A quarter of Brits ditch their holiday budget plans at the airport, meaning they face hefty bills upon their return.
Research by MasterCard has shown that 25% of travellers don’t worry about how much they spend on holiday, with more than six in ten feeling that mini-breaks will leave them paying more than they expect.
More than 50% will break their holiday money budget
The findings also reveal that more than a half will spend as much on a Bank Holiday break as they would on a week in the sun. With more than two million people expected to travel abroad this weekend, many will end up in debt as a result of their spending habits. One answer would be to draw up a budget for anticipated spending and to use a prepaid card to limit outgoings – prepaid cards have no credit facility, making it easier to control how much money goes out of accounts on holiday.
Forgetting holiday budgets is a danger
Matt Lanford, head of prepaid at MasterCard Europe, said: ‘The MasterCard Prepaid Holiday Barometer has revealed that as a nation we are prone to over-spending and racking up costs we haven’t accounted for when we go away. We save up for holidays, seek out a great deal and then step on the plane and forget all about our planned budgets.’
Dan Moore, travel money expert at Which?, said: ‘Most of us spend months planning an annual holiday, giving us plenty of time to factor in how much we’re willing to spend. As this research shows, too many people blow too much cash, and the chances are they will come to regret it when they get home. It’s best to get the most out of your budget by using the right cards and sticking to your limits.’
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