Compared with last year, families taking off on a half-term holiday can expect to spend £121 more on average, with the cost of ski holidays costing an average £130 more, while winter sun escapes have a price tag that is £111 higher. So, if you're heading abroad soon, make sure you know how much money you'll need to take with you.
This is especially important for those taking a ski break, as hitting the slopes will cost on average £1,000 more than heading for some winter sun. Indeed, the research conducted by M&S Bank shows that the most affordable sun destination, the Algarve in Portugal, now costs £3,632 on average per family, which marks an increase of 2.4% from last year's figure. However, this is still way below the most affordable ski destination, which is Bansko in Bulgaria, where a family can expect to spend £4,588 (up 4.0% year-on-year).
Of course, there's more than cost involved when picking a destination, which is why it may be good to hear that the average temperature in the Algarve is the joint-highest at 13°C, so you won't have to compromise there. When it comes to ski breaks, however, the priciest destination on M&S Bank's list (Garmisch-Partenkirchen in Germany) is also the one which is expected to have the most snow.
At this point, it's likely that you will have already made your choice of destination. Yet it's never too early to think about next year's trip, which might be even more expensive still. You could start saving for it now with the help of a regular savings account, which is the only type of account which may still pay a rate above inflation.
It's not too late to make things a little easier for yourself this year, either. To make the most of your time away, you could get a travel credit card, which would help cover any unexpected costs while allowing you to avoid unnecessary travel charges. Or, if you have the cash and know how much you're spending, you could put the money on a prepaid travel card, which would also help you keep travel costs in check. Plus, you wouldn't have to worry about paying off the balance as soon as you get home.
Whatever you decide to do, don't forget to take travel insurance with you. This may be more expensive for ski holidays, but it could save you a lot of trouble and expense if something were to go wrong.
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.