As the summer travel season approaches, Hodge is sharing five practical tips to help UK holidaymakers keep their finances in check and avoid the all-too-common trap of overspending abroad.

According to a survey from the Post Office, holiday overspend is on the rise with 67% of holidaymakers confessing they went over budget on their last trip abroad, with 57% stating the rising food prices were to blame.

With foreign transaction fees, fluctuating exchange rates and on-the-go purchases adding up fast, even the most budget-conscious travellers can end up spending more than planned. But Hodge believes that a few simple changes can go a long way.

Christie Cook, Managing Director of Retail at Hodge, said:

“Holidays should be a time to relax, but too often they’re followed by financial regret. At Hodge, we’re committed to helping people make their own confident and informed financial decisions, and that includes managing money well while travelling.

“These practical tips are designed to help people enjoy their time away, without coming home to a nasty surprise.”

Five Tips to Avoid Overspending Abroad

  • Set a Daily Budget

“Creating a realistic daily spending limit helps holidaymakers stay in control of their money.

“Whether tracked manually or through a budgeting app, daily budgets can prevent accidental overspending, especially on longer trips. Even a rough daily target can stop the little things from spiralling out of control.”

  • Use a Travel-Friendly Card

“Not all bank cards are created equal when travelling. Some charge fees for overseas transactions and ATM use, while others are specifically designed to be used abroad without added costs.

“It’s worth checking your card’s fees and considering an alternative if needed, a travel card can save you a surprising amount.”

  • Don’t Exchange Currency at the Airport

“Airport exchange desks often offer poor rates and hidden fees. Instead, travellers are encouraged to exchange money in advance or order currency online for better value.

“Getting your currency sorted before you go could mean more money in your pocket and one less stress at the airport.”

  • Always Pay in Local Currency

“Many merchants offer dynamic currency conversion, the option to pay in pounds rather than the local currency, but this often comes with a worse exchange rate.

“Always opt to pay in the local currency, it’s almost always cheaper.”

  • Build a Buffer Into Your Budget

“Unexpected expenses are inevitable when travelling, from last-minute excursions to forgotten essentials. It’s recommended to set aside 10–15% of your overall budget to accommodate these costs.

“A buffer gives you flexibility and peace of mind. It’s a small step which could make a big difference.”

By following these five simple tips, holidaymakers can take more control of their travel budgets, avoid unnecessary costs, and make the most of their time away. A little planning goes a long way when it comes to spending smart abroad.

 

ENDS

Notes to Editors:

Data from the Post Office Holiday Spending Report: https://www.postoffice.co.uk/travel-money/guides/holiday-spending-report

About Hodge:
For over 50 years, Hodge has been a trusted provider of financial services across the UK. From helping individuals save and purchase homes to offering businesses tailored lending solutions, Hodge has continually demonstrated its commitment to enhancing financial well-being.

Media Contact:
Emily Leyshon
Liberty Marketing
Email: [email protected]