Seven out of 10 Britons have overspent by £278 on their holidays this summer, research from Savebuckets.com has found.
Many Brits are struggling to keep up with rising bills for food and fuel, but they obviously haven't let the economic downturn at home stop them from enjoying their summer holidays, with 71 per cent blowing their budget.
However, they have to deal with the added pressure caused by their overspending when they get home, and nurse a "holiday hangover" for some months after the holiday as they pay it off.
What's more, not only will over-indulgent Brits have extra debt hanging over them after their holiday, but this will also have a knock-on effect for the British economy as they will not have as much cash to splash when they get home.
The research found that 45 per cent of Brits dipped into their savings to fund their holiday spending, which is particularly concerning at a time when savings are already at a 50 year low.
More than 10 per cent of Brits had to borrow money or take out a loan
to top up their holiday fund, and of those who were unable to keep within their budgets, more than one in 10 have taken on a second job of worked overtime to make up for their excessive spending.
Some holidaymakers admitted to using a credit card
to pay for monthly bills because they had spent their budget on a holiday, and seven per cent said they had to cut down on food spending in order to make ends meet.
"At a time when household overspending has become a big issue, it has never been more important to highlight how Brits can survive the crunch without making sacrifices." commented James Wenger, marketing manager of Savebuckets.com.
"With one in four people worried about how they will make ends meet, it is important that people take the time to manage their money and shop cleverly so that they can still afford the important things in life."
One way of minimising how much Brits spend on their holidays once they get to their destinations is to use a prepaid credit card
, which has to be loaded up with credit before use, and does not allow the cardholder to get overdrawn or fall into debt.
© Fair Investment