Brits overspend by £1.5billion! How do you budget for your trip?

According to a 2013 Caxton FX survey, 20% of British holidaymakers will overspend abroad by £210 each this year – totalling a massive £1.5billion! It also discovered that we splurge a THIRD of our total holiday budget in the first 24 hours of arriving.

I’m usually pretty good with my money abroad and like to work out a strict budget – I’ll even go as far as to write down everything I spend and add it up each day to keep myself in check.

But I’m interested in how you guys budget during your trips? Are you one of those overspending splurgers or do you keep a tight grip on your wallet?

Share your budgeting tips here.

Lottie Gross 31/07/13    Moneyworldwide Link Report

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I used to write down everything I spent when on big trips, as it was hard to keep track of everything over a long period of time. Haven’t done that for several years, but then I haven’t been on any long trips recently either! On holiday I work out a reasonable daily budget that I try to keep to, and I don’t take too much cash out with me. The budget gets sidelined every now and then though when I really want to splash out – and it’s always been worth it when I have, even if the hole in my wallet hurts a bit…

Helen Abramson 31/07/13    Link Report

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Great points.

Kia 05/08/13    Link Report

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  • Is that a study done on holidaymakers (ie package tourists) or backpackers? Because the definition is important and I suspect it is the former.

    For my BASIC budgeting tips look here http://bemusedbackpacker.com/travel-tips/budget-travel/

    Michael Huxley 31/07/13    Link Report

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  • It depends on the country you’re in, but my general rules are:

    -Avoid eating out at restaurants too often. Cook in your hostel or eat local street food.
    -If you’re going to be moving between places then try and book travel as far in advance as possible. This is especially good for saving money in Western Europe.
    -Try to bring cash or only withdraw from ATMs in large amounts to avoid paying too many bank charges.
    -Drink at the hotel/hostel before going out rather than splashing out on lots of drinks at bars.

    Of course this all goes out of the window sometimes, but it’s good to try. Remember: more money, more travel!

    The Miserable Two 03/08/13    Link Report

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