Cut the cost of your holiday
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Brits are cutting back on meals out and slashing spending money while they’re away in a bid to curb holiday spending. But if going without isn’t your idea of fun, we show you how to cut costs without spoiling your well-deserved break
Despite the recession, it seems we Brits can’t do without our summer holidays. In fact a recent survey by Santander Cards has revealed that 84% of us are planning on going away this year.
With unemployment on the rise and the recession rumbling on, it comes as no surprise that saving money is still at the forefront of many holidaymakers’ minds.
slash household bills
According to the survey 43% of holidaymakers are planning on keeping their holiday budget at the same level as last year, despite the cost of holidaying in Europe going up due to the strength of the euro against the pound. A quarter of those going away this summer are planning on cutting their budget by an average of £256 per person, per week.
Cutting back
The research found that savings would be made primarily by cutting back on eating out, holiday spending money and accommodation costs. While other money-saving tactics include saving money by reducing the amount spent on day trips and activities, travel arrangements to and from the holiday destination, and travel arrangements once they are there.
While good intentions are one thing, actually sticking to a budget once you’re on holiday is a completely different matter. The Santander Cards research revealed that 27% of Brits admitted to exceeding their holiday budget by an average of £117 a week, while those aged 18 to 34 were likely to break the bank by spending on average £123 more than they had budgeted for.
“A summer holiday is one thing that most Britons won’t do without,” said Santander Cards director Callum Gibson, “but many Britons are consciously looking for ways to reduce the amount they’re spending this year.”
Gibson suggests that Brits can make their money go further while they’re abroad by paying in local currency to avoid any conversion charges, and using a credit card that doesn’t charge a fee for converting transactions made in a foreign currency.
But if you want to cut your holiday spending further, follow our Top 10 money-saving tips and enjoy a well-deserved break – without breaking the bank.
by Tom Murphy, updated 15 August 2009
