It's that time of year again where Brits journey to the far reaches of the globe in search of sand, sea and sunshine (and sangria).
And while it's no doubt a happy time, it's also extremely expensive.
So why not take a few simple pre-emptive steps to free up more of your hard-earned cash for your holiday.
Maximise your currency
According to FairFX.com, two thirds of Brits pay for items abroad using cash they have taken with them from the UK.
However, currency providers offer vastly different rates - FairFX estimates that you could get an extra €72 or $96 for every £1,000 with the best provider - so it's essential you get it from the cheapest source.
As a general rule, buying it at the last minute in the airport will get you the least competitive rate, while online providers tend to offer the best deals. The only way to be sure is to take the time to shop around.
Shop around for travel insurance
Even minor injuries incurred abroad could end up costing thousands of pounds, so it's really essential you take out
travel insurance.
The good news is that the cost of travel cover has come down in recent years, and there are a number of truly competitive providers. As above, the best deals can be found on the Internet (insurers offer discounts of up to 20% for shopping online), so take the time to shop around.
As a final point, if you and your family travel abroad more than a couple of times a year, you'll save a lot of money by opting for an annual multi trip policy.
Avoid fees while abroad
If you are planning to use your current account or credit cards while abroad, then you need to take steps to avoid being hit with the foreign transaction fee.
This can cost anywhere up to 3% per transaction, and banks earn a whopping £60 million a month from it during the peak summer period.
If you want to avoid the fee, there are a couple of options available to you. The first is to take out a Santander Zero card (previously known as the Abbey Zero card), which allows you to avoid all nasty fees and comes with a three month interest free offer on new purchases.
Another alternative is the pre-paid travel card, which works just like your bank card except that you can load it up with foreign currency, allowing you to avoid the foreign transaction fee.
