There have been reports that Wayne Rooney’s stag do in Ibiza would set the Manchester United star back some £250,000.
The footballer is said to have hired a luxury villa big enough for 17 of his closest buddies and splashed out on the Spanish island for four days of fun.
And while the total cost reportedly hit a quarter of a million pounds, for Wayne that’s small change as he should be able to earn that in a fortnight using his Manchester United salary alone.
But for most of us it’s becoming increasingly expensive to splash out on a stag or hen do – and there are plenty of them.
Counting the cost of stag dos
Surveys in the past have suggested that stag and hen dos cost revellers over £400 million a year. And if you’re planning a trip abroad, you’re likely to fork out on average around £550 each.
So if you’re involved in one of the 150,000 weddings that take place every year – and if you’re lucky you’ll have two or three nights of celebration to attend – how will you cope with finding the extra cash?
Paying the bills
The obvious and most sensible way to pay for one-off stag or hen nights is to dip into your savings and take the hit.
But unfortunately not all of us are in that position and many will need to resort to borrowing or credit in order to enjoy the so-called Mother of All Stag Dos.
Average credit card rates are around 16 per cent so if you’re not on a zero per cent introductory deal you’re paying way over the odds.
For example if you spend £1,250 on trips away this summer and don’t clear the bills then you’ll end up paying as much as £200 in interest. And of course you’ll still have to repay the balance.
So taking out a new credit card is one way to ease the pain – you can compare 0% deals here to find the best card for you.
Loans to manage your money
Most people are warned well in advance about an impending stag or hen do. So as the saying goes, forewarned is forearmed. If you already know of several summer parties coming your way, and perhaps you’re already in debt, then consolidating your debts while borrowing some extra cash may be the answer to your problems.
You can compare different deals here – remember if you need some cash for the summer make sure you borrow enough to cover all your expenditure so you are not tempted to begin borrowing again once your loan is approved.
And if you’re not sure whether a consolidation loan is for you, click on MoneyExpert.com’s Debt Consolidation Calculator to see what you can save.