Brits set to splurge £4.2bn this bank holiday | moneyfacts.co.uk

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Braadbaart

Lieke Braadbaart

Online Writer
Published: 22/08/2018

As we near the last bank holiday before Christmas, it seems that many Brits are set to make the most of it, and spending plenty in the process. While 77% won't be making a break for it, they'll still spend an average of £104 this weekend on treating themselves and/or their home.

That's according to research from American Express, which found that going shopping is the top activity planned for the long weekend, followed closely by going for a nice meal, with an average spend of £19 predicted for each activity. Third in the list is home improvements, which may not be very pleasurable at the time, but can provide a lot of joy afterwards and for a long while to come.

The average spend on home improvements is expected to be £17, with the top five completed by going out for drinks (at an average spend of £12) and going to an amusement park, zoo or similar place (£10). Of course, some people are set to spend much more than the average, which is why it's important to have a plan in place to pay for it all.

Extra rewarding spending

"Whether it's a long weekend fixing up the house or enjoying a barbecue in the sun, it's wise to make the most of bank holiday spending," commented American Express director Stephen Steinhardt. "Putting costs on a credit or charge card that offers rewards or cashback for spending means more treats can be enjoyed when it comes to the festive season later this year."

While you should only ever apply for a credit card once you know you have a good enough credit rating, those that are diligent about paying their debt off every single month could indeed benefit from a reward credit card. Other tips from American Express include finding a park nearby for some free outdoor fun and checking the local listings to see if there's anything going on that you could attend cheaply or even for free.

Meanwhile, the 23% of Brits planning to make a break for it would do well to remember travel insurance, no matter how close to home their getaway location is. After all, you never know when something might go wrong, so getting some peace of mind now could save you money in the end.

What next?

Whatever you decide to do this weekend, don't ignore your bank account balance. With many people not getting paid until after the bank holiday, it may be difficult for some to avoid a financial hangover, so just remember to keep an eye on your spending. And those with nothing to worry about may still want to look at their finances to make sure they are getting the best savings rates and current account interest deal.

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