Whilst many are trying to save money and stick to a budget on holiday, over a third of holidaymakers believe they will spend more money whilst abroad this year.
We may be struggling with the economic climate but according to research from M&S Money some 32% of holidaymakers believe they will spend more money while abroad this year.
Many believe that the average extra £365 each they will spend is due to rising inflation pushing up the cost of living.
Just over 40% of holidaymakers actually feel they will combat rising prices and by taking extra care to save money and keep to their holiday budgets, will spend the same as last year
Less than 20% plan to spend less, saving on average £326.
Holiday travel money is mainly spent on eating out, although some will be splashing out on excursions, such as fishing trips or a diving experience.
James Yerkess, Head of Travel Money at M&S Money, commented: “It is encouraging that although family finances have been squeezed by the economic downturn so many people are confident they will be able to maintain their holiday spending this year or spend even more.
“While the rising cost of inflation means an increase in spending is inevitable for many, there are ways for the savvy holidaymaker to maximise their budgets.
Follow M&S Money’s top currency tips to get the most out of your holiday money:
- Plan your holiday budget so you know how much your holiday is going to cost and how much currency you need – and make sure you stick to it
- If you’re getting your currency on the high street choose a provider with a large number of currencies on demand
- Don’t rely on internet rates if buying in-store – many providers have different online and high street rates
- Don’t leave your holiday money until the last minute – airport bureaux offer less competitive rates
MoneyHighStreet comments: “Whether at home or on holiday having a budget to help you manage your personal finance matters is a real must to consider – with a budget you know what money you have coming in, what must go out on utility bills, supermarket bills etc and therefore what you have left to spend on such as a holiday, extra clothes or going out.
Sorting out your holiday travel money is one of a number of things you really need to do before you head off, don’t forget the rest of your holiday checklist items, such as making sure you car insurance is valid if you’re driving on holiday, that your travel insurance is up to the mark and hasn’t expired and making sure you sort out the roaming charges on your mobile phone.