Cheap holidays: Travel expert reveals how to avoid overspending on your holiday
Holidays in 2018 are cheaper than they were in 2016, research by M&S Bank suggests.
However, families going away this summer may find themselves overspending as they try and get the most out of their trip.
New research by digital banking service B has revealed that Britons spend an average of £1,185 per person on their holiday, with a tenth saying they are unsure how they will pay off the bill when they return
Louise Hodges, Head of Consumer Communications at B explained: “What should be kept in mind, however, is the importance of sticking to a budget and not ignoring the reality of how to pay for that break.”
Travel experts have revealed how to avoid overspending and ruining a holiday when returning home to large bills and expenses.
Smaller trips can then spread the relaxation through the year and avoid families going overboard
TV presenter Alice Beer explained on a panel with B that she makes sure to stay within her budget by asking herself “how much do we want to spend” and not “how much can we spend”.
This allows families to budget before they go away to make sure they have enough money, instead of going over the limit before.
If unsure on how much to spend, she also suggests: “Try two smaller holidays rather than one big one.”
This can prevent travellers from feeling like they have to overspend to make the most of their only holiday that year.
Smaller trips can then spread the relaxation through the year and avoid families going overboard.
Cheap holidays: Tracking your spending can help you to enjoy your holiday without going overboard
Ms Beer also suggested a number of other ways to save money by being savvy with spending:
- Always take food to the airport to avoid buying overpriced meals for the family
- Book cancellation fee protection if you are prone to dropping out of a trip
- Always check the government website when booking a visa to not be caught out by fake websites charging admin fees
- Use phone companies that offer passport deals of data and call packages
- If travelling more than twice a year, getting annual travel insurance can pay off
- Package holidays offer protection in the event of airlines going bust or being stranded after a terrorist attack. They can also be good for getting a tailored holiday e.g wanting no free breakfast but instead a sea view
Cheap holidays: Booking package holidays can sometimes be cheaper
Louise Head of Consumer Communications at B added: “Reducing holiday spend doesn’t mean reducing holiday fun.
“Simple savvy habits like not getting currency at the airport (as it is invariably more expensive) and making sure your credit card doesn’t charge you on foreign transactions, leads to money-saving with zero impact on the holiday experience.”
Buying foreign money at the airport could lose as much as £90 a time, when exchange rates are at their worst, according to FairFX.
Keeping an eye on rates using an online tracker means being able to get the best rate when the exchange rate is strongest.
Otherwise using a debit or credit card with zero fees can be a great way to save money, as many brands now offer cheaper deals with paying on a card and withdrawing money from an ATM.