Avoid debt hangover from your next holiday

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.

New research from travel website Wotif has revealed 42 per cent of people have lied to their partners about borrowing money to help 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.

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, urged couples to be open and honest with each other.

“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.” being used, or typing in a PIN on the phone to complete a transaction.

Mr Hodgson said consumers “can’t just pick up a device and go and tap”.

Samsung Pay is available for customers at all of the Big Four banks, while rival Apple Pay is only available to ANZ customers.

ANZ’s lead for everyday banking, Narelle Charity, said more than one million ANZ customers had a digital wallet but some remained “nervous about tapping”.

“People can also feel silly when using a digital wallet for the first time; they don’t know how it works,” she said.

“The convenience of using a digital wallet over time will far outweigh the concerns people have around the security.”

NAB’s executive general manager of banking products and consumer lending, Angus Gilfillan, said millions of NAB customers had used a digital wallet.

“It is safe, secure and easy to use, and features card transaction controls,” he said.