Many consumers like heading abroad for holidays. Getting away from the stresses and strains of everyday life for a week or two can help people to relax and unwind. However, it is important for individuals to control their finances when they jet off on vacation and getting the best euro exchange rate or best dollar exchange rate may play an important role in this.
Research conducted by Halifax has revealed that holidaymakers’ weekly spend rises by an average of £200 while they are on their trips compared with when they are at home.
The average spend during a seven-day period at home was said to be £167.18, but this rises to £376.74 during a holiday, excluding the cost of the trip itself.
Nearly eight in ten people (77 per cent) said they spend more on eating out while away from home, while 68 per cent revealed they splash out more cash on leisure activities.
Meanwhile, 41 per cent claimed their expenditure on household bills such as utilities remains the same whether they are at home or on holiday.
Responding to the findings, the organisation’s Richard Washington said: “When budgeting for a holiday, it’s really important to factor in the cost of some holiday ‘spending money’. The holidaymakers we spoke to said that while they spend less on things like childcare and household bills while away, they see their expenditure spike on travel, leisure activities and going out.
“For a two week holiday, this is around £400 more than they’d normally spend at home, and they should take this into account when budgeting.”
As well as budgeting carefully, consumers can benefit from sourcing the best euro exchange rate or best dollar exchange rate. This can help them to stretch their cash further while they are on their vacations, helping them to relax and enjoy themselves.