With the bank holiday season upon us and school half term in full swing, many of us are jetting off on our annual holidays and all the fun and memories a break entails. Usually whilst away, the last thing on our minds is our budget or how much we may or may not be spending in an unfamiliar currency. According to the UK's Money Advice Service, the average overspend is a whopping £220, with 3 in 5 of us getting carried away in the excitement of being abroad despite 58% of us setting a budget before we leave.
So, rather than getting out and about with an Excel spreadsheet or maybe taking our accountant away with us, what can we do to stick to our budgets but still have fun?
1) Explore the locale:
It's always worth doing a bit of research before you go to a resort, especially if there's a particular bar or attraction you want to visit. But it's also well worth exploring the streets away from the beach or main attractions and finding where the locals choose to dine or drink. You may find you get a better quality of food or drink at a more reasonable price, and if you frequent a particular cafe or bar often during your stay you may end up being charged the same prices as the locals.
2) Pack well:
The assumption that 'everything will cheaper abroad' just isn't the case, so it's well worth taking the time to pack well and make sure you take all those essentials like sun cream, after sun and flip flops with you. If you're planning on bringing back some mementoes of your trip, try and leave a little space in your luggage or take an expanding suitcase that fits your airline's regulations when at full capacity. No one wants to be stung on the flight home for an excess baggage charge, especially if it's because your belongings just seem to have expanded when you weren't looking and just won't pack down as neatly.
3) Bring back your currency:
Whilst many of us try and spend the last of our foreign currency in the airport, buying overpriced magazines and very expensive knick knacks bound to gather dust on our return, if you have gone over your budget whilst away, you can recoup some of your money. If you're leaving a country with a closed currency such as India, it's worth checking the exchange rates before you get to the airport to avoid poor rates or losing your leftover funds altogether. For everywhere else, Fourex kiosks change over 150 currencies, including some pre-Euro currencies so you can gather all your coins and notes from holidays past and get the accumulated total in Pounds, Euros or Dollars immediately, perfect for those post-holiday baked beans on toast blues. You can even donate some of your exchange to charity if you're feeling generous.
Making these small changes can be the difference between coming home stressed and keeping your holiday calm, so it's well worth giving them a go the next time you go away.
To find your nearest Fourex kiosk, click the 'Find a Kiosk' tab and type in your postcode.