Travelling can quickly become expensive, but with a little planning, travel dreams can easily come true. Unfortunately, for a fifth of Brits, budgeting for their holiday is not something that comes naturally. That’s the conclusion of a new international survey that travel site momondo.co.uk conducted among 29,000 people globally, with 1,013 of respondents being Brits.
Interestingly, only 50% of Brits budget for the total amount they can spend both on the booking phase and during their holiday, while 14% of Brits just make a budget for transport to and from the destination (e.g. plane or train tickets) and 10% decide on a budget for accommodation.
Brits are far from the worst offenders though. The Germans, the Swiss and the Scandinavians lead the pack, according to statistics, with a third of the population not budgeting for their holidays.
Young Brits nifty at being thrifty
To be able to afford a holiday, 43% of Brits stated they set money aside regularly to be spent on a holiday.
And 10% sell some of their things, 14% pay in installments and 13% save up by making regular contributions to a fund shared with friends or family.
Interestingly, 18 and 22 year-olds come out as the most responsible, with 19% and 23% respectively taking an extra job or saving in a fund shared with friends and family, in order to afford their travels.
How we prefer to count costs
In terms of what Brits prefer to save money on whilst on holiday, 27% stated they like to save on plane tickets.
A further 26% choose to make savings on accommodation, 14% on transfers to the destination, 24% save money on evenings out and 23% choose cheaper options for meals and snacks during the holiday.
So, to encourage Brits to get saving to enjoy a dream holiday, here are some money-saving flight tips
- Book your trip 53 days in advance to get the cheapest tickets – and you can achieve average savings of 26%.
- Tickets are generally most expensive on the day of departure.
- Evening departures between the hours of 6pm and 12am typically offer the cheapest fares.
- It is usually more expensive to fly in the morning and midday, before 3pm.
- A Tuesday is generally the cheapest day to fly.
- Saturday is routinely the most expensive day of the week to fly
Travellers can explore the six factors that affect flight fares with momondo's free money-saving tool Flight Insight, available on more than 10,000 routes worldwide.
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