How to plan and save money on your 2024 holidays

• How can I find affordable flights?
• How can I find affordable holiday accommodation?
• How can I make the most of my money while abroad?
• How can I get the most from the 2024 UK bank holidays
• Should I book my holidays with a credit card?

The Office for National Statistics revealed that the average spend per overseas trip in 2022 was £823. According to finder.com, the average spend on holidays abroad was projected to be £2,115 per person last year.

With costs and inflation in 2024 expected to stay the same or get worse, how can you save money on your next holiday? 

How can I find affordable flights?

Websites like Skyscanner.net and CheapFlights.co.uk allow you to compare prices across various airlines and show what days are cheaper to travel. Google Flights is also a handy tool enabling you to track prices and receive email updates when these changes.

Airwander.com is another helpful tool, especially if you want to make multiple visits in one trip - like a "sky cruise" with multiple stops. It will suggest cheap stopover options, taking into account the dates of travel to make the most of your time and money.

Here are a few tips for finding cheaper flights:

• Be flexible on your dates:
  Both Skyscanner and Cheap Flights have a calendar view when choosing your dates, making it easier to find the cheapest days to fly. Being open to adjusting your travel dates by a day or two can make a significant difference in costs.
  
  According to Which?, Tuesdays are normally the cheapest day in the week to fly, but this can depend on your destination and dates. Another tip, or not, depends on how brave you are; past data has shown there can be better deals when a Friday lands on the 13th and when compared to other Fridays close to the same date. There are two in 2024, Friday, September 13 and Friday, December 13.
  
  
  
• Track prices:
  
  Flight prices change dynamically with demand. Setting up price alerts for your desired destinations can help you track costs. Tools like Google Flights and Skyscanner can notify you when ticket prices drop, ensuring you don't miss out on the best deals.
  
  You will also be able to see trends, such as rising prices. You could also sign up for sales alerts from your favourite travel companies, so you’ll be the first to hear about any offers and sales.
  
  
  
• Consider using nearby airports:
  Sometimes, flying to or from a neighbouring city can reduce flight costs. Of course, this may increase the costs of getting to the airport.
  
  
  
• Book early, but not too early:
  Booking a flight in advance can save you money; you may already be thinking about the summer school holidays. However, booking far in advance only sometimes gets you cheaper flights. 
  
  According to Opodo, the best time to book a flight for domestic and European flights is 71 to 80 days in advance. Meanwhile, flights to America range from 31 to 36 days in advance.

How can I find affordable holiday accommodation?

Getting cheap flights is one challenge; another is affordable accommodation, whether in the UK or overseas. Here are a few tips:

• Use comparison sites:
  Comparison sites like Hotels.com, Bookings.com, Kayak.co.uk, and even Skyscanner can help you find accommodation within your budget. Additionally, most let you filter results by amenities, location, and price.
  
  
  
• Take advantage of loyalty programmes
  Some, like Hotels.com and Bookings.com, offer rewards. For example, the Hotels.com App rewards you with one free night for every 10 nights you book a stay (subject to terms).  The Bookings.com Genius loyalty programme awards you discounts on accommodation and car rentals (again, subject to terms).
  
  
  
• Consider private rentals and house sitting
  Fortunately, there are other cheap alternatives to hotels. Sites like Air B&B help you find accommodation offered by private hosts and rentals, such as villas or apartments. This can often be cheaper than a hotel, especially if you are a group.
  
  Alternatively, platforms like Trusted Housesitters and Mind My House offer free homestays worldwide or in the UK by house-sitting. In exchange for accommodation, you may be asked to do light tasks, like watering the plants or feeding the pets while the owners are away.
  
  
  
• Look for discount codes
  Discount codes and bonus rewards may be available for the flights and hotels you want to book. It’s worth looking at sites such as VoucherCodes and MyVoucherCodes, which often offer discounts for travel companies like Easyjet, Jet2Holidays, LastMinute.com and more.

How can I make the most of my money while abroad?

The British Pound has yet to recover to its former pre-Brexit strength, plus rising costs post-pandemic make it harder to get the most out of your money while abroad. Nonetheless, there are still ways to get great value; here are a few:

• Opt to withdraw or spend in the local currency
  According to Nothing To Hide (by Wise), "British consumers and businesses paid a staggering £5.6 billion in 2022 alone just by sending and spending money abroad." The main culprit is hidden fees in exchange rates.
  
  One way to avoid hidden exchange rate fees when using your card abroad is to pay or withdraw in the local currency. You may be asked if you want to pay in local currency or Pounds Sterling. Dynamic Currency Conversion (DCC) lets you see the transaction in your home currency. However, the DCC rate often comes with a poor exchange rate (and other fees), making it more expensive than paying local currency.
  
  
  TOP TIP: Avoid currency conversion fees abroad by choosing ‘local currency’ when withdrawing cash or paying at a card machine.
  
  
  
• Currency travel cards:
  Many travel prepaid card accounts can hold multiple currencies and offer competitive exchange rates, helping you save on transactions. It also means you can keep your currency on your card, change to another currency, or change it back to Pound Sterling instead of going to the Bureau de Change. On MustCompare, you can compare prepaid cards, including multi-currency cards such as FairFX, Wise and Currensea.
  
  
  
• Do as the locals do:
  Ask locals for recommendations on affordable dining options and things to do or visit; this may help avoid tourist traps. For example, you could ask a local where they like to eat for lunch. Venturing away from tourist hotspots can lead you to hidden gems, too, where you can enjoy delicious meals and activities without breaking the bank.

How can I get the most from the 2024 UK bank holidays

Optimizing your holiday around the UK's bank holidays can result in extended weekends and more time for relaxation. 2024 has eight bank holidays:

• New Year’s Day – Monday, January 1, 2024
• Good Friday – Friday, March 29, 2024
• Easter Monday – Monday, April 1, 2024
• Early May Bank Holiday – Monday, May 6, 2024
• Spring Bank Holiday – Monday, May 27, 2024
• Summer Bank Holiday – Monday, August 26, 2024
• Christmas Day – Wednesday, December 25, 2024
• Boxing Day – Thursday, December 26, 2024

By planning the bank holidays as part of your time off, you can get extended holiday time without using any extra leave. For example, there is Good Friday (March 29) and Easter Monday (April 1) during Easter. By taking off March 25-28, you’ll have a ten-day break (including weekends) and use just four days of your annual leave.

Another example is the festive season. By booking off five days of annual leave on December 23, 24, 27, 30 and 31, you’ll get 12 days off (including the weekend).

Should I book my holidays with a credit card?

Booking your holiday with your credit card can give you added protection under Section 75 of the Consumer Credit Act 1974. The cost has to be between £100 and £30,000 and paid with your credit card (it can be just the deposit or the full price).

If the holiday differs from what was described when you made the purchase or the company goes bust, you may be able to claim. Similarly, it doesn’t matter whether you use your card in the UK or abroad; Section 75 would still apply similarly.

In some cases, you may not be able to make a claim. For example, if you purchased the flight from a third party or a travel agent, you may not be able to claim (as the third party was only required to provide the tickets, not the flight).

You may find getting a rewards credit card that offers you air miles a way to offset travel costs. Of course, it’s important to ensure you have the money and budget to pay back a lender when using credit to pay for holidays.

It is easy to get into debt by using a credit card or even borrowing from short-term lenders to pay for an expensive holiday. Interest rates are especially high on short term loans, which should not be used for non-essentials and non-emergencies.

Conclusion

We are all feeling the squeeze; perhaps going away is not an option for you this year. However, if you plan on going overseas or holidaying locally, you can still save money on your 2024 holidays. One way is to use online tools to explore various flight and accommodation options.

Plus, you can make the most of your time off and money by avoiding hidden exchange fees and planning breaks around bank holidays. Travel prepaid cards may offer you competitive exchange rates and the ability to hold multiple currencies. For added cover, you may want to pay for your holidays (in full or in part) using your credit card.

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