M&S BANK REVEALS THE HOLIDAY BUDGET ‘BEATERS’ AND ‘BREAKERS’ THIS EASTER

•  Lanzarote tops the list of most affordable family Easter holiday destinations
• Families can save up to £1,000 off the cost of long haul destinations using budget-busting tips

As school’s are set to break for Easter holidays, research* from M&S Bank – examining which holidays ‘beat’ and which ‘break’ the £3,750 average cost of a week-long family holiday** – reveals Lanzarote is the most affordable family holiday destination this year, costing £3,604 for a family of four.

Families looking to go away this Easter will find that three out of ten popular holiday destinations researched ‘beat’ the £3,750 average family holiday budget – meaning they can bank the difference or upgrade their holiday with a few extra treats.As it’s the cheapest destination, families travelling to Lanzarote, could upgrade their holiday with additional activities, such as tickets to a water park, and still spend less than the average holiday budget.

Portugal at £3,653 and France at £3,713 complete the top three most affordable holiday destinations just under the £3,750 average, meaning families can treat themselves to an extra meal out.

While the cost of a family holiday is up just one per cent (£24) on last year, seven out of the ten destinations researched by M&S Bank ‘break’ the £3,750 budget. However, these destinations shouldn’t necessarily be ruled out as families have a number of options to reduce costs.

Families travelling further afield for a week’s holiday to Punta Cana, Florida or Dubai will, perhaps unsurprisingly, find their holiday costs are over the annual holiday budget of £3,750 due to the cost of long-haul flights.

Punta Cana in the Dominican Republic comes in as the most expensive at £6,024 in total, followed by Florida in the United States (£5,568) and Dubai in the United Arab Emirates (£5,236).

However, to reduce costs, families can consider downgrading flights by travelling indirect, accommodation, and include self-catering options instead of eating out.

These options provide an opportunity to make significant savings of up to 5.9 per cent, bringing the cost for Punta Cana down to £4,941, Florida down to £4,856, and Dubai down to £4,196.

While the average cost of these long-haul flights for a family of four is over £2,000 , the rise of the pound against the US Dollar, Dirham and Dominican Peso in the last 12 months means families can expect to spend on average around £300, or 4.7 per cent, less than this time last year.

Paul Stokes, Head of Products, M&S Bank, said: “Families may find that there are only three budget-breaking destinations this Easter, but there are a number of ways to make those budget-breaking destinations a little more affordable; families can save hundreds of pounds by flexing the type of flights and accommodation they select.

“Those heading away this Easter should also be encouraged by cheaper local costs in a number of locations. Families can save a significant amount of money by researching their travel money and ensuring their provider offers the same rate they’ve seen online when they arrive in-store to purchase their currency.”

• Table 1: Cost of a family Easter holiday in ten popular destinations

Table 2: ‘Budget beaters’ vs ‘budget breakers’

Follow Paul’s travel money top tips:

• • Try to be flexible with flight times, an indirect, night or weekday flight (if possible) could prove cheaper
  • Check comparison sites to compare the price of flights and accommodation before booking
  • Always set a budget and remember to factor in travel money for snacks, excursions, taxis, tips and other costs, even if you are travelling half-board or all-inclusive
  • Research to find out if buying tickets in advance and online, such as attraction passes, is any cheaper than waiting until you arrive
  • Don’t rely on internet rates if buying travel money in-store; many providers have different rates online and some change their rate throughout the day
  • Don’t leave your holiday money until the last minute; airport bureaux often offer less competitive rates and may not have a wide variety of note denominations

• Always take both travel money and a credit/debit card to ensure you have multiple methods of payment.