Cash-strapped Brits loosen the purse strings on holiday – and spend an extra £200 a week
Good news for those suffering from post-holiday blues: latest research from Halifax suggests that you should start planning your next summer holiday now.
Overspending on holidayAccording to the research, holidaymakers spend £200 more per week when they’re on holiday, compared to a normal week at home.
Brits who are already thinking about their next holiday should start planning as soon as they can – budgeting for the extra weekly expenditure, as well as travel and accommodation costs.
Respondents said they spent an average of £376.74 (excluding the cost of the holiday itself) every seven days they are away on holiday, compared to an average normal weekly expenditure of £167.18.
This is an increase of 125% – or in other words, people spend an extra £209.56 on holiday in addition to their normal weekly outgoings.
The research found that 77% of people splash more cash on eating at restaurants when on holiday and 68% spend more on leisure activities, compared to just 7% who say they spend more at home.
Around 58% said going to pubs, clubs and bars on holiday was more of a strain on their wallet than doing the same at home – although 11% said the opposite.
Holidaymakers do manage to make some savings, for example 43% of people say that childcare is cheaper on holiday than at home.
Richard Washington, Halifax Credit Cards said: "When budgeting for a holiday, it's really important to factor in the cost of some holiday 'spending money'.
“The holidaymakers we spoke to said that while they spend less on things like childcare and household bills while away, they see their expenditure spike on travel, leisure activities and going out.
“For a two week holiday, this is around £400 more than they'd normally spend at home, and they should take this into account when budgeting."
While Mr Washington confirmed it was particularly important for those jetting off abroad to focus on their finances, he also advised people to spend an equivalent amount of time managing their everyday finances whilst at home.
Budgeting before going on holiday is an excellent way to keep costs down, and a prepaid card can help you save even more. Money has to be loaded onto the card beforehand, which prevents overspending and keeps you on top of your own budget.