Despite the sharp rise in living costs across the nation, Brits are still making room to escape for the Summer. According to new tracking research from AllClear Travel Insurance, the number of people planning an overseas summer holiday has almost doubled since this time last year, with demand up from 34% to 64% in 12 months, with a further reported 39% of Brits refusing to give up on a holiday, according to new data from HyperJar. Considering these growing figures, personal finance expert and founder of the UK’s top-rated budgeting app, HyperJar, Mat Megens, offers his cost-friendly advice for those still planning on going away on how they can budget effectively, getting the most out of their finances.
In a nod to Brits’ determination to beat the cost-of-living crisis blues, travel companies have reported record sales. TUI reported that it had sold 64% of its summer holidays — up 10 % compared with the same period in 2019 — despite average prices being 26% higher than before the Covid pandemic started, whilst Ryanair, whose fares are expected to jump between 10-15% year-on-year reported its biggest-ever weekend of sales in January. What has emerged, Megens points out, is that the ongoing government energy support scheme may have offered some financial breathing room for holiday-deprived Brits. However, he points out that this will one day end, and people must be prepared financially.
To beat inflated costs and save their finances for when the going gets tough back at home, HyperJar offer their top five finance-savvy tips to help Brits to get a well-earned escape:
1.The first is using cost-comparative sites and booking well ahead of your planned trip away – flight prices will continue to rise the closer you get to your departure.
2. Look at package deals that include flights, food, and accommodation all together – not only does this remove all the hassle, but also often means a significantly discounted price!
3. Location, location, location. With finances being stretched to their limits, savvy spenders should choose destinations where their spending power can go further this year.
4. Look at cheaper accommodation than you would have stayed in before – often a more cost-effective option is opting for an AirBnb as opposed to a hotel, for example.
5. Club together with friends and family to split the costs. In the HyperJar app you can set up a shared Jar with everyone that’s going on the trip and agree to all put aside an agreed amount each month until you’ve reached the savings goal. The Jar also takes all of the hassle out of splitting costs on holiday as everyone can spend directly from this pot on their HyperJar card. HyperJar has already seen an uptick in the number of shared holiday Jars amongst our customers which is consistent with wider industry research suggesting Brits aren’t giving up on their summer getaways despite the cost-of-living crisis.
