Holidays are squeezing family finances

Parents are having to budget more with money saved in accounts with the best savings rates and exercise financial caution when choosing a holiday this year, it has been claimed.

Chrissie Lewandowski, partner at SingleWithKids.co.uk, said that single parents particularly are feeling the pinch of the current economic climate and looking for bargain breaks this summer.

"We've found that parents have been exercising financial caution in their choice of holiday - whilst this hasn't deterred families completely from overseas travel, they have been choosing the cheaper options … over more expensive alternatives," she explained.

However, she said those parents who waited until the last minute to book holidays may be disappointed as companies are rewarding customers for booking early with cheaper prices, while this approach also increased the time to contribute to accounts with the best savings rates.

Her comments follow research by M&S which revealed that 40 per cent of British holidaymakers do not budget for their vacations.

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2011-08-18 13:01:28 © Moneyextra.com