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Home Blog Vacation money: what are you doing with it this year?

Vacation money: what are you doing with it this year?

May 29, 2023
3 min reading time

This month most people will have their vacation pay deposited again. A nice amount on top of your normal monthly salary. Yet we don't always use our vacation money to book a vacation. Three out of ten Dutch people spend a large portion of their vacation money, or even all of it, on other things.

For example, many people are currently facing higher expenses, due in part to high inflation. Therefore, vacation money is also widely used to pay bills or pay off debts. Other people use the money to make a big purchase, to invest with, or put it in their savings account. There are also a number of other options:

Home preservation with vacation money

Do you own your own home? Then you can also use your vacation money to make your home more sustainable. Making a house more sustainable is not cheap, but it does pay off. With a better energy label, your house becomes more valuable. In addition, you may use less energy, which will reduce your monthly energy costs. For example, you could install solar panels, purchase a heat pump or insulate your home. If you use your vacation money to make your home more sustainable, you will earn a higher return than if you put it into your savings account.

Pay off extra mortgage with vacation money

Don't have any vacation plans this year? Then you can also use your vacation money to make extra repayments on your mortgage. By making extra repayments, your mortgage debt will be lower, which will also reduce your monthly costs. Depending on your situation, repaying can be beneficial for the amount of mortgage interest you pay. If the ratio between the value of your home and the amount of your mortgage loan changes, there is a chance that you will have to pay less risk premium. Contact one of our mortgage advisors to discuss whether extra repayment is of interest to you.

Vacation pay or a personal choice budget

Increasingly, vacation pay is giving way to a personal choice budget. The vacation pay is no longer automatically paid into your account in May, but ends up in a savings account with your employer. The idea behind a personal choice budget is that you can choose what to use the money for. For example, you can use it for training, a company bicycle or extra vacation days. You can also choose to have it paid out monthly. Of course, you can still choose to have it paid out once a year in May.

Calculate it yourself with our calculation tools!

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