Picture this: you’re on holiday, dressed in your finest and sipping on a perfumed chianti. Your skin is tanned, your stomach full from a delicious local meal. There are a few days of your trip left, and you should be planning how to spend your final hours, but all you can think about is money. Every euro you’ve spent starts tallying up in your head. The airport sunglasses you excitedly purchased. The day trips to fancy places. The magnets for people back home. The bottles of water when you could have asked for tap…

The anxiety around, and then eventual regret of, spending money is something most of us have experienced at some point or another. Even if you’re never usually reckless with your spending, a trip abroad often provides the temptation to live slightly beyond your means. After all, you’ve paid enough to get there, so you might as well enjoy your time to the fullest.

I’m a firm believer in scrimping at home so that you can go all-out (or at least close to it) when you’re abroad. I’ll happily pack work lunches and skip dinners out so that I can try every local cuisine on offer and enjoy a nice bottle of wine with my partner every night. But even when I know I’ve made those adjustments in my budget, I can’t help but feel anxious about overspending.

Travel is, of course, a financial privilege within itself, particularly in the current economic climate. Despite the cost of living crisis, it’s easy to get carried away when there is so much to see, do and buy abroad. “You’re living your best life, feeling free and perhaps you get a bit too free with your spending. We’ve all done it,” says Ayesha Ofori, investment specialist, fintech entrepreneur and founder of Propelle.

“But after the initial high of spending at will, you’ll likely experience regret and anxiety. If you find yourself in this situation, remember that managing anxiety around holiday spending is crucial for the happy holiday you want to have and for maintaining your mental wellbeing during the holiday season.”

If you find yourself starting to panic about your finances while abroad, start by taking a deep breath. “You can’t unspend what has been spent, and if you let post-splurge regret ruin your memories of the trip it will have all been a waste,” shares Luke Eales, personal finance expert at Wealth.co.uk. That doesn’t mean you should bury your head in the sand, though.

“You want to take stock of the situation and then you can make a plan,” suggests Eales. “Work out how much you’ve got left until next payday and which essentials still need to be paid, such as bills and groceries. Once you’ve dealt with the important stuff, you can reign back on unnecessary spending for the rest of the month. New clothes and nights out can wait until you have your finances back under control.”

How to cope with holiday spending regret

Managing spending anxiety can begin before you even set foot in the airport. “Ensure your expectations for the trip are realistic,” says Ofori. “Remember that the holiday season is not solely about material pleasures. Focus on the joy of spending time with loved ones, creating memories, and engaging in meaningful activities. It’s the thought and effort that counts, not the price tag.”

It’s also important to communicate honestly with other people on the trip to make sure you’re discussing financial limitations upfront. “You don’t have to make it a topic in its own right, but you can casually drop into conversation where it fits that you’re not looking to spend lots right now or that you’re on a budget. It’s nothing to be ashamed of, but open communication can help set expectations and alleviate pressure to overspend,” she adds.

Most importantly, while it may not sound like the most fun, create a spending plan. “Develop a detailed budget for your holiday expenses, including gifts, food and other expenses,” advises Ofori. “Having a plan will give you a sense of control and prevent impulsive purchases, and ensure you enjoy yourself without going overboard.”

Images: Getty