New research by M&S Bank shows that the ‘average’ family (2 adults, 2 kids) reckons on paying £1,878 for their main holiday this year – BEFORE spending money.
Of holiday-makers surveyed, 57% said they have spent/will spend more than they did on their main 2014 holiday, with 10% working to a budget in excess of £4,000.
Reasons behind the increased spend vary but include choosing more expensive destinations and/or longer holidays (19% went/are going away for more than a fortnight).
The survey also found that a lack of advance planning means many families overspend wildly while abroad – 33% don't make a budget at all, while 13% make a budget but don’t stick to it. An additional spend of £500 per head isn’t unusual and can add thousands to the cost of a family holiday.
M&S Bank advises families to make an overall budget in advance. Other tips are to keep an eye on holiday shopping – many of us tend to lose touch with reality as soon as we get to the airport (where prices for essentials such as toiletries can be higher than on the high street) and continue that behaviour in the air and at our destination.
See Take the Family’s tips on saving money on family holiday bookings.