Summer holidays are at the forefront of everyone's minds at the moment, and chances are, so are thoughts of holiday spending money. So, just how much are you budgeting for, and how much are you planning to take as cash? According to research from Sainsbury's Bank Travel Money, it could be a hefty sum.
The figures show a sharp contrast between how much cash people have in their wallets when at home compared with abroad, and in fact, the typical holidaymaker will carry twice as much cash around when on holiday (£104) than on home turf (£52). In total, the average amount of cash taken abroad stands at £317, with 19% of respondents admitting that they take £500 or more – that's a lot of cash to keep an eye on!
But why do people take so much cash with them on holiday? The simple answer seems to be that they don't want to run out, because using regular debit or credit cards abroad can be pricey. The issue is that it can be difficult to estimate how much you'll spend on holiday, and there's always the risk that cash could get lost or stolen – that's where things like travel credit cards come in.
These cards have been specifically designed for foreign use so there'll be no extra fees to pay, and unlike with cash, your money will be completely secure. Alternatively, a pre-paid travel card could be another great option for those who'd rather not use credit – just top it up before you head abroad and you can benefit from a great exchange rate while being confident that your money's safe and secure.
In a nutshell, unless you're going to a country where you're specifically advised to take cash – such as Greece, where ongoing financial problems mean you'll find it difficult to withdraw money and even pay for things using your card – it's best to not go too OTT with your currency. By all means, carry some around with you for those souvenirs and market stall buys, but make sure to use your room safe and don't carry all your cash around with you. Once your money is sorted and safe, all you have to do is enjoy your holiday!
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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