With the cost of living on the rise, family holidays are getting a major rethink this year. Nearly half of Brits planning a getaway report it’s taking about six months to save up for their trips. To make it work, many are keeping their adventures local or opting for shorter stays. Surveys show 64% are choosing staycations and day trips over pricier foreign destinations. A savvy 10% are even using rewards schemes to cut costs.
Take Kelly Miles from Portsmouth, for example. She’s managed to snag a week in Turkey for her family, but is scratching her head over how to cover the costs of keeping the kids entertained. “Summer can be a financial marathon,” she admits. “I’m always saving for our big holiday but forget about all the little extras that add up.”
The struggle is real for many, as disposable income has dropped by £56 a month since April. Most households are feeling the pinch across groceries, energy, and petrol, with many predicting costs will only climb higher.
For some, just staying afloat without dipping into the overdraft is becoming tougher, with 17% saying they find it almost impossible to reach the end of the month without a little help from their bank. Many are now doubling down on budgeting, whether it’s reining in their bills or looking towards savings and investments to help build long-term financial resilience.
How are you adjusting your holiday plans this year? Let us know in the comments!