One in five of us will overspend on our holidays this year – to the tune of £210.84, according to foreign exchange specialist Caxton FX.
It said Brits abroad will splurge a third of their total holiday budget – £166.25 – in the first 24 hours of arriving on holiday. Worse, one in 10 people will need to visit an ATM to get more cash out during their very first day of a summer break.
Nearly 37 million people plan a summer holiday every year, but a lack of preparation means many of us will come back with our finances worse for wear.
The survey indicates that Brits are making poor spending choices after enjoying themselves on vacation – with one in five people withdrawing money after they have had a few drinks on holiday, and 18% admitting that they are more likely to forget their summer holiday budget when drinking.
Over-enthusiastic spending means that, on average, Brits will have spent their entire holiday budget by the end of their first five days abroad on a typical two-week break.
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ABTA expects 14 million Brits to holiday overseas between July and September this year. Here are its top essential travel tips to enjoy a hassle-free holiday.
1. Check your passport in plenty of time. Avoid the extra expense of having to fast track your passport renewal by checking it's expiry date long before you travel. If you're travelling outside of Europe many countries require you to have six months validity after your departure date.
2. Weigh your luggage. It can be very easy to go over your airline's baggage allowance, so make sure you're not overweight.
3. Let your bank know you're heading overseas. To ensure your bank doesn't block your card due to a break in your normal pattern of spending, contact it.
4. Make your drinks last longer. Spirit measures overseas are generally much more generous than in the UK, so save money and ask for a mixer rather than more alcohol.
5. Buy travel insurance. Avoid the possibility of sky-high medical bills by taking out travel insurance – a broken leg in the US costs around £44,000 to treat.
6. Get vaccinated. If you're travelling outside of Western Europe, North America or Australasia there are some nasty but preventable diseases you might catch, so go and see a medical professional to get all the necessary jabs.
7. Learn how to say a few words in the local language. It won't take long and it will be greatly appreciated – you might even get better service as a result.