Brits need to get spending savvy this summer

Despite gloomy economic forecasts, Brits on holiday could be averaging almost £3k on spending money during a fortnight-long family break, says research released today by Holiday Extras.com.

The nationwide poll of 1000 people shows that Brits will need good budgeting skills when it comes to spending money this summer. The majority (37 per cent) stated that their average spend per person per day on holiday was up to £50, equal to up to £2,800 for a family of four on a two week break.

“Many people may have already put money aside for their summer getaway, for those that haven’t however there is a good case for re-examining their spending plans, or they could get burnt,” warns Mike Whiting, managing editor of Holiday Extras.

“Sticking to a budget and searching out good deals means that Brits should still be able to enjoy a great holiday. Based on these findings, the average British family should have started saving on April Fool’s Day, and put away their expendable income for 21 weeks” says Mike Whiting, managing editor, Holiday Extras.

The research also showed that 34 per cent of people are planning to spend up to £20 each per day, equivalent to a more manageable £1120 budget.

A lucky 15 per cent are in for an extravagant time and say they’ll spend whatever they want. In addition, 6 per cent of those polled are spending up to £100 per day, with 2 per cent stating they spend more than £100 per day – equal to £5,600 over two weeks for a family of four.

Just 7 per cent of Brits are being frugal in the credit crunch, spending £10 or less per day on holiday, around £560 for a fortnight.

Richard Cohen, Holiday Extras finance expert (holidayextras.com/experts) says:

“When you are budgeting for a holiday, consider the price of the full package, taking into account spending money as well as accommodation, flights and insurance. Work out an affordable budget per day and keep aside at least one extra day’s worth of cash for any unforeseen extras.

“It’s worth investigating whether an all inclusive break might be better value, but it’s essential to read the small print - there are always exclusions and you could end up spending more than you had budgeted for”.

Mike Whiting, managing editor, Holiday Extras says:

“Booking in advance can offer the best rates, so start to think about your holiday a few months ahead – start now and there’s still time to budget for a break in the late summer sun.

“Holiday Extras is the UK’s leading provider of travel add-ons and is committed to keeping holidays affordable for Brits, offering a Best Price Guarantee on airport parking, hotels and lounges, with better deals and greater availability the further in advance you book.”

To save £2,800, you should have started saving on 1st April, and have £1,330 already.

For a budget of £20 per person per day, you need to start saving w/c 15th June to afford £1120 spending money

For advice on holiday spending visit: holidayextras.com/experts