With the cost of living already at an all time high, and set to soar ridiculously further, spending this winter abroad could be an option for some to save on their energy bills this year.
For those with the option to work remotely or flexibly, an all inclusive holiday could be the surprising answer to this winter’s daunting financial situation.
To find out how holidaymakers could potentially save more, leading foreign exchange providers eurochange calculated the average monthly outgoings, including energy bills, and compared it to an all inclusive holiday cost, including flights.
According to the Financial Times, the latest figures suggest that Britons will be looking at an annual average cost of £3,582 from the start of October for their combined electricity and gas bill, while energy giants rake in even bigger profits.
This calculates to an estimated monthly fee of £298.50 for an average UK household, and is set to rise much further by January.
Already an extortionate monthly outgoing cost, this does not account for other essential expenses, such as rent, council tax and food shops.
According to Right Move, the average monthly rent outside of London currently stands as £1,126 per household. Therefore, with council tax (£124), water bills (£34) as well as other essential amenities such as monthly food shop, WiFi and TV licence charge, an average total monthly outgoings comes to £1,784.75 as detailed below:
Energy bills (start of October) = £298.50
Average monthly rent (outside of London) = £1,126
Water bills = £34
Council tax = £124
TV licence charge = £13.25
Average monthly food shop = £189
WiFi/broadband = £30.30
—
= £1,784.75 outgoings per month
Even such large outgoings don’t include average transport costs, a large chunk for those commuting to the office. Although rail fares are now reported to rise below the rate of inflation, in March 2022 England and Wales saw the steepest increase (3.8%) in train fares, adding to an already costly expense.
When broken down by daily cost, this amounts to a daily spend of £49.46. However, when it comes to sunnier options abroad, holiday makers could exchange Britain’s bleaker landscape – and not just the weather.
Eurochange found on comparison website loveholidays.com that Britons could bag themselves an all-inclusive package holiday, with flights included, for just £462 per person.
Holidaymakers could enjoy a relaxing 21 day trip to Hurghada, located near the Red Sea in Egypt. Compared to the daily cost of living of £49.50 in Britain, time spent relaxing by the pool and soaking up the sunshine could come in at just £22 per day in Egypt.
Although this is most certainly not an option for all Britons facing the winter ahead, it could be a practical, sunny way for some to save money on their energy bills this year.
For more information and advice on your holiday cash and foreign exchange, please visit: http://www.eurochange.co.uk
