With summer well underway, millions of people will be jetting off to enjoy a fun-filled break, but after some research, we found that overspending on holiday is costing us £2.7 billion.
Do you stick to your budget when you go on holiday?
Budgeting before a trip away is always a good idea. Setting aside enough money to cover all your travel, accommodation, food and unexpected costs can really help to keep your bank balance happy.
After a bit of research into holiday overspending, we found that 36.7 million people go away with a budget, but 16 million of those who do budget will overspend while away.
On average, holiday-goers who make a budget will overspend by £172.30. When it comes to gender, it seems that men are less successful at sticking to their budget, overspending by an average of £29.90 more than women.
What are people overspending on?
Food and dining out appear to be a big problem for holidaying Brits, as this was the top reason people gave for not sticking to their budget.
The top five reasons given for overspending are:
- Food/eating out (77%)
- Drink (42%)
- Activities/days out (41%)
- Souvenir shopping (32%)
- Treats for the kids (28%)
Women appear more likely to overspend on souvenirs than men (37% compared with 26%), but men seem to be the biggest drinkers on holiday, as 53% overspend in this area, compared with only 35% of women.
The worst overspenders seem to be aged 45-54, as they go well over their budget, by an average of £197.60. The youngest age group (18-24 year-olds) try to look after their pennies, and overspend on average by the lowest amount, £133.40.
However, despite being the most likely to stick to their budgets, 18-24 year-olds seem to blow their cash on evenings out and partying - they're five times as likely to overspend in this area as 55-64 year-olds.
"It's great to be able to relax while you're on holiday," said Ian Williams of thinkmoney. "But it's alarming to see that so many of us don't stick to our budgets when we're away.
"Overspending can mean a real crash back down to reality after a break, and often makes coming home that bit more stressful."
Budgeting is best
Even though budgeting for your holiday can help you to save a lot of money, over 10 million Brits will jet off with no budget at all!
Some unexpected costs are unavoidable, but setting aside emergency cash will help you feel reassured should something go wrong.