Our latest poll of holidaymakers has revealed that the average Brit spends more than £500 than they budget for whilst on holiday. The majority blame the ‘cost of food’ for their overspending.
We carried out the research in order to find out more about people’s spending habits on holiday. 1,229 people from Britain responded to the poll, each of whom had been on holiday in the last 3 years.
The respondents were initially asked ‘During your last holiday, did you spend more than you planned to?’ to which the majority, 71%, said ‘yes’. These respondents were then asked to estimate how much they had gone over their original spending budget by and the reasons why they thought they had accidently overspent.
According to the results, the average holidaymaker spends £500 over their original spending money budget. The majority of those who overspent, 55%, were ‘self catering’ on their last holiday.
The top five most common causes for overspending, as stated by respondents, were;
· Cost of food – 31%
· Alcohol – 23%
· Impromptu excursions – 16%
· Public Transport – 9%
· Gifts for people back home – 8%
Of the respondents who selected ‘other’ and then asked to specify what had been their main cause of overspending, reasons included ‘upgrading choice of accommodation’, ‘spending money on clothing’ for themselves whilst on holiday and costs for ‘unexpected medication’ abroad.
A quarter, 24%, used a credit card to access more funds, whilst 31% said that they took extra money ‘just in case’ which they had originally planned not to spend.
When those who had overspent were asked, ‘Did you realise right away that you had gone over your spending money budget?’ 51% admitted they didn’t know until they returned home to the UK.
Our advice? It’s always a good idea to set a budget for spending money, but it can be really hard to stick to that, because you never really know how much food, excursions, drinks and general day-to-day costs will amount to.
We’d recommend working out an initial budget for spending money so you can stick to that as much as possible, but then always have back up in the form of a credit or debit card if you can.
One of the easiest things to do, to avoid overspending or running out of money altogether, is to go all inclusive on your holiday. You’ll always know then that, at the very least, you’ll always have food and drink for the duration of your holiday. Any money you take can then just be used on the odd day trip or gifts!