New research from independent financial broker Norton Finance finds searches for ‘cheap holidays’ peaked in the past week, as consumers look at changing how they travel in order to save money.
Norton Finance’s research has uncovered five tips that readers can use when booking holidays that could potentially save them hundreds of pounds without needing to compromise on where they go or what they do.
Follow these lesser-known travel tips from Norton Finance to keep costs down on this year’s holidays.
- Book on a Wednesday Holiday prices often fluctuate throughout the week, so it’s best to avoid booking on weekends. The priciest day to book a holiday is a Saturday¹, you can save 5% by opting to book on a Wednesday instead. This might not sound like much but would save you £213 on the average price of a 4-star, all-inclusive 7-day holiday to Spain in August for a family of 4.²
- Travel on a Tuesday Research carried out by Norton Finance finds early/ or mid-week flights (Tuesdays and Wednesdays) have the cheapest price tag. Flying on these days saves an average of 12%³, but savings can often be much higher. By the same token, flight prices also differ depending on the time of day.
- How you pay When it comes to financing your holiday, Paul Stringer, director of Norton Finance says, ‘If you’re committed to a more expensive holiday and you’re thinking about how to pay for it, consider applying for a holiday loan rather than using Buy-Now-Pay-Later schemes or credit cards. Loans generally have lower interest rates than credit cards, making them more cost effective for large purchases. With BNPL, there’s often no protection on purchases, and many users get caught out by late payments. Discussing a loan with an advisor will help assess what you can afford to borrow and prepare you with a payment plan to avoid late fees.’
- Choose All-in All-inclusive and full board holidays make it easier to stick to a budget as there are little or no extra costs. Be sure to check the terms and conditions as what’s included as deals can vary between hotels. The average dinner for two in Spain is €44², so opting for an all-inclusive package can eliminate these additional costs.
- Thrifty holidaymakers prefer packages Booking independently often allows more flexibility, but packages tend to work out cheaper overall once extras like airport transfers and insurance are factored in. Packages also tend to offer more protection if things go wrong. A study by Which? found that prices can increase as much as 76%4 when booking separately instead of a package deal.
Paul Stringer, director at Norton Finance, says ‘With 60% of Brits⁵ planning a foreign holiday in 2023, the peak in searches for ‘cheap holidays’ reflect the public’s desire to make travel plans in 2023 without causing financial difficulty.’