Cost cutting holiday tips

If you don’t want to give up on your holiday this year but are a little concerned about the costs involved, then here are some tips to help you save money and stay safe.

If you are heading abroad, check to see if your bank will charge you to withdraw cash and make purchases overseas. Many, if not most, banks do and seeing as you can be charged around £2 for the privilege, the charges will quite easily mount up to a considerable sum. Nationwide and Santander both offer current accounts that don’t charge for withdrawals in many countries outside of the UK. Even if you only ever use the card on holiday, it is worth going to the trouble of creating a new account.

Always shop around for currency. Don’t buy it at the airport and don’t buy it when you arrive. Many services such as that offered by the Post Office, allow you to order your currency online then you can pick it up from your local branch, or if over a specified amount, you can have it delivered to your home. Seek out foreign exchange deals that don’t charge commission but don’t compromise on the rate for doing so. You usually get a pretty unattractive rate when you sell currency back, so don’t get too much. If you have just a few Euros left it might make more financial sense to keep them for your next holiday.

Although technically this is not a saving as you have to purchase it before you travel, travel insurance can save you thousands if you have an accident. Your European Health Card is accepted in many places, but some clinics aren’t included, certain treatments are excluded and emergency transport is also off the list. If you are hiking up a mountain, the weather turns bad and you have an accident, you will have to pay for that helicopter ride to the nearest A&E if you don’t have insurance then this can cost thousands. GO Travel Insurance for example offer comprehensive holiday insurance that includes annual, single trip, cruise and backpacker insurance.

If you want to save money on accommodation, investigate house swapping. Started in the US, this does exactly what it says on the tin. You offer a week’s accommodation in your home for a week in someone else’s. You pay a deposit for any possible breakages or mishaps but otherwise that’s it. A car is quite often included too.