How to stay on top of your holiday costs
JETTING off on the annual family fortnight in the sun can cost a small fortune – and that’s just to get there in the first place.
But three quarters of us also end up busting our budget once we land.
The over-55s are the most likely to overindulge.
More than eight in 10 holidaymakers in that age group get carried away with their spending on trips abroad, research has revealed.
The average family spend £1693 on their summer holiday.
But those aged over 55 spend hundreds more at £2194, according to a survey of parents by investment firm Hargreaves Lansdown.
When we get carried away and splash the cash abroad, we end up spending an average of £238 more than we expected – and one in 10 holidaymakers overspend by more than £400.
Half overspend on food and drink, while one in five has to cough up more cash on unexpected travel extras.
Similar numbers find the destination they have chosen is more expensive than they had anticipated.
A third of travellers are shocked at how expensive their destination is, while more than a quarter admit they didn’t plan as well as they should have.
Meanwhile, one in five are driven to overspend by a fear of missing out.
Sarah Coles, personal finance analyst at Hargreaves Lansdown, said: “Forget 18-30, the people who really know how to enjoy themselves on holiday are those aged 55 and over. They spend the most on their summer getaway and are most likely to bust the holiday budget.
“This may well have something to do with the fact that their kids are more likely to be older, and just over half of them have at least one teenager in the party.
“Not only do holiday companies charge more for these children – and in many cases class them as adults – but they are also likely to have more expensive holiday demands.
“All of us look forward to the summer holiday all year, so it’s hardly surprising that once we get there, we let our hair down, loosen the purse strings… and three quarters of us end up busting the budget.
“If you’ve saved up a little extra cash to cover it, there’s no reason not to enjoy indulging a bit more on food and drink or having a few more days out.
“However, if you’re one of the two fifths putting at least some of it on a credit card – or one of the one in 10 dipping into your overdraft – then it could end up costing you dear.”
It’s all too easy to lose track of your spending when you’re having fun in the sun. Tricia Phillips looks at how to keep on top of things