UK sunseekers fail to count the costa

Carefree UK holidaymakers are determined to splash the cash this summer with over one third admitting they won’t set a holiday spending budget, according to new research.

The Post Office Travel Services survey shows a further 48 per cent of holidaymakers claim to set a budget but fail to actually stick to it.

Eating out and sightseeing are the two primary causes for holiday overspending. Only one in five sticks to a set holiday spending limit.

Post Office head of travel Kevin McAdam said: “If you do not have unlimited funds at your disposal – and not many of us do - it makes sense to set a spending limit, even when on holiday. However, these figures prove that surprisingly few people do so.”

The Post Office’s top tips for keeping track of holiday spending:

Keep a list of what you spend every day of your holiday – it takes only a few minutes and will mean you have no nasty surprises at the end;

Change up any foreign currency or travellers cheques before you go on holiday (with a commission-free provider) and take only what you are prepared to spend; and

Use a pre-paid card to manage your money - the Post Office Travel Money Card can be pre-loaded to match your budget and no more, removing the temptation to overspend.

The research also shows:

On a short break, men are the most prone to throwing caution to the wind – they are 50 per cent more likely than women to set no spending limit

On a long break (6 days or more) women aged between 45 and 54 are the most controlled with their cash - as much as a quarter claim to set a budget and stick to it

Holidaymakers in the South East are most likely to spend only what they have budgeted for

North West travellers are the worst for not setting a spending limit – 35 per cent say they spend what they like

The Post Office Travel Money Card can be used widely in bars, restaurants and shops – as well as to withdraw cash at ATMs. There is a standard £2 fee on cash withdrawals, whatever the amount, and no charge at all on shop or restaurant purchases.

Holidaymakers can load up to £5,000 onto the card instantly at 2,400 Post Office branches, using credit or debit cards or cash. The card can be used to pay for goods and services at over 13 million Visa Electron outlets or to withdraw funds from any Visa ATM worldwide. The card is also PIN protected.