income group. Here, more than 1,000 euros for holidays is planned by 40% of residents. Managers stand out even more: 42% of them intend to spend more than 1,000 euros, and the most frequently mentioned amount in this group is 1–2 thousand euros.
In groups with average incomes, a more modest budget is usually planned – small entrepreneurs, specialists, and employees generally choose holidays costing 500–1,000 euros.
Among pensioners, a different trend stands out – about one in five of them does not plan to take a holiday at all this year. Also, residents over 56 years old more often than other age groups say they do not yet know how much they could allocate for leisure.
“These differences show that holidays are not just a matter of rest for residents – they also reflect financial capabilities. It is clear that higher incomes provide more choices: one can choose a farther trip, a longer rest, or more comfortable conditions. People with lower incomes more often look for ways to fit into a smaller budget or postpone leisure plans altogether,” notes J. Ivaška.
Holiday budget: what is important to consider before the trip?
According to the representative of “Urbo” Bank, some save money for holidays all year round, while others do not hesitate to borrow for trips.
“Before summer, we usually see increased interest in consumer loans. Of course, people plan not only holidays but also home renovations, car purchases, children’s camps, and other seasonal expenses. Borrowing is not inherently a bad decision if it is well thought out. The problem arises when a loan becomes a way to spend more than a person can afford,” emphasizes J. Ivaška.
According to him, when planning holidays, it is important to consider not only the cost of the trip itself but also what awaits upon return. After holidays, one will still need to pay a mortgage or rent, utility bills, cover daily expenses, and have a financial reserve for unexpected cases – for example, car repairs or health expenses.
“One of the simplest rules is not to plan holidays with the last money. Even after the trip, there should be an amount left in the account that allows calmly waiting for the next salary. If a person realizes that after holidays they will have to borrow for daily expenses or delay meeting obligations, that is a signal that the chosen budget for rest is too large,” stresses the representative of “Urbo” Bank.
He reminds that a simple 50/30/20 rule can be applied to the daily budget: about half of the income should be allocated to essential expenses, up to a third to wants and leisure, and part of the income saved or set aside as a financial reserve.
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