British holidaymakers previously spent £265…

According to new research from Starling Bank, 69% of UK holidaymakers spend too much before their holiday, leaving many to cut back on key expenses during their holiday.

Holidaymakers said they spent an average of £265 preparing for their holiday, with the biggest expense being new clothes and swimsuits.

60% of holidaymakers usually buy travel insurance, spending an average of £89 before travelling, and nearly 68% spend an average of £121 on new holiday clothing.

Achieving a beach look also involves beauty treatments, with more than four in ten respondents ensuring they have a haircut beforehand, spending an average of £44 on a haircut.

Meanwhile, one in five people opt for a pedicure or manicure – 7% of men and 33% of women – spending an average of £65.

60% of holidaymakers typically purchase travel insurance, spending an average of £89 before travelling.

All this pre-holiday investment means seven in ten holidaymakers admit to spending too much before their holidays.

Of those who overspent, 22% experienced the reality of losses and had to restrict their budget when out and about.

Those who overspent missed out on activities such as dining out (38%) and short trips (25%), with 31% ultimately choosing to stay home instead of going out.

For those who don’t want manicures and haircuts to derail their holidays, more than a third (35%) have had to dip into savings to make up for pre-holiday overspending, and nearly one in ten (8%) have had to borrow money from friends and family to get through the holidays.

About 3% can’t even afford a vacation.

Of those whose holiday was affected by overspending, a third (32%) said it made them annoyed, and three in ten (29%) said they felt stupid for being so impulsive.

However, six in ten (60%) respondents who took pre-holiday spending into account when setting their travel budget said they enjoyed their holidays more because they didn’t have to worry about running out of money.

More than a quarter (27%) also had more money left than expected.

Of those who didn’t factor pre-holiday expenses into their travel budget, more than a quarter (28%) said they didn’t consider them important enough to budget for, 29% said they simply forgot about them and 26% admitted they tried not to think about them in order to make their holiday feel cheaper.

Rachel Kerrone, personal finance expert at Starling Bank, said: “While it’s easy to think these pre-holiday expenses don’t add up to much, our research shows they can have a very real impact on your holiday.

“Before booking your holiday, it’s worth thinking about all the expenses you’d like to spend ahead of your trip and setting aside a savings space specifically for these expenses, just as you would save for a major holiday.”