Holiday budgets cut by many hit by recession

As the UK recession continues, 25% of those going on holiday have significantly cut their holiday budgets to save money.

Whilst over 80% of Britons are planning a holiday this year and around 40% are keeping their budget the same as last year, some 25% are cutting their holiday budgets by average of £256 per person per week.

The research by Santander Cards shows that the main holiday savings are on eating out, general spending money and accommondation.

Although activities and local trips whilst on holiday are also taking a hit.

As Callum Gibson, Director at Santander Cards, comments ‘As well as reducing their overall holiday expenditure, Britons can make their money go further while they’re abroad by always paying in the local currency – to avoid being charged a dynamic currency fee for converting the purchase to sterling – and using a credit card that doesn’t charge a fee for converting transactions made in a foreign currency.’

One option to go for is the Santander Zero credit card which offers fee-free foreign usage.

Another, is to use a prepaid currency card. These are now offered by many providers, including Lloyds TSB and the Post Office and specialist providers such as FairFX and CaxtonFX.

Our article on ‘Currency cards – are they the best option for travel money?‘ might be useful.

Also

MoneyHighStreet currently has a special reader offer with FairFX

You can get a FREE FairFX currency card here – just sign up and load €10 and get the card free – it usually costs £9.95.