Alternative holiday destinations that could save you money

Switching to a less popular alternative destination can mean significant savings on your holiday.

If you haven’t booked your holiday yet, then it pays to think twice about where you are going. According to research from M&S Bank, by opting for a close 'alternative' destination, you could save an average of £490.

The average cost of a family holiday this May half term has fallen by 4.8% year-on-year. But M&S argues you can save yourself even more money by picking a slightly less popular holiday destination in the same country.

For example, a family of four heading to the Greek island of Thassos instead of the more popular choice of Crete would save £896 in total. Or opting for the Canary Island of La Palma rather than Lanzarote would save £892.

The table below details how much you can save by switching to a cheaper alternative destination:

Cut the cost of your travel insurance

Cheap euro helps families

One of the reasons holiday costs have fallen is the strength of the pound against the euro at the moment. This time last year the euro to pound exchange rate was around 1.22, but now it is sitting closer to 1.4.

“Families looking to book a half-term holiday this may will already benefit from lower prices thanks to the strong performance of the pound against many foreign currencies this year,” said Paul Stokes, head of products at M&S Bank. “Those heading to Eurozone destinations will find their money stretches even further with sterling gaining 14.3% against the euro since this time last year.”

It's not just the euro either - the pound has strengthened by 11.7% against Turkish lira and 13.5% against Croatian kuna.

Read How to get the best deal on your holiday money.

Cut the cost of your travel insurance

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