That's the big question that a lot of people are asking right now. With refunds being issued for holidays that can't be taken, and fears of a second wave of Coronavirus on the way, would it be wise to wait until beyond 2021?
Thousands of holidays were cancelled during lockdown when the Foreign Office advised against all but essential travel outside of the UK. The Competition and Markets Authority (CMA) has apparently received in excess of 17,500 complaints from people whose holidays have been affected by Coronavirus and the body is reminding companies of the 14-day refund rule for cancellations.
If you're part of this group that haven't been able to travel this year and you've received a refund, you may want to invest that sum in a savings account and see it grow over time.
They say that good things come to those who wait, so even if travel is permitted in 2021, would you be comfortable doing so? Would it be prudent to wait a few more years and have an even bigger holiday in 2022 or 2023? After all, you wouldn't want the inconvenience of cancelling all over again next year.
Waiting a little longer, saving more and booking for the future could also secure you a better deal because many holidaymakers will want to get away next year, meaning companies could potentially increase prices due to high demand.
Having your refund deposited in a savings account such as a Notice Account would mean that you could add to your holiday fund over time and see it grow, enabling you to enjoy a well-deserved holiday in the future; with a few extra luxuries too.