5 Tips for a Financially Smart Holiday

Holidays are often the highlight of our years – but they can be pricey. There are ways to make the most of your money, before and during your travels, if you plan a little in advance.

  1. Plan ahead
    Saving can be tricky but there are a few ways to find a little extra money, such as reviewing your household bills and potentially switching energy suppliers, which can sometimes save you up to £300 a year. You can also use a budget planner to take control of your spending and review your income then subsequently reduce your biggest areas of spending.
  2. Take cash with you
    Buying foreign currency either at the airport or while you are on holiday can be more expensive than it needs to be. Shop around for the best deal before you jet off, remembering to check banks, bureaux de change, supermarkets and the post office. You should also check whether your debit and credit cards will charge you for use or withdrawals on holiday.
  3. Get a prepaid card
    If your debit or credit card is going to charge you, a prepaid card is a good alternative as it can be loaded up with cash before you go and will stop you from spending more than you have or being charged interest. The exchange rate is usually set at the time you transfer money onto the card; however, you will often still be charged a fee to withdraw cash at an ATM.
  4. Get an EHIC
    No one wants to think about getting injured while on holiday, but it can happen. Due to all the uncertainty surrounding Brexit, a European Health Insurance Card may not be valid anymore, especially in the case of no-deal. However, it is still a good idea to have one for the time being, although travel insurance is still necessary even if you have a valid one. You can apply for an EHIC here*.
  5. Make sure you are insured
    Travel insurance is absolutely essential, and you should shop around for the most appropriate cover for your trip. The cheapest won’t necessarily be enough and, if you’re doing something adventurous like diving or parachuting, you may need extra cover. Most policies cover you for 90, 120 or even 180 days. Family policies are a cost-effective option but check the number of children included and any age limits.

If you would like to speak to an adviser about your finances, please get in touch by calling 01992 500261 or emailing us at enquiries@gpfm.co.uk.