Some research has shed light on how quickly we run out of cash when we go on holiday. Frivolous spending on holiday is not uncommon and we all want to think money is no objective when we are on our break relaxing. But the spending habits have revealed that we only manage to typically last out money till half way of our holiday! Reckless spending is more common with men than women it has been said.
Money from All Around The World
We try to be sensible every other day of our lives so why not spend a little extra whilst on holiday? However, despite saving up an average of £600, Brits manage to squander the cash money are high and dry after just 7 days into their holiday, and one in ten only manage to last this two days from touch down!
So why is it that we miscalculate how much money we might spend on holiday? Is could be because we are on a tight budget already and when we get there we are having too much fun to care otherwise! Also it has been said that food and drink is the number one money-expense, with 58% of people stating that this is what they spend their money on, closely followed by clothes and excursions.
It is not until you hit home that it really hits you, the lack of money as 47% of us experience that dreaded moment of checking your balance, and then realising we went a bit crazy with the cash!
Spent too much money...
Kalixa Pay which is a prepaid MasterCard, has a spokesperson comment on the matter:
“As much as we all try to stick to a budget when we go on holiday, the results show how often things don’t go to plan.
This can be down to a combination of things such as getting confused about exchange rates, underestimating costs, being unaware of hidden payment charges from your bank or simply getting lost in the moment and losing our spending inhibitions when abroad.Life is for living and there seems to be a growing tendency to embrace the holiday spirit which is great, so long as it doesn't come at a huge cost to your personal finances later down the line.
“Our research found that over 55% of us usually take our spending money as cash, so it is not surprising that a major concern for holidaymakers is keeping their money secure.
Proper planning, budgeting and knowing your finances are secure can help to ensure a well-deserved break is enjoyed with that all-important peace of mind. The Kalixa Pay prepaid MasterCard® provides a simple, cost effective and secure solution to spending both at home and abroad.”
Saima Omar @Lookitssaima