Holiday makers spend more than they intend to overseas! Stockport’s Vernon Building Society is advising holidaymakers how to avoid overspending overseas as, according to recent research carried out by Skyscanner, more than 40% of British holidaymakers overspend abroad with the most likely areas for blowing the budget being food, drinks, nights out and excursions.
Worryingly a further 4% of holidaymakers have no idea where they overspend!
An average family of four sets aside nearly £800
of spending money for a one week holiday, on top
of the additional costs of travelling abroad.
Multiply this by over 22 million passengers
travelling out of Manchester airport each year and
the true impact that going on holiday can have on
the region’s pockets becomes clear!
One of the ways that holidaymakers can aid their budgeting on holiday is to use a pre-paid currency card such as the Cash Passport, available in seven widely used currencies from local Building Society the Vernon.
A pre-paid currency card uses either Visa or Mastercard systems. They are loaded in advance of travelling so the exchange rate is known at the outset. They work like any other bank card but because they are not linked to a bank account it is impossible to overdraw making it easier to stick to a budget.
Mike Hanson, Chief Executive of Vernon Building Society said:
“This research highlights that holidaymakers aren’t always keeping track of their holiday spending. It’s only natural to want to enjoy yourself while you’re away but it’s important that a two week holiday doesn’t end up having a financial impact for much longer. A pre-paid currency card can help travellers to set a realistic budget for their holiday and stick to it.”
The pre-paid currency card is PIN and signature protected and can be used wherever the Visa Electron symbol is displayed. Cards are issued for free at any of the 7 local branches of Vernon Building Society – Stockport, Edgeley, Marple, Bramhall, Hazel Grove, Poynton and Reddish – and can be issued the same day provided a passport is provided – perfect for the traveller who leaves it until the last minute to arrange their holiday money!