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SingleWithKids: Carefully budget holidays

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Families looking to go abroad need to exercise financial caution in their choice of holidays, according to

Single parents were advised to set out a budget before making foreign money transfers and heading out for their overseas excursion.

Chrissie Lewandowski, a partner with the group, explained that many families were under the mistaken impression that they should wait to scoop up last minute deals.

"Unlike in previous decades where last minute deals were plentiful and cheap, families save more money by booking their holidays well in advance, not only getting the best rates but also having time to budget - most holiday companies offer big incentives to encourage early bookings," she commented.

According to M&S Money, 40 per cent of British holidaymakers don't budget properly, with 12 per cent reporting that they will have to cut the length of their vacation, while 15 per cent say they will have to spend less on duty free shopping.

Ms Lewandowski continued: "The recession is biting back and we've found that parents have been exercising financial caution in their choice of holiday."

While economic hardships haven't entirely deterred families from travelling abroad, the expert said that families were now considering cheaper options.

Furthermore, she advised: "Camping is also ideal for families on a budget with camping breaks costing from around £30 for a family, with a lot of good old fashioned fresh air and fun."

The Office for National Statistics recently revealed data that shows more Brits are travelling overseas this year than they did in 2010.

Holidaymakers going on foreign excursions grew by one per cent to 56.4 million tourists.

This translated into Britons spending £31.5 billion overseas on holidays and business trips.

A recent survey revealed that one in five British families are likely to go into debt to cover the cost of overseas adventures this summer.

Around 76 per cent of households will rely on credit cards or overdraft facilities to get them through their holiday, while 22 per cent admitted they would have to take out a loan.

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