A report from ABTA (Association of British Travel Agents) has shown that while we may be in the middle of recession, the one luxury we Brits will not be compromising on this year is our annual holiday.
And psychologists back up the report saying it's all down to the two-fold benefits of taking a break from our nine-to-five routine and busy lives - the first being the chance to let off some steam and escaping the pressures of our daily routine.
The second being that our annual holiday gives us a mental boost that lasts long after we return from our one or two weeks in the sun.
Travel expert, Bob Atkinson, of Travelsupermarket.com agrees. Listen to him now on Cashing In (Moneysupermarket's radio podcast show) on why, with with money tighter than ever, making sure we get not only two weeks of sun, sea and fun, but a bargain break too, should be at the top of our holiday checklist.
And here, check out our top cost cutting tips on jetting away with a fantastic holiday deal:
Save a packet with a package deal
In recent years, taking a DIY holiday (booking your hotel, flights and car hire separately) has often been the cheapest way to travel. But the holiday market is no longer that predictable. Travel operators are offering some staggeringly cheap package deals right now in an effort to get flight seats and accommodation filled. From bargain breaks in Turkey or Egypt, or two weeks in the sun in Spain, Portugal or Greece, you can grab a knock-down price holida, all-in-one.
The beauty of the package deal is that everything is taken care of, usually including transfers and a tour guide at the other end for help and advice. No longer a bargain bucket break, packages are designed to make your life easy and prices are already tumbling due to the recession.
Check out the latest bargains at www.travelsupermarket.com
Go last-minute
If you have few commitments and can go last minute, get an even cheaper package deal or flight/hotel deal by booking a few days or less in advance and reap some serious savings. But remember, if you need set dates to a particular destination you run the risk of no availability if you leave it too late - especially during school holidays. Flight and hotel prices generally increase the closer you get towards the departure date, whereas package deals often fall.
Travel midweek
They may be convenient but weekend departures are pricier. Our research has shown that fares are generally at their highest travelling out on Fridays and Saturdays and coming back on Sundays and Mondays. So, save a bundle and fly out midweek instead - who cares what day of the week it is when you arrive when you are soaking up the sun? You'll also find that the holiday airports are quieter - better for those travelling with children.
Go all-inclusive
For families on a budget an all-inclusive can save you a small fortune and be highly convenient. Meals, most drinks and resort facilities are generally included in the price - taking the headache of budgeting and finding the cheapest eateries out of the equation. With the price of the pound weak against the Euro, the cost of everything, from meals to entry tickets to water parks, has shot up for British travellers making all-inclusives a popular trend for 2009.
Book an apartment or villa - be your own boss and save money
More and more of us are taking advantage of the number of investment or second homes flooding on to the holiday lettings market as owners struggle with the cost of running them. Owners are being forced to drop prices too which is good news for cost-conscious holiday makers. In the past year alone, one holiday lettings company - Holidaylettings.co.uk - has seen a massive 73% increase in travellers choosing this type of accommodation in the UK alone. Not only does holidaying this way offer you total freedom to holiday as you like, with no breakfast calls or set meal times, you get to live like a local too.
Cheap flights - never a better time
Make sure you complement your bargain accommodation with a savvy money saving flight. There are stacks of bargains right now as flight companies battle to get their aircrafts fully booked before high season kicks in. Check out the best deals using our flight comparison tool. Consider alternative departure and arrival points too - you may save a packet by avoiding the busier airports.
DIY it - go for a 'Do It Yourself' holiday
While there are some bargains to be had with package holidays at the moment, if you have the time and inclination to do some searching, you could cut costs further by finding your own flights and accommodation. Although it takes a little more effort, it still needn't be an onerous task.
Travelsupermarket.com enables you to find the best deals on flights, hotels, car hire, travel insurance and even airport parking, so you can book your whole holiday from the comfort of your own home.
There are plenty of bargains to be had this way, especially for couples without children who can be extra flexible on dates and departure airports.
Travel insurance - cheaper than you think. Get covered or pay the price
Absolutely essential and by shopping around it need not be expensive. The advice from the experts is to never head off on your hols without cover. Even if you are travelling in the UK - ensure that if you are going to be enjoying outdoor activities or extreme sports, that you're covered.
Going abroad? Travel insurance should be treated as an essential. Each year, thousands of holiday makers try to cut corners and skip travel cover and end up with a nightmare scenario when the worst happens - theft, accident and illness. The bill - often reaching into thousands of pounds - is enough to take the shine of any holiday.
Don't rely solely on a European Health Insurance Card (EHIC) for medical treatment when you're abroad - it provides limited assistance.
Important - keep your insurance documents with your passport and flight tickets. Keep a note of the policy number and emergency helpline number too, as you never know when or where you may need them.
For travel insurance at a great price, check out our comparison tool. Annual cover often proves to be the cheapest and most convenient option but if you'll only be having one holiday this year, a single trip policy may be the most cost-efficient option.
Go no frills - back to basics all the way
Serious holiday bargain hunters who are not too fussy about luxury should look into value-branded breaks. Many holiday companies are now offering 'back to basic' breaks with one or two-star basic accommodation and value flights thrown in. The accommodation is basic and therefore nothing to write home about. Transfers are not included and extras like excursions or flight meals are often not available. However, if it is just a week lying on a beach that suits you, who needs fluffy bathrobes and arrival drinks?
Location, location, location - where are the cheapest hotspots?
Save a bundle and have more money for your pound by looking into holiday destinations outside of the European Union where the general cost of living is cheap such as Turkey, Bulgaria, Egypt, Tunisia and Morocco are hot favourites this summer. Further afield Thailand and the Far East, South Africa and Canada are winners for long haul travellers. And if you don't want a change of currency, then why not try Gibraltar, where the pound sterling rules and prices are tax free. Plus, the sun is always shining. Finally, why not stay in good old blighty?The UK, with an amazing range of hotels, self-catering cottages and holiday parks offers the whole family some truly world-class locations for culture, heritage and natural beauty.
Car hire or public transport - what's the cheapest way to get about?
This will depend on how much you will be travelling around. Families may find that public transport (buses, trains etc) are going to prove too costly and perhaps even stressful for those with small children, on a daily basis. Hiring a people carrier will save time, money and hassle. If you do want car hire, the cost is often hiked up if you turn up on spec at an airport agent, so go on-line and book in advance.
Younger travellers, especially those with a recognised student identity card may find they can travel very cheaply on public transport; bring ID.
Get on your bike and do as the locals do - if you're in a safe cycling location like rural France or on a weekend break in Holland, hire a bike - it is cheap and good fun.
Travel off-peak
Slash costs by booking a week or so out of peak season ie. the school holidays. Look out for agents who are offering low deposits for booking early, these have been known to start from as little as £1 per person and can be used as a good way to secure your holiday well in advance. Do note however, most tour operators and agents will require you to pay the full balance around 10-12 weeks before you depart.
House-swap
Home exchanges are big news and set to rise as holiday makers look for cheaper ways to enjoy a holiday but on a budget. A holiday swap involves exchanging homes (and sometimes cars) with fellow swappers in the destination of your choice, for a mutually agreed fixed period. This saves you a small fortune on the cost of accommodation and provides you with the experience of truly living 'like a native'.
If you live in swapping hotbeds like Wimbledon (where tourists fight for local accommodation stays during the tennis tournament), or Edinburgh (in hot demand during its festivals), or perhaps even a quaint coastal town or a major city, you could find that a traveller overseas or at home would love to swap. Many internet swapping sites are doing a roaring trade right now and this could be an ideal choice for families or city vultures in particular.
Stay outside the city centre
If travelling on a city break, you can often find cheaper hotels and guest houses by staying outside the main city centre - use public transport rather than taxis to get about and save even more.
Carry on camping
Forget the days of damp tents and cold beans, camping is now a sophisticated and fun way of holidaying while immersing yourself in the wonder of the outdoors. Camping within the UK has rocketed in popularity recently with recession savvy travellers avoiding the cost of flying and staying on UK soil.
The continent offers some glorious opportunities to camp and in style. Many sites offer a near luxury camping experience with swimming pools, hot showers and even spa areas. Countries such as France, Greece, Germany and Italy have some of the best campsites in the world and at great credit crunching prices.
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