If you haven’t booked your summer break yet, are you considering going away for longer than usual?
Research published by Sainsbury’s Bank suggests that 1 in 3 people are planning on spending on average six extra days abroad on holiday this summer in order to spend more time with friends and family.
Psychologist Corinne Sweet, wasn’t surprised by the research findings, commenting: “The pressure of modern 24/7 life, plus the scattering of families spread throughout the UK and beyond, often for work, means that spending time together in the summer is increasingly attractive. This brings many advantages - parents get extra support from grandparents or other relatives; young people get to learn from a wider range of adults; and relationships can deepen across the generations.”
According to the research, nearly half of holidaymakers going abroad intend to spend on average £848 more on their holiday package than they did last year. Only 1 in 7 are planning on spending less, cutting on average £674 from their holiday package budget.
1 in 3 holidaymakers are also boosting their spending money – taking on average £157 more than last year.
Before you go
When it comes to booking any holiday, it’s good to have a budget before you start shopping around so that you don’t overstretch your finances. It can be tempting to pay a few hundred pounds more in order to stay in a swankier hotel but at the end of the day, if it’s going to mean you spend up to the limit on your credit card then it’s probably not worth it. If you overstretch yourself you might only be able to afford to pay the minimum payment amount each month – which could mean that it will take you years to clear the balance and the interest that accrues. What you don’t want is for the lasting memory of your holiday to be how long it took for you to pay for it!
Budgeting when you’re there
Once you’re on holiday, it’s also a good idea to budget. You might want to divide your spends up so you have an equal amount to spend each day or at the very least keep track as you go. Adding things to your room bill without thinking of how much you’re spending overall could result in you having a shock when it comes to check out time – or when you get home and open your statements.
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