Simon Calder says current UK travel rules are a ‘mess’
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Budgeting experts, thinkmoney, have discovered that 48 percent of Brits plan to spend more on their holidays since travel restrictions were lifted. Dubbed ‘revenge travel’ British tourists are likely to use the money they haven’t been able to spend during the pandemic on holidays.
Splurging on a luxurious winter holiday is a tempting prospect after so many months locked up inside.
But finance experts have warned Britons that ‘revenge travel’ could be dangerous for those that need to save.
Jonny Sabinsky from thinkmoney, said: “In simple terms, revenge spending is when you spend money to make up for lost time.
“As restrictions lift here in the UK, you might be tempted to treat yourself, refresh your wardrobe or book a holiday to make up for lost time.
“But if the last 18 months has taught us anything, it’s that we always need a safety net during hard or unexpected times. Don’t fall back into the trap of living paycheck to paycheck.”
thinkmoney have shared some of their top budgeting tips with Express.co.uk. Tourists looking to splurge are advised to make a list of their dream holiday destinations three weeks before booking.
After three weeks have passed, people should check if they still want the holiday and only go ahead with the booking if that’s still the case.
Another top tip is to compare 2021 household spending with those of 2019.
Checking what household costs were two years ago could help people cut down on unnecessary expenses in the present day.
A great tourist tip for cash-strapped Britons is to check for local deals in their holiday destination.
Happy hours are a fantastic way to save a fortune on drinks and many bars and restaurants have deals.
Most bars’ drink deals are a few hours before the busy evening period, so heading out a little earlier could save tourists a lot of money.
Some restaurants also offer an early evening set menu option which could help holidaymakers save on food costs.
Cutting back on social events, expensive subscription services or selling unwanted items could also help Brits save up for that dream holiday.
Subscription services such as Netflix and Spotify can start to add up, especially if they aren’t getting much use.
Research from thinkmoney found that one in three Brits spent an extra £100 on subscriptions during lockdown.
Now that restrictions have lifted, ditching an unused subscription could help save for a dream holiday.
Starting a ‘fun fund’ and saving around £1 per day can quickly add up to pay for a meal out or drinks on holiday.
‘Revenge travel’ is on the rise as Brits feel they need time away from work after such a difficult 18 months.
Research has shown that people are booking longer trips away as they seek to catch up on lost time.
Holiday prices are also predicted to rise, especially for peak periods, as demand increases for autumn travel.
Research from: https://www.thinkmoney.co.uk/blog/got-fomo-here-are-seven-steps-to-avoid-revenge-spending/
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